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,
2026
Item
1. Reports to Stockholders.
0001039667falseN-CSRSSPIRIT OF AMERICA INVESTMENT FUND INCN-1A2026-06-300001039667saif:C000073513Member2026-01-012026-06-3000010396672026-01-012026-06-300001039667saif:C000073513Membersaif:ElectricTransmissionDistributionSectorMember2026-06-300001039667saif:C000073513Membersaif:InstitutionalBrokerageSectorMember2026-06-300001039667saif:C000073513Membersaif:PCInsuranceSectorMember2026-06-300001039667saif:C000073513Membersaif:HigherEducationSectorMember2026-06-300001039667saif:C000073513Membersaif:EconIndustDevelopmentSectorMember2026-06-300001039667saif:C000073513Membersaif:MiscellaneousTaxSectorMember2026-06-300001039667saif:C000073513Membersaif:BanksSectorMember2026-06-300001039667saif:C000073513Membersaif:OtherSectorMember2026-06-300001039667saif:C000073513Membersaif:ElectricityAndPublicPowerSectorMember2026-06-300001039667saif:C000073513Membersaif:IntegratedElectricUtilitiesSectorMember2026-06-300001039667saif:C000073513Membersaif:HospitalsSectorMember2026-06-300001039667saif:C000073513Membersaif:LocalAuthoritySectorMember2026-06-300001039667saif:C000073513Membersaif:TobaccoSectorMember2026-06-300001039667saif:C000073513Membersaif:LifeInsuranceSectorMember2026-06-300001039667saif:C000073513Member2026-06-300001039667saif:C000167229Member2026-01-012026-06-300001039667saif:C000167229Membersaif:ElectricTransmissionDistributionSectorMember2026-06-300001039667saif:C000167229Membersaif:InstitutionalBrokerageSectorMember2026-06-300001039667saif:C000167229Membersaif:PCInsuranceSectorMember2026-06-300001039667saif:C000167229Membersaif:HigherEducationSectorMember2026-06-300001039667saif:C000167229Membersaif:EconIndustDevelopmentSectorMember2026-06-300001039667saif:C000167229Membersaif:MiscellaneousTaxSectorMember2026-06-300001039667saif:C000167229Membersaif:BanksSectorMember2026-06-300001039667saif:C000167229Membersaif:OtherSectorMember2026-06-300001039667saif:C000167229Membersaif:ElectricityAndPublicPowerSectorMember2026-06-300001039667saif:C000167229Membersaif:IntegratedElectricUtilitiesSectorMember2026-06-300001039667saif:C000167229Membersaif:HospitalsSectorMember2026-06-300001039667saif:C000167229Membersaif:LocalAuthoritySectorMember2026-06-300001039667saif:C000167229Membersaif:TobaccoSectorMember2026-06-300001039667saif:C000167229Membersaif:LifeInsuranceSectorMember2026-06-300001039667saif:C000167229Member2026-06-300001039667saif:C000219380Member2026-01-012026-06-300001039667saif:C000219380Membersaif:ElectricTransmissionDistributionSectorMember2026-06-300001039667saif:C000219380Membersaif:InstitutionalBrokerageSectorMember2026-06-300001039667saif:C000219380Membersaif:PCInsuranceSectorMember2026-06-300001039667saif:C000219380Membersaif:HigherEducationSectorMember2026-06-300001039667saif:C000219380Membersaif:EconIndustDevelopmentSectorMember2026-06-300001039667saif:C000219380Membersaif:MiscellaneousTaxSectorMember2026-06-300001039667saif:C000219380Membersaif:BanksSectorMember2026-06-300001039667saif:C000219380Membersaif:OtherSectorMember2026-06-300001039667saif:C000219380Membersaif:ElectricityAndPublicPowerSectorMember2026-06-300001039667saif:C000219380Membersaif:IntegratedElectricUtilitiesSectorMember2026-06-300001039667saif:C000219380Membersaif:HospitalsSectorMember2026-06-300001039667saif:C000219380Membersaif:LocalAuthoritySectorMember2026-06-300001039667saif:C000219380Membersaif:TobaccoSectorMember2026-06-300001039667saif:C000219380Membersaif:LifeInsuranceSectorMember2026-06-300001039667saif:C000219380Member2026-06-300001039667saif:C000003857Member2026-01-012026-06-300001039667saif:C000003857Membersaif:MoneyMarketFundsSectorMember2026-06-300001039667saif:C000003857Memberoef:MaterialsSectorMember2026-06-300001039667saif:C000003857Membersaif:RealEstateInvestmentTrustsREITsSectorMember2026-06-300001039667saif:C000003857Memberus-gaap:EnergySectorMember2026-06-300001039667saif:C000003857Memberoef:UtilitiesSectorMember2026-06-300001039667saif:C000003857Memberoef:ConsumerStaplesSectorMember2026-06-300001039667saif:C000003857Memberoef:ConsumerDiscretionarySectorMember2026-06-300001039667saif:C000003857Memberus-gaap:HealthcareSectorMember2026-06-300001039667saif:C000003857Membersaif:FinancialsSectorMember2026-06-300001039667saif:C000003857Memberoef:CommunicationsSectorMember2026-06-300001039667saif:C000003857Membersaif:IndustrialsSectorMember2026-06-300001039667saif:C000003857Memberus-gaap:TechnologySectorMember2026-06-300001039667saif:C000003857Member2026-06-300001039667saif:C000167227Member2026-01-012026-06-300001039667saif:C000167227Membersaif:MoneyMarketFundsSectorMember2026-06-300001039667saif:C000167227Memberoef:MaterialsSectorMember2026-06-300001039667saif:C000167227Membersaif:RealEstateInvestmentTrustsREITsSectorMember2026-06-300001039667saif:C000167227Memberus-gaap:EnergySectorMember2026-06-300001039667saif:C000167227Memberoef:UtilitiesSectorMember2026-06-300001039667saif:C000167227Memberoef:ConsumerStaplesSectorMember2026-06-300001039667saif:C000167227Memberoef:ConsumerDiscretionarySectorMember2026-06-300001039667saif:C000167227Memberus-gaap:HealthcareSectorMember2026-06-300001039667saif:C000167227Membersaif:FinancialsSectorMember2026-06-300001039667saif:C000167227Memberoef:CommunicationsSectorMember2026-06-300001039667saif:C000167227Membersaif:IndustrialsSectorMember2026-06-300001039667saif:C000167227Memberus-gaap:TechnologySectorMember2026-06-300001039667saif:C000167227Member2026-06-300001039667saif:C000219378Member2026-01-012026-06-300001039667saif:C000219378Membersaif:MoneyMarketFundsSectorMember2026-06-300001039667saif:C000219378Memberoef:MaterialsSectorMember2026-06-300001039667saif:C000219378Membersaif:RealEstateInvestmentTrustsREITsSectorMember2026-06-300001039667saif:C000219378Memberus-gaap:EnergySectorMember2026-06-300001039667saif:C000219378Memberoef:UtilitiesSectorMember2026-06-300001039667saif:C000219378Memberoef:ConsumerStaplesSectorMember2026-06-300001039667saif:C000219378Memberoef:ConsumerDiscretionarySectorMember2026-06-300001039667saif:C000219378Memberus-gaap:HealthcareSectorMember2026-06-300001039667saif:C000219378Membersaif:FinancialsSectorMember2026-06-300001039667saif:C000219378Memberoef:CommunicationsSectorMember2026-06-300001039667saif:C000219378Membersaif:IndustrialsSectorMember2026-06-300001039667saif:C000219378Memberus-gaap:TechnologySectorMember2026-06-300001039667saif:C000219378Member2026-06-300001039667saif:C000059931Member2026-01-012026-06-300001039667saif:C000059931Membersaif:LocalSectorMember2026-06-300001039667saif:C000059931Membersaif:IdrPcrSectorMember2026-06-300001039667saif:C000059931Membersaif:LeaseSectorMember2026-06-300001039667saif:C000059931Membersaif:SpecialTaxSectorMember2026-06-300001039667saif:C000059931Memberus-gaap:TransportationSectorMember2026-06-300001039667saif:C000059931Membersaif:EducationSectorMember2026-06-300001039667saif:C000059931Memberoef:UtilitiesSectorMember2026-06-300001039667saif:C000059931Memberus-gaap:HealthcareSectorMember2026-06-300001039667saif:C000059931Membersaif:HousingSectorMember2026-06-300001039667saif:C000059931Member2026-06-300001039667saif:C000167228Member2026-01-012026-06-300001039667saif:C000167228Membersaif:LocalSectorMember2026-06-300001039667saif:C000167228Membersaif:IdrPcrSectorMember2026-06-300001039667saif:C000167228Membersaif:LeaseSectorMember2026-06-300001039667saif:C000167228Membersaif:SpecialTaxSectorMember2026-06-300001039667saif:C000167228Memberus-gaap:TransportationSectorMember2026-06-300001039667saif:C000167228Membersaif:EducationSectorMember2026-06-300001039667saif:C000167228Memberoef:UtilitiesSectorMember2026-06-300001039667saif:C000167228Memberus-gaap:HealthcareSectorMember2026-06-300001039667saif:C000167228Membersaif:HousingSectorMember2026-06-300001039667saif:C000167228Member2026-06-300001039667saif:C000219379Member2026-01-012026-06-300001039667saif:C000219379Membersaif:LocalSectorMember2026-06-300001039667saif:C000219379Membersaif:IdrPcrSectorMember2026-06-300001039667saif:C000219379Membersaif:LeaseSectorMember2026-06-300001039667saif:C000219379Membersaif:SpecialTaxSectorMember2026-06-300001039667saif:C000219379Memberus-gaap:TransportationSectorMember2026-06-300001039667saif:C000219379Membersaif:EducationSectorMember2026-06-300001039667saif:C000219379Memberoef:UtilitiesSectorMember2026-06-300001039667saif:C000219379Memberus-gaap:HealthcareSectorMember2026-06-300001039667saif:C000219379Membersaif:HousingSectorMember2026-06-300001039667saif:C000219379Member2026-06-300001039667saif:C000003855Member2026-01-012026-06-300001039667saif:C000003855Memberus-gaap:TechnologySectorMember2026-06-300001039667saif:C000003855Membersaif:FinancialsSectorMember2026-06-300001039667saif:C000003855Memberus-gaap:EnergySectorMember2026-06-300001039667saif:C000003855Memberoef:CommunicationsSectorMember2026-06-300001039667saif:C000003855Memberoef:ConsumerDiscretionarySectorMember2026-06-300001039667saif:C000003855Membersaif:IndustrialsSectorMember2026-06-300001039667saif:C000003855Membersaif:MoneyMarketFundsSectorMember2026-06-300001039667saif:C000003855Memberus-gaap:RealEstateSectorMember2026-06-300001039667saif:C000003855Member2026-06-300001039667saif:C000167226Member2026-01-012026-06-300001039667saif:C000167226Memberus-gaap:TechnologySectorMember2026-06-300001039667saif:C000167226Membersaif:FinancialsSectorMember2026-06-300001039667saif:C000167226Memberus-gaap:EnergySectorMember2026-06-300001039667saif:C000167226Memberoef:CommunicationsSectorMember2026-06-300001039667saif:C000167226Memberoef:ConsumerDiscretionarySectorMember2026-06-300001039667saif:C000167226Membersaif:IndustrialsSectorMember2026-06-300001039667saif:C000167226Membersaif:MoneyMarketFundsSectorMember2026-06-300001039667saif:C000167226Memberus-gaap:RealEstateSectorMember2026-06-300001039667saif:C000167226Member2026-06-300001039667saif:C000219377Member2026-01-012026-06-300001039667saif:C000219377Memberus-gaap:TechnologySectorMember2026-06-300001039667saif:C000219377Membersaif:FinancialsSectorMember2026-06-300001039667saif:C000219377Memberus-gaap:EnergySectorMember2026-06-300001039667saif:C000219377Memberoef:CommunicationsSectorMember2026-06-300001039667saif:C000219377Memberoef:ConsumerDiscretionarySectorMember2026-06-300001039667saif:C000219377Membersaif:IndustrialsSectorMember2026-06-300001039667saif:C000219377Membersaif:MoneyMarketFundsSectorMember2026-06-300001039667saif:C000219377Memberus-gaap:RealEstateSectorMember2026-06-300001039667saif:C000219377Member2026-06-300001039667saif:C000240591Member2026-01-012026-06-300001039667saif:C000240591Membersaif:IndustrialsSectorMember2026-06-300001039667saif:C000240591Membersaif:MoneyMarketFundsSectorMember2026-06-300001039667saif:C000240591Memberus-gaap:EnergySectorMember2026-06-300001039667saif:C000240591Memberoef:UtilitiesSectorMember2026-06-300001039667saif:C000240591Member2026-06-300001039667saif:C000240590Member2026-01-012026-06-300001039667saif:C000240590Membersaif:IndustrialsSectorMember2026-06-300001039667saif:C000240590Membersaif:MoneyMarketFundsSectorMember2026-06-300001039667saif:C000240590Memberus-gaap:EnergySectorMember2026-06-300001039667saif:C000240590Memberoef:UtilitiesSectorMember2026-06-300001039667saif:C000240590Member2026-06-300001039667saif:C000240589Member2026-01-012026-06-300001039667saif:C000240589Membersaif:IndustrialsSectorMember2026-06-300001039667saif:C000240589Membersaif:MoneyMarketFundsSectorMember2026-06-300001039667saif:C000240589Memberus-gaap:EnergySectorMember2026-06-300001039667saif:C000240589Memberoef:UtilitiesSectorMember2026-06-300001039667saif:C000240589Member2026-06-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dsaif:Holding
Spirit of America Income Fund
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Income Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A Shares | $57 | 1.14% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Liabilities in Excess of Other Assets | -1.7% |
Electric Transmission & Distribution | 2.1% |
Institutional Brokerage | 2.3% |
P&C Insurance | 3.1% |
Higher Education | 3.3% |
Econ & Indust Development | 3.9% |
Miscellaneous Tax | 4.4% |
Banks | 5.5% |
Other | 5.6% |
Electricity And Public Power | 5.6% |
Integrated Electric Utilities | 5.8% |
Hospitals | 7.5% |
Local Authority | 7.8% |
Tobacco | 9.6% |
Life Insurance | 10.8% |
Other Sectors | 24.4% |
- Net Assets$40,563,438
- Number of Portfolio Holdings106
- Advisory Fee (net of waivers)$77,641
- Portfolio Turnover1%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Income Fund - Class A Shares (SOAIX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Income Fund
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Income Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C Shares | $94 | 1.89% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Liabilities in Excess of Other Assets | -1.7% |
Electric Transmission & Distribution | 2.1% |
Institutional Brokerage | 2.3% |
P&C Insurance | 3.1% |
Higher Education | 3.3% |
Econ & Indust Development | 3.9% |
Miscellaneous Tax | 4.4% |
Banks | 5.5% |
Other | 5.6% |
Electricity And Public Power | 5.6% |
Integrated Electric Utilities | 5.8% |
Hospitals | 7.5% |
Local Authority | 7.8% |
Tobacco | 9.6% |
Life Insurance | 10.8% |
Other Sectors | 24.4% |
- Net Assets$40,563,438
- Number of Portfolio Holdings106
- Advisory Fee (net of waivers)$77,641
- Portfolio Turnover1%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Income Fund - Class C Shares (SACTX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Income Fund
Institutional Shares (SOITX)
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Income Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Institutional Shares | $45 | 0.89% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Liabilities in Excess of Other Assets | -1.7% |
Electric Transmission & Distribution | 2.1% |
Institutional Brokerage | 2.3% |
P&C Insurance | 3.1% |
Higher Education | 3.3% |
Econ & Indust Development | 3.9% |
Miscellaneous Tax | 4.4% |
Banks | 5.5% |
Other | 5.6% |
Electricity And Public Power | 5.6% |
Integrated Electric Utilities | 5.8% |
Hospitals | 7.5% |
Local Authority | 7.8% |
Tobacco | 9.6% |
Life Insurance | 10.8% |
Other Sectors | 24.4% |
- Net Assets$40,563,438
- Number of Portfolio Holdings106
- Advisory Fee (net of waivers)$77,641
- Portfolio Turnover1%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Income Fund - Institutional Shares (SOITX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Large Cap Value Fund
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Large Cap Value Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A Shares | $80 | 1.52% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Liabilities in Excess of Other Assets | -0.5% |
Money Market Funds | 0.5% |
Materials | 1.5% |
Real Estate Investment Trusts (REITs) | 2.3% |
Energy | 4.4% |
Utilities | 4.5% |
Consumer Staples | 4.6% |
Consumer Discretionary | 5.9% |
Health Care | 6.4% |
Financials | 9.1% |
Communications | 9.7% |
Industrials | 12.5% |
Technology | 39.5% |
- Net Assets$240,444,108
- Number of Portfolio Holdings146
- Advisory Fee $1,068,497
- Portfolio Turnover4%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Large Cap Value Fund - Class A Shares (SOAVX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Large Cap Value Fund
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Large Cap Value Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C Shares | $117 | 2.22% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Liabilities in Excess of Other Assets | -0.5% |
Money Market Funds | 0.5% |
Materials | 1.5% |
Real Estate Investment Trusts (REITs) | 2.3% |
Energy | 4.4% |
Utilities | 4.5% |
Consumer Staples | 4.6% |
Consumer Discretionary | 5.9% |
Health Care | 6.4% |
Financials | 9.1% |
Communications | 9.7% |
Industrials | 12.5% |
Technology | 39.5% |
- Net Assets$240,444,108
- Number of Portfolio Holdings146
- Advisory Fee $1,068,497
- Portfolio Turnover4%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Large Cap Value Fund - Class C Shares (SACVX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Large Cap Value Fund
Institutional Shares (SOIVX)
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Large Cap Value Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Institutional Shares | $65 | 1.22% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Liabilities in Excess of Other Assets | -0.5% |
Money Market Funds | 0.5% |
Materials | 1.5% |
Real Estate Investment Trusts (REITs) | 2.3% |
Energy | 4.4% |
Utilities | 4.5% |
Consumer Staples | 4.6% |
Consumer Discretionary | 5.9% |
Health Care | 6.4% |
Financials | 9.1% |
Communications | 9.7% |
Industrials | 12.5% |
Technology | 39.5% |
- Net Assets$240,444,108
- Number of Portfolio Holdings146
- Advisory Fee $1,068,497
- Portfolio Turnover4%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Large Cap Value Fund - Institutional Shares (SOIVX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Municipal Tax Free Bond Fund
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A Shares | $46 | 0.91% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Other Assets in Excess of Liabilities | 0.5% |
Local | 3.1% |
Idr & Pcr | 5.1% |
Lease | 7.7% |
Special Tax | 9.8% |
Transportation | 11.4% |
Education | 12.1% |
Utilities | 12.9% |
Health Care | 14.2% |
Housing | 23.2% |
- Net Assets$22,644,140
- Number of Portfolio Holdings102
- Advisory Fee (net of waivers)$3,823
- Portfolio Turnover10%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Municipal Tax Free Bond Fund - Class A Shares (SOAMX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund’s website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Municipal Tax Free Bond Fund
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C Shares | $88 | 1.76% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Other Assets in Excess of Liabilities | 0.5% |
Local | 3.1% |
Idr & Pcr | 5.1% |
Lease | 7.7% |
Special Tax | 9.8% |
Transportation | 11.4% |
Education | 12.1% |
Utilities | 12.9% |
Health Care | 14.2% |
Housing | 23.2% |
- Net Assets$22,644,140
- Number of Portfolio Holdings102
- Advisory Fee (net of waivers)$3,823
- Portfolio Turnover10%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Municipal Tax Free Bond Fund - Class C Shares (SACFX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund’s website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Municipal Tax Free Bond Fund
Institutional Shares (SOIMX)
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Institutional Shares | $39 | 0.76% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Other Assets in Excess of Liabilities | 0.5% |
Local | 3.1% |
Idr & Pcr | 5.1% |
Lease | 7.7% |
Special Tax | 9.8% |
Transportation | 11.4% |
Education | 12.1% |
Utilities | 12.9% |
Health Care | 14.2% |
Housing | 23.2% |
- Net Assets$22,644,140
- Number of Portfolio Holdings102
- Advisory Fee (net of waivers)$3,823
- Portfolio Turnover10%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Municipal Tax Free Bond Fund - Institutional Shares (SOIMX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund’s website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Real Estate Income and Growth Fund
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A Shares | $87 | 1.62% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Liabilities in Excess of Other Assets | -1.3% |
Technology | 0.2% |
Financials | 0.3% |
Energy | 0.5% |
Communications | 0.7% |
Consumer Discretionary | 1.7% |
Industrials | 2.1% |
Money Market Funds | 2.2% |
Real Estate | 93.6% |
- Net Assets$74,694,909
- Number of Portfolio Holdings93
- Advisory Fee $341,331
- Portfolio Turnover8%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Real Estate Income and Growth Fund - Class A Shares (SOAAX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund’s website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Real Estate Income and Growth Fund
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C Shares | $124 | 2.32% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Liabilities in Excess of Other Assets | -1.3% |
Technology | 0.2% |
Financials | 0.3% |
Energy | 0.5% |
Communications | 0.7% |
Consumer Discretionary | 1.7% |
Industrials | 2.1% |
Money Market Funds | 2.2% |
Real Estate | 93.6% |
- Net Assets$74,694,909
- Number of Portfolio Holdings93
- Advisory Fee $341,331
- Portfolio Turnover8%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Real Estate Income and Growth Fund - Class C Shares (SACRX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund’s website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Real Estate Income and Growth Fund
Institutional Shares (SOIAX)
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Institutional Shares | $71 | 1.32% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Liabilities in Excess of Other Assets | -1.3% |
Technology | 0.2% |
Financials | 0.3% |
Energy | 0.5% |
Communications | 0.7% |
Consumer Discretionary | 1.7% |
Industrials | 2.1% |
Money Market Funds | 2.2% |
Real Estate | 93.6% |
- Net Assets$74,694,909
- Number of Portfolio Holdings93
- Advisory Fee $341,331
- Portfolio Turnover8%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Real Estate Income and Growth Fund - Institutional Shares (SOIAX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund’s website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Utilities Fund
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class A Shares | $79 | 1.53% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Liabilities in Excess of Other Assets | -1.3% |
Industrials | 2.3% |
Money Market Funds | 2.6% |
Energy | 2.6% |
Utilities | 93.8% |
- Net Assets$59,192,118
- Number of Portfolio Holdings55
- Advisory Fee (net of waivers)$260,958
- Portfolio Turnover0%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Utilities Fund - Class A Shares (SOAUX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund’s website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Utilities Fund
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Class C Shares | $117 | 2.28% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Liabilities in Excess of Other Assets | -1.3% |
Industrials | 2.3% |
Money Market Funds | 2.6% |
Energy | 2.6% |
Utilities | 93.8% |
- Net Assets$59,192,118
- Number of Portfolio Holdings55
- Advisory Fee (net of waivers)$260,958
- Portfolio Turnover0%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Utilities Fund - Class C Shares (SOCUX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund’s website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Spirit of America Utilities Fund
Institutional Shares (SOIUX)
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.
What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryClass Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Institutional Shares | $66 | 1.28% |
|---|
What did the Fund invest in?
Sector Weighting (% of net assets)
Table SummaryValue | Value |
|---|
Liabilities in Excess of Other Assets | -1.3% |
Industrials | 2.3% |
Money Market Funds | 2.6% |
Energy | 2.6% |
Utilities | 93.8% |
- Net Assets$59,192,118
- Number of Portfolio Holdings55
- Advisory Fee (net of waivers)$260,958
- Portfolio Turnover0%
No material changes occurred during the period ended June 30, 2026.
Spirit of America Utilities Fund - Institutional Shares (SOIUX)
Semi-Annual Shareholder Report - June 30, 2026
Where can I find additional information about the Fund?
Additional information is available on the Fund’s website (funddocs.filepoint.com/soa/), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Item
2. Code of Ethics.
Not applicable to semiannual reports.
Item
3. Audit Committee Financial Expert.
Not
applicable to semiannual reports.
Item
4. Principal Accountant Fees and Services.
Not
applicable to semiannual reports.
Item 5. Audit Committee of Listed Registrants.
Not
applicable.
Item
6. Investments.
The
Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.
Item
7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a)
SEMI-ANNUAL
FINANCIAL STATEMENTS
AND
ADDITIONAL INFORMATION
June 30,
2026
| |
Spirit
of America Real Estate Income and Growth Fund |
| |
|
| |
Spirit
of America Large Cap Value Fund |
| |
|
| |
Spirit
of America Municipal Tax Free Bond Fund |
| |
|
| |
Spirit
of America Income Fund |
| |
|
| |
Spirit
of America Utilities Fund |
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
SPIRIT
OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
SCHEDULE
OF INVESTMENTS | JUNE 30, 2026 (UNAUDITED)
| |
|
Shares |
|
|
Market
Value |
|
| Common
Stocks 98.33% |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Communications
0.74% |
|
|
|
|
|
|
|
|
| DigitalBridge
Group, Inc. |
|
|
33,000 |
|
|
$ |
520,740 |
|
| Meta
Platforms, Inc., Class A |
|
|
50 |
|
|
|
28,164 |
|
| |
|
|
|
|
|
|
548,904 |
|
| Consumer
Discretionary 1.74% |
|
|
|
|
|
|
|
|
| Amazon.com,
Inc.(a) |
|
|
4,900 |
|
|
|
1,167,866 |
|
| D.R.
Horton, Inc. |
|
|
800 |
|
|
|
130,304 |
|
| |
|
|
|
|
|
|
1,298,170 |
|
| Data
Center REITs 10.76% |
|
|
|
|
|
|
|
|
| Digital
Realty Trust, Inc. |
|
|
20,031 |
|
|
|
3,597,167 |
|
| Equinix,
Inc. |
|
|
4,260 |
|
|
|
4,440,581 |
|
| |
|
|
|
|
|
|
8,037,748 |
|
| Energy
0.40% |
|
|
|
|
|
|
|
|
| Cheniere
Energy Partners LP |
|
|
613 |
|
|
|
37,362 |
|
| Energy
Transfer LP |
|
|
8,000 |
|
|
|
152,960 |
|
| Enterprise
Products Partners LP |
|
|
1,500 |
|
|
|
55,140 |
|
| MPLX
LP |
|
|
1,000 |
|
|
|
56,330 |
|
| |
|
|
|
|
|
|
301,792 |
|
| Financials
0.29% |
|
|
|
|
|
|
|
|
| Blackstone
Group, Inc. (The), Class A |
|
|
700 |
|
|
|
82,369 |
|
| KKR
& Co. LP |
|
|
1,450 |
|
|
|
133,081 |
|
| |
|
|
|
|
|
|
215,450 |
|
| Gaming
REITs 4.76% |
|
|
|
|
|
|
|
|
| Gaming
and Leisure Properties, Inc. |
|
|
28,885 |
|
|
|
1,286,249 |
|
| VICI
Properties, Inc. |
|
|
85,547 |
|
|
|
2,271,273 |
|
| |
|
|
|
|
|
|
3,557,522 |
|
| Health
Care REITs 20.35% |
|
|
|
|
|
|
|
|
| American
Healthcare REIT, Inc. |
|
|
3,500 |
|
|
|
182,525 |
|
| CareTrust
REIT, Inc. |
|
|
28,500 |
|
|
|
1,149,975 |
|
| Healthcare
Realty Trust, Inc. |
|
|
8,000 |
|
|
|
161,360 |
|
| Healthpeak
Properties, Inc. |
|
|
18,869 |
|
|
|
403,796 |
|
| Janus
Living, Inc. |
|
|
5,000 |
|
|
|
143,700 |
|
| Omega
Healthcare Investors, Inc. |
|
|
47,000 |
|
|
|
2,240,960 |
|
| Ventas,
Inc. |
|
|
33,050 |
|
|
|
2,934,840 |
|
| Welltower,
Inc. |
|
|
35,175 |
|
|
|
7,983,670 |
|
| |
|
|
|
|
|
|
15,200,826 |
|
| Homebuilding
0.32% |
|
|
|
|
|
|
|
|
| Lennar
Corp., Class A |
|
|
925 |
|
|
|
83,704 |
|
| Millrose
Properties, Inc. |
|
|
462 |
|
|
|
13,883 |
|
| Toll
Brothers, Inc. |
|
|
875 |
|
|
|
144,156 |
|
| |
|
|
|
|
|
|
241,743 |
|
| Hotel
REITs 2.89% |
|
|
|
|
|
|
|
|
| Host
Hotels & Resorts, Inc. |
|
|
46,900 |
|
|
|
1,111,999 |
|
| Park
Hotels & Resorts, Inc. |
|
|
9,250 |
|
|
|
131,813 |
|
| Ryman
Hospitality Properties, Inc. |
|
|
6,355 |
|
|
|
816,935 |
|
| Sunstone
Hotel Investors, Inc. |
|
|
8,700 |
|
|
|
99,615 |
|
| |
|
|
|
|
|
|
2,160,362 |
|
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, 2026 (UNAUDITED)
| |
|
Shares |
|
|
Market
Value |
|
| Industrial
REITs 9.89% |
|
|
|
|
|
|
| EastGroup
Properties, Inc. |
|
|
3,600 |
|
|
$ |
729,108 |
|
| First
Industrial Realty Trust, Inc. |
|
|
1,000 |
|
|
|
61,310 |
|
| Lineage,
Inc. |
|
|
2,100 |
|
|
|
90,825 |
|
| LXP
Industrial Trust |
|
|
540 |
|
|
|
29,095 |
|
| Prologis,
Inc. |
|
|
24,301 |
|
|
|
3,292,057 |
|
| Rexford
Industrial Realty, Inc. |
|
|
14,750 |
|
|
|
494,125 |
|
| STAG
Industrial, Inc. |
|
|
37,200 |
|
|
|
1,415,832 |
|
| Terreno
Realty Corp. |
|
|
19,625 |
|
|
|
1,271,111 |
|
| |
|
|
|
|
|
|
7,383,463 |
|
| Industrials
2.05% |
|
|
|
|
|
|
|
|
| Vertiv
Holdings Co., Class A |
|
|
4,575 |
|
|
|
1,531,801 |
|
| |
|
|
|
|
|
|
|
|
| Infrastructure
REITs 1.56% |
|
|
|
|
|
|
|
|
| American
Tower Corp., Class A |
|
|
5,170 |
|
|
|
845,657 |
|
| Crown
Castle International Corp. |
|
|
4,190 |
|
|
|
317,309 |
|
| |
|
|
|
|
|
|
1,162,966 |
|
| Investment
Companies 0.14% |
|
|
|
|
|
|
|
|
| Blackstone
Digital Infrastructure Trust, Inc.(a) |
|
|
5,000 |
|
|
|
108,150 |
|
| |
|
|
|
|
|
|
|
|
| Midstream
- Oil & Gas 0.06% |
|
|
|
|
|
|
|
|
| Plains
All American Pipeline LP |
|
|
2,000 |
|
|
|
44,520 |
|
| |
|
|
|
|
|
|
|
|
| Mortgage
Finance 0.15% |
|
|
|
|
|
|
|
|
| Blackstone
Mortgage Trust, Inc., Class A |
|
|
2,200 |
|
|
|
37,290 |
|
| Starwood
Property Trust, Inc. |
|
|
4,500 |
|
|
|
73,710 |
|
| |
|
|
|
|
|
|
111,000 |
|
| Multi
Asset Class REITs 1.18% |
|
|
|
|
|
|
|
|
| One
Liberty Properties, Inc. |
|
|
2,500 |
|
|
|
61,050 |
|
| WP
Carey, Inc. |
|
|
11,500 |
|
|
|
822,250 |
|
| |
|
|
|
|
|
|
883,300 |
|
| Office
REITs 2.48% |
|
|
|
|
|
|
|
|
| Alexandria
Real Estate Equities, Inc. |
|
|
3,000 |
|
|
|
158,550 |
|
| Boston
Properties, Inc. |
|
|
6,915 |
|
|
|
458,534 |
|
| COPT
Defense Properties |
|
|
22,000 |
|
|
|
800,580 |
|
| Cousins
Properties, Inc. |
|
|
6,500 |
|
|
|
194,870 |
|
| Highwoods
Properties, Inc. |
|
|
2,000 |
|
|
|
60,320 |
|
| Kilroy
Realty Corp. |
|
|
4,265 |
|
|
|
159,810 |
|
| Net
Lease Office Properties |
|
|
1,872 |
|
|
|
20,835 |
|
| |
|
|
|
|
|
|
1,853,499 |
|
| Residential
REITs 10.06% |
|
|
|
|
|
|
|
|
| American
Homes 4 Rent, Class A |
|
|
17,300 |
|
|
|
579,896 |
|
| AvalonBay
Communities, Inc. |
|
|
6,490 |
|
|
|
1,224,598 |
|
| Camden
Property Trust |
|
|
4,300 |
|
|
|
492,307 |
|
| Equity
LifeStyle Properties, Inc. |
|
|
11,800 |
|
|
|
760,510 |
|
| Equity
Residential |
|
|
12,365 |
|
|
|
839,954 |
|
| Essex
Property Trust, Inc. |
|
|
3,036 |
|
|
|
885,267 |
|
| Independence
Realty Trust, Inc. |
|
|
2,000 |
|
|
|
33,380 |
|
| Invitation
Homes, Inc. |
|
|
2,500 |
|
|
|
75,525 |
|
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, 2026 (UNAUDITED)
| |
|
Shares |
|
|
Market
Value |
|
| Residential
REITs (cont.) |
|
|
|
|
|
|
|
|
| Mid-America
Apartment Communities, Inc. |
|
|
4,022 |
|
|
$ |
558,817 |
|
| Sun
Communities, Inc. |
|
|
8,950 |
|
|
|
1,073,195 |
|
| UDR,
Inc. |
|
|
24,850 |
|
|
|
992,012 |
|
|
|
|
|
|
|
|
7,515,461 |
|
| Retail
REITs 15.89% |
|
|
|
|
|
|
|
|
| Agree
Realty Corp. |
|
|
12,500 |
|
|
|
946,750 |
|
| Brixmor
Property Group, Inc. |
|
|
41,475 |
|
|
|
1,307,707 |
|
| Essential
Properties Realty Trust, Inc. |
|
|
4,000 |
|
|
|
119,400 |
|
| Federal
Realty Investment Trust |
|
|
9,700 |
|
|
|
1,197,368 |
|
| Four
Corners Property Trust, Inc. |
|
|
5,000 |
|
|
|
122,750 |
|
| Getty
Realty Corp. |
|
|
1,000 |
|
|
|
33,360 |
|
| Kimco
Realty Corp. |
|
|
24,569 |
|
|
|
622,824 |
|
| National
Retail Properties, Inc. |
|
|
14,250 |
|
|
|
663,052 |
|
| Realty
Income Corp. |
|
|
27,085 |
|
|
|
1,678,187 |
|
| Regency
Centers Corp. |
|
|
17,300 |
|
|
|
1,379,502 |
|
| Simon
Property Group, Inc. |
|
|
14,850 |
|
|
|
3,321,202 |
|
| Tanger
Factory Outlet Centers, Inc. |
|
|
12,000 |
|
|
|
473,640 |
|
| |
|
|
|
|
|
|
11,865,742 |
|
| Self-Storage
REITs 6.56% |
|
|
|
|
|
|
|
|
| CubeSmart |
|
|
14,200 |
|
|
|
564,734 |
|
| Extra
Space Storage, Inc. |
|
|
12,480 |
|
|
|
1,813,344 |
|
| Public
Storage |
|
|
7,925 |
|
|
|
2,522,607 |
|
| |
|
|
|
|
|
|
4,900,685 |
|
| Specialty
REITs 5.70% |
|
|
|
|
|
|
|
|
| Hannon
Armstrong Sustainable Infrastructure Capital, Inc. |
|
|
717 |
|
|
|
27,999 |
|
| Iron
Mountain, Inc. |
|
|
32,500 |
|
|
|
4,105,075 |
|
| Postal
Realty Trust, Inc., Class A |
|
|
5,000 |
|
|
|
123,200 |
|
| |
|
|
|
|
|
|
4,256,274 |
|
| Technology
0.19% |
|
|
|
|
|
|
|
|
| NVIDIA
Corp. |
|
|
700 |
|
|
|
140,063 |
|
| |
|
|
|
|
|
|
|
|
| Timber
REITs 0.17% |
|
|
|
|
|
|
|
|
| Weyerhaeuser
Co. |
|
|
5,300 |
|
|
|
126,882 |
|
| |
|
|
|
|
|
|
|
|
Total
Common Stocks
(Cost $55,099,749) |
|
|
|
|
|
|
73,446,323 |
|
| |
|
|
|
|
|
|
|
|
| Preferred
Stocks 0.72% |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Data
Center REITs 0.11% |
|
|
|
|
|
|
|
|
| Digital
Realty Trust, Inc., Series J, 5.25% |
|
|
4,000 |
|
|
|
79,920 |
|
| |
|
|
|
|
|
|
|
|
| Hotel
REITs 0.23% |
|
|
|
|
|
|
|
|
| Sunstone
Hotel Investors, Inc., Series H, 6.13% |
|
|
4,000 |
|
|
|
87,000 |
|
| Sunstone
Hotel Investors, Inc., Series I, 5.70% |
|
|
4,000 |
|
|
|
85,000 |
|
| |
|
|
|
|
|
|
172,000 |
|
| Residential
REITs 0.06% |
|
|
|
|
|
|
|
|
| American
Homes 4 Rent, Series G, 5.88% |
|
|
2,000 |
|
|
|
45,000 |
|
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, 2026 (UNAUDITED)
| |
|
Shares |
|
|
Market
Value |
|
| Retail
REITs 0.22% |
|
|
|
|
|
|
|
|
| CTO
Realty Growth, Inc., Series A, 6.38% |
|
|
2,000 |
|
|
$ |
41,800 |
|
| Federal
Realty Investment Trust, Series C, 5.00% |
|
|
6,500 |
|
|
|
127,790 |
|
| |
|
|
|
|
|
|
169,590 |
|
| Self-Storage
REITs 0.10% |
|
|
|
|
|
|
|
|
| Public
Storage, Series I, 4.88% |
|
|
1,917 |
|
|
|
35,944 |
|
| Public
Storage, Series L, 4.63% |
|
|
2,000 |
|
|
|
35,580 |
|
| |
|
|
|
|
|
|
71,524 |
|
Total
Preferred Stocks
(Cost $665,721) |
|
|
|
|
|
|
538,034 |
|
| |
|
|
|
|
|
|
|
|
| Money
Market Funds 2.21% |
|
|
|
|
|
|
|
|
| Morgan
Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 3.56(b) |
|
|
1,650,846 |
|
|
|
1,650,846 |
|
| |
|
|
|
|
|
|
|
|
Total
Money Market Funds
(Cost $1,650,846) |
|
|
|
|
|
|
1,650,846 |
|
| |
|
|
|
|
|
|
|
|
Total
Investments — 101.26%
(Cost $57,416,316) |
|
|
|
|
|
|
75,635,203 |
|
| Liabilities
in Excess of Other Assets — (1.26)% |
|
|
|
|
|
|
(940,294 |
) |
| NET
ASSETS — 100.00% |
|
|
|
|
|
$ |
74,694,909 |
|
|
(a) |
Non-income
producing security. |
|
(b) |
Rate
disclosed is the seven day effective yield as of June 30, 2026. |
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA LARGE CAP VALUE FUND
SCHEDULE
OF INVESTMENTS | JUNE 30, 2026 (UNAUDITED)
| |
|
Shares |
|
|
Market
Value |
|
| Common
Stocks 99.85% |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Communications
9.72% |
|
|
|
|
|
|
|
|
| Alphabet,
Inc., Class A |
|
|
43,100 |
|
|
$ |
15,402,647 |
|
| Alphabet,
Inc., Class C |
|
|
3,450 |
|
|
|
1,218,988 |
|
| AT&T,
Inc. |
|
|
9,500 |
|
|
|
196,650 |
|
| DigitalBridge
Group, Inc. |
|
|
13,000 |
|
|
|
205,140 |
|
| Meta
Platforms, Inc., Class A |
|
|
3,580 |
|
|
|
2,016,578 |
|
| Netflix,
Inc.(a) |
|
|
22,450 |
|
|
|
1,602,930 |
|
| Uber
Technologies, Inc.(a) |
|
|
2,800 |
|
|
|
202,048 |
|
| Verizon
Communications, Inc. |
|
|
26,540 |
|
|
|
1,123,704 |
|
| Walt
Disney Co. (The) |
|
|
14,500 |
|
|
|
1,395,625 |
|
| |
|
|
|
|
|
|
23,364,310 |
|
| Consumer
Discretionary 5.93% |
|
|
|
|
|
|
|
|
| Amazon.com,
Inc.(a) |
|
|
31,650 |
|
|
|
7,543,461 |
|
| Home
Depot, Inc. (The) |
|
|
5,538 |
|
|
|
1,953,142 |
|
| Lowe’s
Companies, Inc. |
|
|
3,100 |
|
|
|
683,519 |
|
| McDonald’s
Corp. |
|
|
2,580 |
|
|
|
697,400 |
|
| Starbucks
Corp. |
|
|
4,750 |
|
|
|
485,402 |
|
| Tesla,
Inc.(a) |
|
|
6,475 |
|
|
|
2,723,385 |
|
| TKO
Group Holdings, Inc. |
|
|
900 |
|
|
|
181,179 |
|
| |
|
|
|
|
|
|
14,267,488 |
|
| Consumer
Staples 4.61% |
|
|
|
|
|
|
|
|
| Altria
Group, Inc. |
|
|
12,650 |
|
|
|
910,167 |
|
| Coca-Cola
Co. (The) |
|
|
7,600 |
|
|
|
617,652 |
|
| Costco
Wholesale Corp. |
|
|
4,481 |
|
|
|
4,191,841 |
|
| Kroger
Co. (The) |
|
|
4,000 |
|
|
|
222,120 |
|
| PepsiCo,
Inc. |
|
|
2,200 |
|
|
|
297,880 |
|
| Philip
Morris International, Inc. |
|
|
4,900 |
|
|
|
886,459 |
|
| Procter
& Gamble Co. (The) |
|
|
5,615 |
|
|
|
823,384 |
|
| Wal-Mart
Stores, Inc. |
|
|
27,702 |
|
|
|
3,137,529 |
|
| |
|
|
|
|
|
|
11,087,032 |
|
| Energy
4.39% |
|
|
|
|
|
|
|
|
| Baker
Hughes Co. |
|
|
10,750 |
|
|
|
596,625 |
|
| Cheniere
Energy, Inc. |
|
|
5,250 |
|
|
|
1,254,802 |
|
| Chevron
Corp. |
|
|
3,960 |
|
|
|
656,410 |
|
| ConocoPhillips |
|
|
2,227 |
|
|
|
231,519 |
|
| Diamondback
Energy, Inc. |
|
|
1,550 |
|
|
|
272,459 |
|
| EOG
Resources, Inc. |
|
|
2,000 |
|
|
|
259,460 |
|
| Exxon
Mobil Corp. |
|
|
7,458 |
|
|
|
1,019,658 |
|
| Kinder
Morgan, Inc. |
|
|
7,750 |
|
|
|
247,767 |
|
| Marathon
Petroleum Corp. |
|
|
2,850 |
|
|
|
728,659 |
|
| Phillips
66 |
|
|
4,100 |
|
|
|
693,105 |
|
| Targa
Resources Corp. |
|
|
3,500 |
|
|
|
938,490 |
|
| Texas
Pacific Land Corp. |
|
|
650 |
|
|
|
284,466 |
|
| Valero
Energy Corp. |
|
|
5,865 |
|
|
|
1,527,481 |
|
| Williams
Companies, Inc. (The) |
|
|
24,750 |
|
|
|
1,839,915 |
|
| |
|
|
|
|
|
|
10,550,816 |
|
| Financials
8.98% |
|
|
|
|
|
|
|
|
| American
Express Co. |
|
|
5,000 |
|
|
|
1,691,250 |
|
| Bank
of America Corp. |
|
|
25,350 |
|
|
|
1,444,443 |
|
| Berkshire
Hathaway, Inc., Class B(a) |
|
|
4,395 |
|
|
|
2,199,214 |
|
| Blackstone
Group, Inc. (The), Class A |
|
|
11,500 |
|
|
|
1,353,205 |
|
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, 2026 (UNAUDITED)
| |
|
Shares |
|
|
Market
Value |
|
| Financials
(cont.) |
|
|
|
|
|
|
|
|
| Carlyle
Group, Inc. (The) |
|
|
3,550 |
|
|
$ |
149,491 |
|
| Citigroup,
Inc. |
|
|
21,250 |
|
|
|
2,974,150 |
|
| CME
Group, Inc. |
|
|
1,604 |
|
|
|
354,211 |
|
| Coinbase
Global, Inc., Class A(a) |
|
|
850 |
|
|
|
124,262 |
|
| Goldman
Sachs Group, Inc. (The) |
|
|
2,765 |
|
|
|
2,796,438 |
|
| JPMorgan
Chase & Co. |
|
|
23,092 |
|
|
|
7,558,704 |
|
| KKR
& Co. LP |
|
|
700 |
|
|
|
64,246 |
|
| Morgan
Stanley |
|
|
3,000 |
|
|
|
627,120 |
|
| Wells
Fargo & Co. |
|
|
3,000 |
|
|
|
247,920 |
|
| |
|
|
|
|
|
|
21,584,654 |
|
| Health
Care 6.45% |
|
|
|
|
|
|
|
|
| Abbott
Laboratories |
|
|
3,100 |
|
|
|
281,294 |
|
| AbbVie,
Inc. |
|
|
16,350 |
|
|
|
4,114,314 |
|
| Bristol-Myers
Squibb Co. |
|
|
4,500 |
|
|
|
259,290 |
|
| Eli
Lilly & Co. |
|
|
3,015 |
|
|
|
3,616,281 |
|
| Humana,
Inc. |
|
|
1,150 |
|
|
|
456,803 |
|
| McKesson
Corp. |
|
|
4,620 |
|
|
|
3,490,872 |
|
| Medtronic
PLC |
|
|
7,069 |
|
|
|
553,008 |
|
| Merck
& Co., Inc. |
|
|
8,950 |
|
|
|
1,150,075 |
|
| Quest
Diagnostics, Inc. |
|
|
3,800 |
|
|
|
805,410 |
|
| Thermo
Fisher Scientific, Inc. |
|
|
1,090 |
|
|
|
546,482 |
|
| UnitedHealth
Group, Inc. |
|
|
450 |
|
|
|
187,034 |
|
| Vertex
Pharmaceuticals, Inc.(a) |
|
|
100 |
|
|
|
49,673 |
|
| |
|
|
|
|
|
|
15,510,536 |
|
| Industrials
12.47% |
|
|
|
|
|
|
|
|
| AeroVironment,
Inc.(a) |
|
|
500 |
|
|
|
82,535 |
|
| Caterpillar,
Inc. |
|
|
11,190 |
|
|
|
11,916,231 |
|
| CSX
Corp. |
|
|
32,600 |
|
|
|
1,549,478 |
|
| Cummins,
Inc. |
|
|
3,600 |
|
|
|
2,567,556 |
|
| Deere
& Co. |
|
|
5,560 |
|
|
|
3,526,875 |
|
| FedEx
Corp. |
|
|
1,700 |
|
|
|
532,321 |
|
| FedEx
Freight Holding Company, Inc.(a) |
|
|
850 |
|
|
|
128,350 |
|
| GE
Vernova LLC |
|
|
3,140 |
|
|
|
3,689,060 |
|
| Honeywell
Aerospace, Inc.(a) |
|
|
4,425 |
|
|
|
978,279 |
|
| Honeywell
International, Inc. |
|
|
4,425 |
|
|
|
990,757 |
|
| ITT,
Inc. |
|
|
1,400 |
|
|
|
276,864 |
|
| Johnson
Controls International PLC |
|
|
8,253 |
|
|
|
1,205,846 |
|
| Lockheed
Martin Corp., Class B |
|
|
1,350 |
|
|
|
687,771 |
|
| Raytheon
Technologies Corp. |
|
|
2,100 |
|
|
|
398,433 |
|
| Vertiv
Holdings Co., Class A |
|
|
3,825 |
|
|
|
1,280,687 |
|
| Waste
Connections, Inc. |
|
|
975 |
|
|
|
162,523 |
|
| |
|
|
|
|
|
|
29,973,566 |
|
| Materials
1.47% |
|
|
|
|
|
|
|
|
| CF
Industries Holdings, Inc. |
|
|
6,600 |
|
|
|
714,516 |
|
| Corteva,
Inc. |
|
|
7,233 |
|
|
|
612,563 |
|
| DuPont
de Nemours, Inc. |
|
|
367 |
|
|
|
49,735 |
|
| Freeport-McMoRan,
Inc. |
|
|
5,500 |
|
|
|
345,895 |
|
| MP
Materials Corp.(a) |
|
|
2,800 |
|
|
|
156,828 |
|
| New
Linde PLC |
|
|
1,400 |
|
|
|
726,516 |
|
| Newmont
Goldcorp Corp. |
|
|
5,600 |
|
|
|
523,040 |
|
| Nucor
Corp. |
|
|
400 |
|
|
|
89,100 |
|
| Qnity
Electronics, Inc. |
|
|
550 |
|
|
|
89,821 |
|
| Ramaco
Resources, Inc., Class A(a) |
|
|
2,100 |
|
|
|
27,783 |
|
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, 2026 (UNAUDITED)
| |
|
Shares |
|
|
Market
Value |
|
| Materials
(cont.) |
|
|
|
|
|
|
|
|
| Solstice
Advanced Materials, Inc. |
|
|
2,212 |
|
|
$ |
195,983 |
|
| |
|
|
|
|
|
|
3,531,780 |
|
| Real
Estate Investment Trusts (REITs) 1.86% |
|
|
|
|
|
|
|
|
| Digital
Realty Trust, Inc. |
|
|
2,400 |
|
|
|
430,992 |
|
| Equinix,
Inc. |
|
|
900 |
|
|
|
938,151 |
|
| Iron
Mountain, Inc. |
|
|
6,150 |
|
|
|
776,806 |
|
| Prologis,
Inc. |
|
|
5,350 |
|
|
|
724,764 |
|
| VICI
Properties, Inc. |
|
|
4,823 |
|
|
|
128,051 |
|
| Welltower,
Inc. |
|
|
6,550 |
|
|
|
1,486,654 |
|
| |
|
|
|
|
|
|
4,485,418 |
|
| Technology
39.47% |
|
|
|
|
|
|
|
|
| Accenture
PLC, Class A |
|
|
3,725 |
|
|
|
463,539 |
|
| Advanced
Micro Devices, Inc.(a) |
|
|
9,300 |
|
|
|
5,402,463 |
|
| Apple,
Inc. |
|
|
35,482 |
|
|
|
10,267,072 |
|
| Applied
Materials, Inc. |
|
|
11,920 |
|
|
|
8,618,160 |
|
| ARM
Holdings PLC ADR(a) |
|
|
1,500 |
|
|
|
531,855 |
|
| Broadcom,
Inc. |
|
|
6,900 |
|
|
|
2,606,475 |
|
| Cisco
Systems, Inc. |
|
|
17,450 |
|
|
|
2,049,677 |
|
| Cognizant
Technology Solutions Corp., Class A |
|
|
3,600 |
|
|
|
139,428 |
|
| CoreWeave,
Inc., Class A(a) |
|
|
3,400 |
|
|
|
338,436 |
|
| Corning,
Inc. |
|
|
8,500 |
|
|
|
2,171,155 |
|
| Crowdstrike
Holdings, Inc., Class A(a) |
|
|
5,850 |
|
|
|
4,464,369 |
|
| Dell
Technologies, Inc., Class C |
|
|
1,624 |
|
|
|
700,691 |
|
| D-Wave
Quantum, Inc.(a) |
|
|
4,500 |
|
|
|
107,955 |
|
| Garmin
Ltd. |
|
|
1,150 |
|
|
|
273,171 |
|
| HP,
Inc. |
|
|
500 |
|
|
|
10,970 |
|
| International
Business Machines Corp. |
|
|
2,668 |
|
|
|
750,268 |
|
| Marvell
Technology, Inc. |
|
|
400 |
|
|
|
119,156 |
|
| MasterCard,
Inc., Class A |
|
|
2,150 |
|
|
|
1,104,240 |
|
| Microchip
Technology, Inc. |
|
|
6,450 |
|
|
|
588,240 |
|
| Microsoft
Corp. |
|
|
19,299 |
|
|
|
7,198,913 |
|
| NetApp,
Inc. |
|
|
2,600 |
|
|
|
402,376 |
|
| NortonLifeLock,
Inc. |
|
|
24,700 |
|
|
|
614,783 |
|
| NVIDIA
Corp. |
|
|
156,820 |
|
|
|
31,378,114 |
|
| Oracle
Corp. |
|
|
31,225 |
|
|
|
4,576,024 |
|
| Palantir
Technologies, Inc., Class A(a) |
|
|
7,000 |
|
|
|
816,690 |
|
| Palo
Alto Networks, Inc.(a) |
|
|
5,900 |
|
|
|
2,012,018 |
|
| QUALCOMM,
Inc. |
|
|
4,300 |
|
|
|
794,597 |
|
| ServiceNow,
Inc.(a) |
|
|
8,200 |
|
|
|
814,096 |
|
| Taiwan
Semiconductor Manufacturing Co. Ltd. ADR |
|
|
1,350 |
|
|
|
644,719 |
|
| Texas
Instruments, Inc. |
|
|
8,000 |
|
|
|
2,384,560 |
|
| Visa,
Inc., Class A |
|
|
7,450 |
|
|
|
2,556,020 |
|
| |
|
|
|
|
|
|
94,900,230 |
|
| Utilities
4.50% |
|
|
|
|
|
|
|
|
| AES
Corp. |
|
|
3,000 |
|
|
|
43,980 |
|
| American
Electric Power Company, Inc. |
|
|
2,250 |
|
|
|
307,822 |
|
| Atmos
Energy Corp. |
|
|
600 |
|
|
|
103,362 |
|
| Constellation
Energy Corp. |
|
|
7,675 |
|
|
|
1,906,240 |
|
| Duke
Energy Corp. |
|
|
2,250 |
|
|
|
284,805 |
|
| Edison
International |
|
|
2,600 |
|
|
|
193,570 |
|
| Entergy
Corp. |
|
|
4,650 |
|
|
|
534,099 |
|
| IDACORP,
Inc. |
|
|
700 |
|
|
|
105,910 |
|
| NextEra
Energy, Inc. |
|
|
23,725 |
|
|
|
2,082,343 |
|
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, 2026 (UNAUDITED)
| |
|
Shares |
|
|
Market
Value |
|
| Utilities
(cont.) |
|
|
|
|
|
|
|
|
| Oklo,
Inc.(a) |
|
|
16,150 |
|
|
$ |
845,130 |
|
| PPL
Corp. |
|
|
2,000 |
|
|
|
72,700 |
|
| Talen
Energy Corp.(a) |
|
|
3,450 |
|
|
|
1,325,697 |
|
| Vistra
Energy Corp. |
|
|
11,600 |
|
|
|
1,840,108 |
|
| WEC
Energy Group, Inc. |
|
|
10,100 |
|
|
|
1,179,377 |
|
| |
|
|
|
|
|
|
10,825,143 |
|
Total
Common Stocks
(Cost $87,320,675) |
|
|
|
|
|
|
240,080,973 |
|
| |
|
|
|
|
|
|
|
|
| Preferred
Stocks 0.10% |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Financials
0.10% |
|
|
|
|
|
|
|
|
| Bank
of America Corp., Series GG, 6.00% |
|
|
4,000 |
|
|
|
100,040 |
|
| Bank
of America Corp., Series HH, 5.88% |
|
|
2,000 |
|
|
|
49,260 |
|
| JPMorgan
Chase & Co., Series EE, 6.00% |
|
|
2,000 |
|
|
|
50,580 |
|
| Prudential
Financial, Inc., 5.63% |
|
|
2,000 |
|
|
|
43,980 |
|
| |
|
|
|
|
|
|
243,860 |
|
Total
Preferred Stocks
(Cost $250,000) |
|
|
|
|
|
|
243,860 |
|
| |
|
|
|
|
|
|
|
|
| Money
Market Funds 0.56% |
|
|
|
|
|
|
|
|
| Morgan
Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 3.56%(b) |
|
|
1,353,141 |
|
|
|
1,353,141 |
|
| |
|
|
|
|
|
|
|
|
Total
Money Market Funds
(Cost $1,353,141) |
|
|
|
|
|
|
1,353,141 |
|
| |
|
|
|
|
|
|
|
|
Total
Investments — 100.51%
(Cost $88,923,816) |
|
|
|
|
|
|
241,677,974 |
|
| Liabilities
in Excess of Other Assets — (0.51)% |
|
|
|
|
|
|
(1,233,866 |
) |
| NET
ASSETS — 100.00% |
|
|
|
|
|
$ |
240,444,108 |
|
|
(a) |
Non-income
producing security. |
|
(b) |
Rate
disclosed is the seven day effective yield as of June 30, 2026. |
ADR
— American Depositary Receipt
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA MUNICIPAL TAX FREE BOND FUND
SCHEDULE
OF INVESTMENTS | JUNE 30, 2026 (UNAUDITED)
| |
|
Principal
Amount |
|
|
Market
Value |
|
| Municipal
Bonds 99.54% |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| California
3.82% |
|
|
|
|
|
|
|
|
| California
Health Facilities Financing, Callable 11/15/2027 @ 100, 5.00%, 11/15/2056 |
|
$ |
250,000 |
|
|
$ |
252,379 |
|
| Los
Angeles Department of Water & Power, 5.00%, 7/1/2054 |
|
|
250,000 |
|
|
|
258,665 |
|
| Los
Angeles Department of Water & Power, Callable 1/1/2027 @ 100, 5.00%, 7/1/2042 |
|
|
250,000 |
|
|
|
251,392 |
|
| Southern
California Public Power Authority, Callable 7/1/2034 @ 100, 5.00%, 7/1/2053 |
|
|
100,000 |
|
|
|
103,532 |
|
| |
|
|
|
|
|
|
865,968 |
|
| Colorado
1.56% |
|
|
|
|
|
|
|
|
| City
& County of Denver CO Pledged Excise Tax, Callable 8/1/2026 @ 100, 5.00%, 8/1/2044 |
|
|
100,000 |
|
|
|
100,079 |
|
| Colorado
Health Facilities Authority, Callable 5/15/2028 @ 100, 5.00%, 11/15/2048 |
|
|
250,000 |
|
|
|
253,986 |
|
| |
|
|
|
|
|
|
354,065 |
|
| Connecticut
1.22% |
|
|
|
|
|
|
|
|
| Connecticut
Housing Finance Authority, Revenue Bonds, Callable 5/15/2027 @ 100, 3.40%, 11/15/2037 |
|
|
25,000 |
|
|
|
23,752 |
|
| Connecticut
State Health & Educational Facilities, Callable 7/1/2028 @ 100, 5.00%, 7/1/2048 |
|
|
250,000 |
|
|
|
237,797 |
|
| Connecticut
State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 5.00%, 7/1/2034 |
|
|
15,000 |
|
|
|
15,000 |
|
| |
|
|
|
|
|
|
276,549 |
|
| Delaware
0.99% |
|
|
|
|
|
|
|
|
| Delaware
Transportation Authority, 5.00%, 6/1/2055 |
|
|
225,000 |
|
|
|
225,021 |
|
| |
|
|
|
|
|
|
|
|
| District
of Columbia 1.35% |
|
|
|
|
|
|
|
|
| District
of Columbia Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (Fannie Mae), 4.45%, 6/15/2031 |
|
|
305,000 |
|
|
|
306,547 |
|
| |
|
|
|
|
|
|
|
|
| Florida
5.53% |
|
|
|
|
|
|
|
|
| City
of Tampa FL, 5.00%, 11/15/2046 |
|
|
250,000 |
|
|
|
250,173 |
|
| Florida
Keys Aqueduct Authority, 5.00%, 9/1/2049 |
|
|
150,000 |
|
|
|
150,045 |
|
| FSU
Financial Assistance, Inc., State Single-Family Housing, Refunding Revenue Bonds, 5.00%, 10/1/2030 |
|
|
500,000 |
|
|
|
500,912 |
|
| Miami-Dade
County Expressway Authority, 5.00%, 7/1/2040 |
|
|
350,000 |
|
|
|
350,261 |
|
| |
|
|
|
|
|
|
1,251,391 |
|
| Georgia
3.78% |
|
|
|
|
|
|
|
|
| Atlanta
GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2029 @ 100, 3.00%, 11/1/2037 |
|
|
100,000 |
|
|
|
94,410 |
|
| Georgia
Housing & Finance Authority, Callable 6/1/2033 @ 100, 5.15%, 6/1/2055 |
|
|
250,000 |
|
|
|
256,684 |
|
| Main
Street Natural Gas, Inc., Callable 5/15/2029 @ 100, 5.00%, 5/15/2043 |
|
|
250,000 |
|
|
|
254,365 |
|
| Municipal
Electric Authority of Georgia, 5.00%, 7/1/2060 |
|
|
250,000 |
|
|
|
250,019 |
|
| |
|
|
|
|
|
|
855,478 |
|
| Illinois
9.05% |
|
|
|
|
|
|
|
|
| Chicago
Transit Authority Sales Tax Receipts Fund, Callable 12/1/2026 @ 100, 5.00%, 12/1/2046 |
|
|
250,000 |
|
|
|
250,777 |
|
| Chicago
Transit Authority Sales Tax Receipts Fund, Callable 12/1/2029 @ 100, 4.00%, 12/1/2055 |
|
|
250,000 |
|
|
|
220,300 |
|
| City
of Chicago IL Waterworks Revenue, Callable 5/1/2033 @ 100, 5.25%, 11/1/2053 |
|
|
250,000 |
|
|
|
260,554 |
|
| Illinois
Finance Authority, Callable 8/15/2032 @ 100, 5.00%, 8/15/2051 |
|
|
250,000 |
|
|
|
253,995 |
|
| Illinois
Finance Authority, Callable 8/15/2032 @ 100, 5.00%, 8/15/2052 |
|
|
250,000 |
|
|
|
253,150 |
|
| Illinois
State Finance Authority, Revenue Bonds Series 2020 A, Callable 4/1/2030 @ 100, 4.00%, 4/1/2050 |
|
|
5,000 |
|
|
|
4,636 |
|
| Illinois
State Toll Highway Authority, 5.00%, 1/1/2041 |
|
|
300,000 |
|
|
|
300,302 |
|
| Metropolitan
Pier & Exposition Authority, 5.00%, 6/15/2050 |
|
|
500,000 |
|
|
|
504,708 |
|
| |
|
|
|
|
|
|
2,048,422 |
|
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, 2026 (UNAUDITED)
| |
|
Principal
Amount |
|
|
Market
Value |
|
| Louisiana
1.71% |
|
|
|
|
|
|
|
|
| City
of New Orleans LA, Callable 12/1/2030 @ 100, 5.00%, 12/1/2050 |
|
$ |
250,000 |
|
|
$ |
251,027 |
|
| City
of Shreveport LA Water & Sewer Revenue, Callable 12/1/2028 @ 100, 4.00%, 12/1/2049 |
|
|
150,000 |
|
|
|
135,648 |
|
| |
|
|
|
|
|
|
386,675 |
|
| Maine
1.02% |
|
|
|
|
|
|
|
|
| Maine
State Housing Authority, State Single-Family Housing, Revenue Bonds, 3.75%, 11/15/2044 |
|
|
100,000 |
|
|
|
96,096 |
|
| Maine
State Housing Authority, State Single-Family Housing, Revenue Bonds, 3.60%, 11/15/2036 |
|
|
90,000 |
|
|
|
89,374 |
|
| Maine
State Housing Authority, State Single-Family Housing, Revenue Bonds, 3.45%, 11/15/2032 |
|
|
45,000 |
|
|
|
44,833 |
|
| |
|
|
|
|
|
|
230,303 |
|
| Maryland
2.24% |
|
|
|
|
|
|
|
|
| City
of Baltimore MD, Callable 1/1/2027 @ 100, 5.00%, 7/1/2046 |
|
|
250,000 |
|
|
|
250,267 |
|
| Montgomery
County Housing Opportunities Commission, Callable 1/1/2034 @ 100, 5.15%, 1/1/2071 |
|
|
250,000 |
|
|
|
256,964 |
|
| |
|
|
|
|
|
|
507,231 |
|
| Massachusetts
5.61% |
|
|
|
|
|
|
|
|
| Massachusetts
Development Finance Agency, 5.00%, 12/1/2046 |
|
|
300,000 |
|
|
|
302,855 |
|
| Massachusetts
Housing Finance Agency, Revenue Bonds, 3.25%, 12/1/2036 |
|
|
575,000 |
|
|
|
544,393 |
|
| Massachusetts
Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.75%, 12/1/2037 |
|
|
250,000 |
|
|
|
249,990 |
|
| Massachusetts
Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.55%, 12/1/2037 |
|
|
85,000 |
|
|
|
83,602 |
|
| Massachusetts
Housing Finance Agency, Revenue Bonds, Callable 12/1/2027 @ 100, 3.25%, 12/1/2032 |
|
|
50,000 |
|
|
|
50,068 |
|
| Massachusetts
Housing Finance Agency, Revenue Bonds, 3.15%, 12/1/2026 |
|
|
40,000 |
|
|
|
40,007 |
|
| |
|
|
|
|
|
|
1,270,915 |
|
| Michigan
4.65% |
|
|
|
|
|
|
|
|
| Michigan
Finance Authority Revenue, 5.00%, 11/1/2044 |
|
|
250,000 |
|
|
|
250,083 |
|
| Michigan
Public Educational Facilities Authority, School Improvements, Refunding Revenue Bonds, 6.00%, 12/1/2035 |
|
|
500,000 |
|
|
|
400,017 |
|
| Michigan
State Building Authority, Callable 10/15/2026 @ 100, 5.00%, 10/15/2051 |
|
|
250,000 |
|
|
|
250,466 |
|
| Michigan
State Housing Development Authority, Callable 6/1/2032 @ 100, 4.90%, 12/1/2048 |
|
|
150,000 |
|
|
|
152,570 |
|
| |
|
|
|
|
|
|
1,053,136 |
|
| Missouri
3.64% |
|
|
|
|
|
|
|
|
| Health
& Educational Facilities Authority of the State of Missouri, Healthcare, Hospital & Nursing Home Improvements, Revenue Bonds,
(OID), Callable 11/15/2026 @ 100, 4.00%, 11/15/2045 |
|
|
500,000 |
|
|
|
469,293 |
|
| Health
& Educational Facilities Authority of the State of Missouri, Healthcare, Hospital & Nursing Home Improvements, Revenue Bonds,
(OID), 3.75%, 11/15/2039 |
|
|
100,000 |
|
|
|
98,019 |
|
| St.
Louis Municipal Finance Corp., Callable 10/1/2030 @ 100, 5.00%, 10/1/2049 |
|
|
250,000 |
|
|
|
256,144 |
|
| |
|
|
|
|
|
|
823,456 |
|
| Nebraska
2.43% |
|
|
|
|
|
|
|
|
| University
of Nebraska Facilities Corp. (The), 4.00%, 7/15/2062 |
|
|
630,000 |
|
|
|
549,961 |
|
| |
|
|
|
|
|
|
|
|
| Nevada
1.01% |
|
|
|
|
|
|
|
|
| Las
Vegas Convention & Visitors Authority, Callable 7/1/2028 @ 100, 4.00%, 7/1/2049 |
|
|
250,000 |
|
|
|
228,913 |
|
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, 2026 (UNAUDITED)
| |
|
Principal
Amount |
|
|
Market
Value |
|
| New
Jersey 8.07% |
|
|
|
|
|
|
|
|
| New
Jersey Health Care Facilities Financing Authority, Callable 7/1/2026 @ 100, 5.00%, 7/1/2043 |
|
$ |
250,000 |
|
|
$ |
250,000 |
|
| New
Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), 5.00%, 7/1/2027 |
|
|
5,000 |
|
|
|
5,009 |
|
| New
Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2026 @ 100, 3.50%, 11/1/2036 |
|
|
500,000 |
|
|
|
499,723 |
|
| New
Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2026 @ 100, 3.90%, 11/1/2050 |
|
|
175,000 |
|
|
|
162,757 |
|
| New
Jersey Turnpike Authority, Callable 7/1/2035 @ 100, 4.75%, 1/1/2050 |
|
|
250,000 |
|
|
|
259,600 |
|
| Tobacco
Settlement Financing Corp., 5.00%, 6/1/2046 |
|
|
400,000 |
|
|
|
399,483 |
|
| Tobacco
Settlement Financing Corp., Callable 6/1/2028 @ 100, 5.25%, 6/1/2046 |
|
|
250,000 |
|
|
|
250,891 |
|
| |
|
|
|
|
|
|
1,827,463 |
|
| New
Mexico 1.10% |
|
|
|
|
|
|
|
|
| New
Mexico Finance Authority, 5.25%, 6/1/2053 |
|
|
250,000 |
|
|
|
250,231 |
|
| |
|
|
|
|
|
|
|
|
| New
York 14.10% |
|
|
|
|
|
|
|
|
| City
of New York NY, Callable 8/1/2031 @ 100, 5.00%, 8/1/2047 |
|
|
250,000 |
|
|
|
258,006 |
|
| Metropolitan
Transportation Authority, Callable 5/15/2030 @ 100, 5.25%, 11/15/2055 |
|
|
250,000 |
|
|
|
255,663 |
|
| Metropolitan
Transportation Authority, 5.00%, 11/15/2050 |
|
|
250,000 |
|
|
|
254,006 |
|
| New
York City Housing Development Corp., Callable 5/1/2027 @ 100, 5.00%, 5/1/2056 |
|
|
500,000 |
|
|
|
504,421 |
|
| New
York City Housing Development Corp., Callable 5/1/2032 @ 100, 5.00%, 11/1/2060 |
|
|
250,000 |
|
|
|
252,692 |
|
| New
York City Housing Development Corp., Callable 5/1/2032 @ 100, 5.05%, 11/1/2065 |
|
|
200,000 |
|
|
|
204,598 |
|
| New
York City Housing Development Corp., Revenue Bonds, Callable 11/1/2026 @ 100, 3.60%, 11/1/2031 |
|
|
250,000 |
|
|
|
250,094 |
|
| New
York State Dormitory Authority, Callable 7/1/2030 @ 100, 4.00%, 7/1/2052 |
|
|
230,000 |
|
|
|
210,762 |
|
| New
York State Dormitory Authority, Callable 10/1/2034 @ 100, 5.25%, 10/1/2049 |
|
|
200,000 |
|
|
|
208,543 |
|
| New
York State Dormitory Authority, Refunding Revenue Bonds, (State Aid Withholding), 3.25%, 4/1/2031 |
|
|
280,000 |
|
|
|
280,007 |
|
| New
York State Dormitory Authority, Revenue Bonds, 4.75%, 10/1/2040 |
|
|
5,000 |
|
|
|
5,004 |
|
| Triborough
Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2030 @ 100, 5.00%, 11/15/2054 |
|
|
250,000 |
|
|
|
257,339 |
|
| TSASC,
Inc./NY, Callable 6/1/2027 @ 100, 5.00%, 6/1/2041 |
|
|
250,000 |
|
|
|
251,682 |
|
| |
|
|
|
|
|
|
3,192,817 |
|
| North
Carolina 2.30% |
|
|
|
|
|
|
|
|
| North
Carolina Turnpike Authority, Callable 1/1/2034 @ 100, 5.00%, 1/1/2058 |
|
|
300,000 |
|
|
|
307,636 |
|
| North
Carolina Turnpike Authority, Callable 1/1/2030 @ 100, 5.00%, 1/1/2049 |
|
|
110,000 |
|
|
|
112,584 |
|
| University
of North Carolina at Charlotte (The), Revenue Bonds, Callable 10/1/2027 @ 100, 4.00%, 10/1/2037 |
|
|
100,000 |
|
|
|
100,045 |
|
| |
|
|
|
|
|
|
520,265 |
|
| North
Dakota 0.68% |
|
|
|
|
|
|
|
|
| City
of Grand Forks ND, Callable 12/1/2033 @ 100, 5.00%, 12/1/2053 |
|
|
150,000 |
|
|
|
153,162 |
|
| |
|
|
|
|
|
|
|
|
| Ohio
2.25% |
|
|
|
|
|
|
|
|
| Franklin
County Convention Facilities Authority, Callable 12/1/2029 @ 100, 5.00%, 12/1/2046 |
|
|
250,000 |
|
|
|
255,245 |
|
| Port
of Greater Cincinnati Development Authority, Callable 6/1/2034 @ 100, 5.00%, 12/1/2063 |
|
|
250,000 |
|
|
|
253,499 |
|
| |
|
|
|
|
|
|
508,744 |
|
| Pennsylvania
6.97% |
|
|
|
|
|
|
|
|
| City
of Philadelphia PA Water & Wastewater Revenue, 5.00%, 10/1/2052 |
|
|
450,000 |
|
|
|
453,705 |
|
| Geisinger
PA Authority Health System, 5.00%, 2/15/2045 |
|
|
145,000 |
|
|
|
146,059 |
|
| Pennsylvania
Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, Callable 8/15/2027 @ 100, 5.00%, 8/15/2047 |
|
|
250,000 |
|
|
|
252,617 |
|
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, 2026 (UNAUDITED)
| |
|
Principal
Amount |
|
|
Market
Value |
|
| Pennsylvania
(cont.) |
|
|
|
|
|
|
|
|
| Pennsylvania
Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, 5.00%, 5/1/2037 |
|
$ |
100,000 |
|
|
$ |
72,861 |
|
| Pennsylvania
Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, 5.00%, 5/1/2042 |
|
|
100,000 |
|
|
|
66,808 |
|
| Pennsylvania
Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, (OID), 4.00%, 5/1/2032 |
|
|
100,000 |
|
|
|
79,187 |
|
| Pennsylvania
Housing Finance Agency, Revenue Bonds, Callable 4/1/2033 @ 100, 5.45%, 4/1/2051 |
|
|
150,000 |
|
|
|
155,694 |
|
| Pennsylvania
Housing Finance Agency, Revenue Bonds, Callable 4/1/2027 @ 100, 3.65%, 10/1/2042 |
|
|
100,000 |
|
|
|
96,831 |
|
| Philadelphia
Gas Works Co., 5.00%, 8/1/2050 |
|
|
250,000 |
|
|
|
255,581 |
|
| |
|
|
|
|
|
|
1,579,343 |
|
| Rhode
Island 1.15% |
|
|
|
|
|
|
|
|
| Rhode
Island Housing & Mortgage Finance Corp., Callable 10/1/2032 @ 100, 5.45%, 10/1/2053 |
|
|
250,000 |
|
|
|
261,371 |
|
| |
|
|
|
|
|
|
|
|
| South
Carolina 0.89% |
|
|
|
|
|
|
|
|
| South
Carolina Public Service Authority, Callable 12/1/2026 @ 100, 5.00%, 12/1/2041 |
|
|
200,000 |
|
|
|
201,154 |
|
| |
|
|
|
|
|
|
|
|
| South
Dakota 1.29% |
|
|
|
|
|
|
|
|
| South
Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2026 @ 100, 2.45%, 5/1/2027 |
|
|
250,000 |
|
|
|
248,490 |
|
| South
Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2026 @ 100, 3.13%, 11/1/2036 |
|
|
45,000 |
|
|
|
43,145 |
|
| |
|
|
|
|
|
|
291,635 |
|
| Tennessee
1.12% |
|
|
|
|
|
|
|
|
| Metropolitan
Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, 5.00%, 7/1/2026 |
|
|
200,000 |
|
|
|
200,000 |
|
| Tennessee
Housing Development Agency, Revenue Bonds, Callable 1/1/2027 @ 100, 3.40%, 7/1/2037 |
|
|
55,000 |
|
|
|
53,602 |
|
| |
|
|
|
|
|
|
253,602 |
|
| Texas
6.86% |
|
|
|
|
|
|
|
|
| City
of Houston TX Combined Utility System, Callable 11/15/2026 @ 100, 5.00%, 11/15/2044 |
|
|
250,000 |
|
|
|
250,195 |
|
| Clifton
Higher Education Finance Corp., School Improvements, Refunding Revenue Bonds, 4.00%, 8/15/2044 |
|
|
500,000 |
|
|
|
484,928 |
|
| Harris
County Cultural Education Facilities Finance Corp., Revenue Bonds, Callable 5/15/2027 @ 100, 4.00%, 11/15/2030 |
|
|
130,000 |
|
|
|
130,068 |
|
| North
Texas Tollway Authority, Callable 1/1/2028 @ 100, 5.00%, 1/1/2048 |
|
|
250,000 |
|
|
|
253,628 |
|
| San
Antonio Public Facilities Corp., Public Improvements, Refunding Revenue Bonds, (OID), 4.00%, 9/15/2042 |
|
|
250,000 |
|
|
|
243,353 |
|
| White
Oak Independent School District, Unlimited Tax School Building Bonds, Callable 2/15/2027 @ 100, 4.00%, 2/15/2029 |
|
|
190,000 |
|
|
|
191,443 |
|
| |
|
|
|
|
|
|
1,553,615 |
|
| Vermont
0.18% |
|
|
|
|
|
|
|
|
| Vermont
Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 3.75%, 8/15/2037 |
|
|
40,000 |
|
|
|
39,999 |
|
| |
|
|
|
|
|
|
|
|
| Virginia
0.22% |
|
|
|
|
|
|
|
|
| Virginia
Resources Authority, 4.00%, 11/1/2033 |
|
|
50,000 |
|
|
|
50,026 |
|
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, 2026 (UNAUDITED)
| |
|
Principal
Amount |
|
|
Market
Value |
|
| Washington
1.77% |
|
|
|
|
|
|
|
|
| Washington
State Convention Center Public, Callable 7/1/2028 @ 100, 5.00%, 7/1/2058 |
|
$ |
250,000 |
|
|
$ |
250,401 |
|
| Washington
State Convention Center Public Facilities District, Callable 7/1/2028 @ 100, 5.00%, 7/1/2048 |
|
|
150,000 |
|
|
|
150,742 |
|
| |
|
|
|
|
|
|
401,143 |
|
| Wisconsin
0.98% |
|
|
|
|
|
|
|
|
| Wisconsin
Health & Educational Facilities, Callable 12/1/2031 @ 100, 4.00%, 12/1/2051 |
|
|
250,000 |
|
|
|
221,000 |
|
| |
|
|
|
|
|
|
|
|
Total
Municipal Bonds
(Cost $22,744,598) |
|
|
|
|
|
|
22,539,601 |
|
| |
|
|
|
|
|
|
|
|
Total
Investments — 99.54%
(Cost $22,744,598) |
|
|
|
|
|
|
22,539,601 |
|
| Other
Assets in Excess of Liabilities — 0.46% |
|
|
|
|
|
|
104,539 |
|
| NET
ASSETS — 100.00% |
|
|
|
|
|
$ |
22,644,140 |
|
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, 2026 (UNAUDITED)
| |
|
Shares |
|
|
Market
Value |
|
| Common
Stocks 5.25% |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Communications
0.78% |
|
|
|
|
|
|
|
|
| Verizon
Communications, Inc. |
|
|
7,500 |
|
|
$ |
317,550 |
|
| |
|
|
|
|
|
|
|
|
| Energy
1.67% |
|
|
|
|
|
|
|
|
| Chevron
Corp. |
|
|
1,000 |
|
|
|
165,760 |
|
| Enbridge,
Inc. |
|
|
7,500 |
|
|
|
406,575 |
|
| South
Bow Corp. |
|
|
3,000 |
|
|
|
105,720 |
|
| |
|
|
|
|
|
|
678,055 |
|
| Financials
0.48% |
|
|
|
|
|
|
|
|
| Blackstone
Mortgage Trust, Inc., Class A |
|
|
11,565 |
|
|
|
196,027 |
|
| |
|
|
|
|
|
|
|
|
| Real
Estate 2.32% |
|
|
|
|
|
|
|
|
| Hannon
Armstrong Sustainable Infrastructure Capital, Inc. |
|
|
7,000 |
|
|
|
273,350 |
|
| Healthpeak
Properties, Inc. |
|
|
1,348 |
|
|
|
28,847 |
|
| Realty
Income Corp. |
|
|
3,048 |
|
|
|
188,854 |
|
| Simon
Property Group, Inc. |
|
|
2,000 |
|
|
|
447,300 |
|
| |
|
|
|
|
|
|
938,351 |
|
Total
Common Stocks
(Cost $1,650,971) |
|
|
|
|
|
|
2,129,983 |
|
| |
|
|
|
|
|
|
|
|
| Preferred
Stocks 24.05% |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Financials
14.84% |
|
|
|
|
|
|
|
|
| Affiliated
Managers Group, Inc., 4.20% |
|
|
15,000 |
|
|
|
216,900 |
|
| Affiliated
Managers Group, Inc., 4.75% |
|
|
10,000 |
|
|
|
161,700 |
|
| Allstate
Corp. (The), Series I, 4.75% |
|
|
10,000 |
|
|
|
186,300 |
|
| American
Financial Group, Inc., 5.13% |
|
|
15,000 |
|
|
|
266,250 |
|
| American
Financial Group, Inc., 5.63% |
|
|
20,000 |
|
|
|
387,800 |
|
| Athene
Holding Ltd., Series D, 4.88% |
|
|
20,000 |
|
|
|
317,000 |
|
| Bank
of America Corp., Series HH, 5.88% |
|
|
8,000 |
|
|
|
197,040 |
|
| Bank
of America Corp., Series PP, 4.13% |
|
|
16,667 |
|
|
|
280,172 |
|
| Bank
of America Corp., Series QQ, 4.25% |
|
|
10,000 |
|
|
|
171,200 |
|
| Brighthouse
Financial, Inc., Series C, 5.38% |
|
|
20,000 |
|
|
|
239,400 |
|
| Capital
One Financial Corp., Series J, 4.80% |
|
|
10,000 |
|
|
|
175,100 |
|
| Capital
One Financial Corp., Series K, 4.63% |
|
|
18,500 |
|
|
|
315,240 |
|
| CNO
Financial Group, Inc., 5.13% |
|
|
2,000 |
|
|
|
33,140 |
|
| Equitable
Holdings, Inc., Series C, 4.30% |
|
|
20,000 |
|
|
|
326,000 |
|
| Fulton
Financial Corp., Series A, 5.13% |
|
|
6,000 |
|
|
|
106,200 |
|
| Huntington
Bancshares, Inc., Series H, 4.50% |
|
|
10,000 |
|
|
|
164,000 |
|
| KeyCorp,
Series G, 5.63% |
|
|
15,000 |
|
|
|
308,550 |
|
| MetLife,
Inc., Series F, 4.75% |
|
|
10,000 |
|
|
|
186,400 |
|
| Northern
Trust Corp., Series E, 4.70% |
|
|
10,000 |
|
|
|
187,700 |
|
| Prudential
Financial, Inc., 5.63% |
|
|
10,000 |
|
|
|
219,900 |
|
| RenaissanceRE
Holdings Ltd., Series G, 4.20% |
|
|
850 |
|
|
|
12,750 |
|
| Selective
Insurance Group, Inc., Series B, 4.60% |
|
|
1,000 |
|
|
|
15,760 |
|
| State
Street Corp., 5.35% |
|
|
1,000 |
|
|
|
21,490 |
|
| U.S.
Bancorp, Series L, 3.75% |
|
|
20,000 |
|
|
|
291,800 |
|
| U.S.
Bancorp, Series M, 4.00% |
|
|
10,000 |
|
|
|
153,700 |
|
| W.R.
Berkley Corp., 5.10% |
|
|
20,000 |
|
|
|
372,200 |
|
| Washington
Federal, Inc., Series A, 4.88% |
|
|
10,000 |
|
|
|
161,100 |
|
| Wells
Fargo & Co., Series AA, 4.70% |
|
|
10,000 |
|
|
|
183,500 |
|
See
accompanying notes which are an integral part of these financial statements.
SPIRIT OF AMERICA INCOME
FUND
SCHEDULE
OF INVESTMENTS (CONT.) | JUNE 30, 2026 (UNAUDITED)
| |
|
Shares |
|
|
Market
Value |
|
| Financials
(cont.) |
|
|
|
|
|
|
|
|
| Wells Fargo & Co., Series
CC, 4.38% |
|
|
10,000 |
|
|
$ |
171,500 |
|
| Wells
Fargo & Co., Series Z, 4.75% |
|
|
10,000 |
|
|
|
186,800 |
|
| |
|
|
|
|
|
|
6,016,592 |
|
| Real
Estate 3.44% |
|
|
|
|
|
|
|
|
| Brookfield Property Partners LP, Series A,
5.75% |
|
|
7,500 |
|
|
|
97,425 |
|
| Diversified Healthcare Trust, 5.63% |
|
|
26,660 |
|
|
|
475,081 |
|
| Federal Realty Investment Trust, Series C,
5.00% |
|
|
7,500 |
|
|
|
147,450 |
|
| Public Storage, Series N, 3.88% |
|
|
20,000 |
|
|
|
299,600 |
|
| Public Storage, Series S, 4.10% |
|
|
10,000 |
|
|
|
156,400 |
|
| Vornado
Realty Trust, 5.40% |
|
|
12,298 |
|
|
|
219,643 |
|
| |
|
|
|
|
|
|
1,395,599 |
|
| Utilities
5.77% |
|
|
|
|
|
|
|
|
| BIP Bermuda Holdings I Ltd., 5.13% |
|
|
10,000 |
|
|
|
159,500 |
|
| Brookfield Infrastructure Partners LP, 5.00% |
|
|
10,000 |
|
|
|
157,600 |
|
| Brookfield Infrastructure Partners LP, 5.13% |
|
|
25,000 |
|
|
|
409,000 |
|
| DTE Energy Co., Series G, 4.38% |
|
|
15,000 |
|
|
|
249,150 |
|
| Entergy Arkansas, Inc., 4.88% |
|
|
10,000 |
|
|
|
199,700 |
|
| Entergy Louisiana LLC, 4.88% |
|
|
10,000 |
|
|
|
199,800 |
|
| Entergy Mississippi, Inc., 4.90% |
|
|
15,000 |
|
|
|
299,550 |
|
| NextEra Energy Capital Holdings, Inc. |
|
|
10,000 |
|
|
|
250,200 |
|
| Southern Co., 4.95% |
|
|
10,000 |
|
|
|
192,400 |
|
| Southern Co., 5.25% |
|
|
6,000 |
|
|
|
122,520 |
|
| Southern
Co., Series C, 4.20% |
|
|
6,000 |
|
|
|
101,520 |
|
| |
|
|
|
|
|
|
2,340,940 |
|
Total Preferred Stocks
(Cost $13,847,408) |
|
|
|
|
|
|
9,753,131 |
|
| |
|
Principal
Amount |
|
|
|
|
| Collateralized
Mortgage Obligations 0.10% |
|
|
|
|
|
|
|
|
| CHL
Mortgage Pass-Through Trust, Series 2005-21, Class A7, 5.50%, 10/25/2035 |
|
$ |
16,015 |
|
|
|
8,301 |
|
| CHL
Mortgage Pass-Through Trust, Series 2005-21, Class A27, 5.50%, 10/25/2035 |
|
|
14,814 |
|
|
|
7,678 |
|
| Citicorp
Mortgage Securities, Inc., Class 1A12, 5.00%, 2/25/2035 |
|
|
25,009 |
|
|
|
24,111 |
|
| |
|
|
|
|
|
|
|
|
Total Collateralized Mortgage Obligations
(Cost $43,574) |
|
|
|
|
|
|
40,090 |
|
| |
|
|
|
|
|
|
|
|
| Corporate
Bonds 16.74% |
|
|
|
|
|
|
|
|
| Bank
of New York Mellon Corp. (The), 4.625%, 12/20/2049 |
|
|
500,000 |
|
|
|
499,724 |
|
| Entergy
Texas, Inc., 5.15%, 6/1/2045 |
|
|
100,000 |
|
|
|
92,918 |
|
| Exelon
Generation Co. LLC, 5.60%, 6/15/2042(a) |
|
|
400,000 |
|
|
|
395,844 |
|
| Fifth
Third Bancorp, 8.25%, 3/1/2038 |
|
|
250,000 |
|
|
|
305,551 |
|
| Goldman
Sachs Group, Inc. (The), 6.75%, 10/1/2037 |
|
|
850,000 |
|
|
|
928,985 |
|
| Kinder
Morgan Energy Partners LP, 6.50%, 2/1/2037 |
|
|
250,000 |
|
|
|
271,190 |
|
| MetLife,
Inc., 9.25%, 4/8/2038(a) |
|
|
1,500,000 |
|
|
|
1,753,467 |
|
| MetLife,
Inc., 10.75%, 8/1/2039 |
|
|
1,000,000 |
|
|
|
1,298,920 |
|
| PECO
Energy Capital Trust IV, 5.75%, 6/15/2033 |
|
|
1,000,000 |
|
|
|
990,436 |
|
| Valero
Energy Corp., 8.75%, 6/15/2030 |
|
|
224,000 |
|
|
|
254,765 |
|
| |
|
|
|
|
|
|
|
|
Total Corporate Bonds
(Cost $6,990,339) |
|
|
|
|
|
|
6,791,800 |
|
See
accompanying notes which are an integral part of these financial statements.
SPIRIT OF AMERICA INCOME
FUND
SCHEDULE OF INVESTMENTS
(CONT.) | JUNE 30, 2026 (UNAUDITED)
| |
|
Principal
Amount |
|
|
Market
Value |
|
| Municipal
Bonds 55.57% |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Alabama
4.70% |
|
|
|
|
|
|
|
|
| Health
Care Authority for Baptist Health (The), Refunding Revenue Bonds, 5.50%, 11/15/2043 |
|
$ |
2,000,000 |
|
|
$ |
1,905,414 |
|
| |
|
|
|
|
|
|
|
|
| Arizona
0.43% |
|
|
|
|
|
|
|
|
| Phoenix
Arizona Civic Improvement Corp. Excise Tax Revenue, Revenue
Bonds, Callable 7/1/2030 @ 100, 2.70%, 7/1/2045 |
|
|
250,000 |
|
|
|
174,446 |
|
| |
|
|
|
|
|
|
|
|
| California
1.00% |
|
|
|
|
|
|
|
|
| California
State University, Revenue Bonds Series 2020 B, Callable 5/1/2030
@ 100, 3.07%, 11/1/2042 |
|
|
100,000 |
|
|
|
78,158 |
|
| Peralta
Community College District, Refunding Revenue Bonds, 7.31%, 8/1/2031 |
|
|
310,000 |
|
|
|
327,693 |
|
| |
|
|
|
|
|
|
405,851 |
|
| Colorado
1.14% |
|
|
|
|
|
|
|
|
| Colorado
Mesa University, 6.75%, 5/15/2042 |
|
|
425,000 |
|
|
|
460,596 |
|
| |
|
|
|
|
|
|
|
|
| Florida
1.58% |
|
|
|
|
|
|
|
|
| County
of Miami-Dade FL, Port, Airport & Marina Improvements, Build America
Revenue Bonds, (AGM)(OID), 7.50%, 4/1/2040 |
|
|
555,000 |
|
|
|
641,253 |
|
| |
|
|
|
|
|
|
|
|
| Georgia
3.91% |
|
|
|
|
|
|
|
|
| Cobb
Marietta Georgia Coliseum, Revenue Bonds, Callable 1/1/2027 @ 100, 4.50%, 1/1/2047 |
|
|
100,000 |
|
|
|
93,042 |
|
| Municipal
Electric Authority of Georgia, Electric Lights & Power Improvements,
Build America Revenue Bonds, 7.06%, 4/1/2057 |
|
|
1,353,000 |
|
|
|
1,493,344 |
|
| |
|
|
|
|
|
|
1,586,386 |
|
| Hawaii
1.19% |
|
|
|
|
|
|
|
|
| State
of Hawaii, General Obligation Unlimited, Callable 10/1/2026 @ 100, 4.05%, 10/1/2032 |
|
|
495,000 |
|
|
|
482,207 |
|
| |
|
|
|
|
|
|
|
|
| Illinois
0.71% |
|
|
|
|
|
|
|
|
| City
of Chicago IL Waterworks Revenue, Water Utility Improvements, Build
America Revenue Bonds, 6.74%, 11/1/2040 |
|
|
250,000 |
|
|
|
270,898 |
|
| Village
of Glenwood IL, Public Improvements, Build America Bonds, General
Obligation Unlimited, (AGM), 7.03%, 12/1/2028 |
|
|
15,000 |
|
|
|
15,358 |
|
| |
|
|
|
|
|
|
286,256 |
|
| Kansas
0.92% |
|
|
|
|
|
|
|
|
| Wyandotte
County Unified School District No. 500 Kansas City, General Obligation Unlimited
Series 2020 B, Callable 9/1/2030 @ 100, 3.17%, 9/1/2046 |
|
|
500,000 |
|
|
|
372,035 |
|
| |
|
|
|
|
|
|
|
|
| Massachusetts
0.04% |
|
|
|
|
|
|
|
|
| University
of Massachusetts Building Authority, University & College Improvements,
Build America Revenue Bonds, 6.57%, 5/1/2039 |
|
|
15,000 |
|
|
|
15,013 |
|
| |
|
|
|
|
|
|
|
|
| Michigan
0.12% |
|
|
|
|
|
|
|
|
| Onsted
Community Schools, School Improvements, General Obligation Unlimited, 5.90%, 5/1/2027 |
|
|
50,000 |
|
|
|
50,414 |
|
| |
|
|
|
|
|
|
|
|
| Missouri
7.03% |
|
|
|
|
|
|
|
|
| City
of Kansas City MO, Revenue Bonds, 7.83%, 4/1/2040 |
|
|
1,965,000 |
|
|
|
2,293,444 |
|
| Missouri
Joint Municipal Electric Utility Commission, Electric Lights & Power Improvements,
Build America Revenue Bonds, 7.73%, 1/1/2039 |
|
|
475,000 |
|
|
|
558,204 |
|
| |
|
|
|
|
|
|
2,851,648 |
|
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA INCOME FUND
SCHEDULE
OF INVESTMENTS (CONT.) | JUNE 30, 2026 (UNAUDITED)
| |
|
Principal
Amount |
|
|
Market
Value |
|
| Nevada
2.76% |
|
|
|
|
|
|
|
|
| County
of Washoe NV, Public Improvements, Build America Revenue Bonds, 7.97%, 2/1/2040 |
|
$ |
690,000 |
|
|
$ |
804,733 |
|
| County
of Washoe NV, Public Improvements, Build America Revenue Bonds, 7.88%, 2/1/2040 |
|
|
250,000 |
|
|
|
316,660 |
|
| |
|
|
|
|
|
|
1,121,393 |
|
| New
Jersey 1.23% |
|
|
|
|
|
|
|
|
| New
Jersey Educational Facilities Authority, University & College Improvements,
Build America Revenue Bonds, 6.19%, 7/1/2040 |
|
|
500,000 |
|
|
|
500,000 |
|
| |
|
|
|
|
|
|
|
|
| New
York 2.85% |
|
|
|
|
|
|
|
|
| Long
Island Power Authority, Revenue Bonds, (OID), 5.85%, 5/1/2041 |
|
|
195,000 |
|
|
|
202,129 |
|
| New York City Industrial Development Agency,
Recreational Facilities Improvements Revenue Bonds, (NATL-RE),
5.90%, 3/1/2046 |
|
|
500,000 |
|
|
|
498,505 |
|
| New York City Transitional Finance Authority
Building Aid Revenue, School Improvements, Build America Revenue
Bonds, (State Aid Withholding), 6.83%, 7/15/2040 |
|
|
265,000 |
|
|
|
289,991 |
|
| Western
Nassau County Water Authority, Build America Revenue Bonds, 6.70%, 4/1/2040 |
|
|
150,000 |
|
|
|
161,961 |
|
| |
|
|
|
|
|
|
1,152,586 |
|
| Ohio
5.77% |
|
|
|
|
|
|
|
|
| American Municipal Power, Inc., Electric Lights
& Power Improvements, Build America Revenue Bonds, 7.50%,
2/15/2050 |
|
|
485,000 |
|
|
|
557,026 |
|
| American
Municipal Power, Inc., Revenue Bonds, 6.27%, 2/15/2050 |
|
|
435,000 |
|
|
|
447,315 |
|
| County of Cuyahoga OH, Hospital Improvements,
Build America Revenue Bonds, 8.22%, 2/15/2040 |
|
|
1,000,000 |
|
|
|
1,141,477 |
|
| 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 |
|
|
|
200,079 |
|
| |
|
|
|
|
|
|
2,345,897 |
|
| Pennsylvania
4.83% |
|
|
|
|
|
|
|
|
| Pennsylvania Turnpike Commission Turnpike
Revenue, Revenue Bonds, Callable 12/1/2029 @ 100, 3.58%,
12/1/2043 |
|
|
390,000 |
|
|
|
326,263 |
|
| Pennsylvania
Turnpike Commission, Build America Revenue Bonds, 6.38%, 12/1/2037 |
|
|
520,000 |
|
|
|
552,738 |
|
| Philadelphia
Municipal Authority, Public Improvements, Revenue Bonds, 5.09%, 3/15/2028 |
|
|
10,000 |
|
|
|
10,070 |
|
| Sports
& Exhibition Authority of Pittsburgh and Allegheny County, Recreational Facilities
Improvements, Revenue Bonds, 7.04%, 11/1/2039 |
|
|
1,000,000 |
|
|
|
1,070,439 |
|
| |
|
|
|
|
|
|
1,959,510 |
|
| Rhode
Island 0.95% |
|
|
|
|
|
|
|
|
| Narragansett
Bay Commission, Revenue Bonds Series 2020 A, Callable 9/1/2030
@ 100, 2.92%, 9/1/2043 |
|
|
500,000 |
|
|
|
383,503 |
|
| |
|
|
|
|
|
|
|
|
| Texas
0.68% |
|
|
|
|
|
|
|
|
| Midland
County Hospital District, Health, Hospital & Nursing Home Improvements, Build
America Bonds, General Obligation Limited, 6.44%, 5/15/2039 |
|
|
260,000 |
|
|
|
276,076 |
|
| |
|
|
|
|
|
|
|
|
| Virgin
Islands 3.77% |
|
|
|
|
|
|
|
|
| Virgin Islands Water & Power Authority
- Electric System, Electric Lights & Power Improvements,
Build America Revenue Bonds, (AGM), 6.85%, 7/1/2035 |
|
|
1,000,000 |
|
|
|
1,075,054 |
|
| Virgin
Islands Water & Power Authority - Electric System, Electric Lights & Power Improvements,
Build America Revenue Bonds, (AGM), 6.65%, 7/1/2028 |
|
|
445,000 |
|
|
|
452,140 |
|
| |
|
|
|
|
|
|
1,527,194 |
|
| Virginia
9.54% |
|
|
|
|
|
|
|
|
| Tobacco
Settlement Financing Corp., Refunding Revenue Bonds, (OID),
Callable 6/1/2027 @ 100, 6.71%, 6/1/2046 |
|
|
5,205,000 |
|
|
|
3,870,570 |
|
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA INCOME FUND
SCHEDULE
OF INVESTMENTS (CONT.) | JUNE 30, 2026 (UNAUDITED)
| |
|
Principal
Amount |
|
|
Market
Value |
|
| Washington
0.42% |
|
|
|
|
|
|
|
|
| Douglas
County Public Utility District No. 1, Electric Lights & Power
Improvements, Revenue Bonds, 5.35%, 9/1/2030 |
|
$ |
168,214 |
|
|
$ |
171,810 |
|
| |
|
|
|
|
|
|
|
|
Total Municipal Bonds
(Cost $23,731,721) |
|
|
|
|
|
|
22,540,058 |
|
| |
|
|
|
|
|
|
|
|
Total Investments —
101.71%
(Cost $46,264,013) |
|
|
|
|
|
|
41,255,062 |
|
| Liabilities
in Excess of Other Assets — (1.71)% |
|
|
|
|
|
|
(691,624 |
) |
| NET
ASSETS — 100.00% |
|
|
|
|
|
$ |
40,563,438 |
|
|
(a) |
Security
exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt
from registration, normally to qualified institutional buyers. |
AGM
— Assured Guaranty Municipal Corp.
NATL-RE
— Insured by National Public Finance Guarantee Corp.
OID
— Original Issue Discount
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA UTILITIES FUND
SCHEDULE
OF INVESTMENTS | JUNE 30, 2026 (UNAUDITED)
| |
|
Shares |
|
|
Market
Value |
|
| Common Stocks
98.72% |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Energy
2.62% |
|
|
|
|
|
|
|
|
| Excelerate Energy, Inc., Class A |
|
|
3,000 |
|
|
$ |
113,970 |
|
| Kinder Morgan, Inc. |
|
|
8,000 |
|
|
|
255,760 |
|
| ONEOK, Inc. |
|
|
3,275 |
|
|
|
284,728 |
|
| Targa Resources Corp. |
|
|
1,725 |
|
|
|
462,542 |
|
| Williams
Companies, Inc. (The) |
|
|
5,800 |
|
|
|
431,172 |
|
| |
|
|
|
|
|
|
1,548,172 |
|
| Industrials
2.29% |
|
|
|
|
|
|
|
|
| NuScale
Power Corp.(a) |
|
|
4,500 |
|
|
|
45,135 |
|
| Republic Services, Inc. |
|
|
2,500 |
|
|
|
532,700 |
|
| Waste
Management, Inc. |
|
|
3,500 |
|
|
|
780,080 |
|
| |
|
|
|
|
|
|
1,357,915 |
|
| Utilities
93.81% |
|
|
|
|
|
|
|
|
| AES Corp. |
|
|
31,500 |
|
|
|
461,790 |
|
| Alliant Energy Corp. |
|
|
8,150 |
|
|
|
621,763 |
|
| Ameren Corp. |
|
|
16,950 |
|
|
|
1,916,028 |
|
| American Electric Power Company, Inc. |
|
|
15,700 |
|
|
|
2,147,917 |
|
| American Water Works Company, Inc. |
|
|
2,250 |
|
|
|
296,055 |
|
| Atmos Energy Corp. |
|
|
5,750 |
|
|
|
990,552 |
|
| Brookfield Renewable Corp., Class A |
|
|
5,900 |
|
|
|
219,008 |
|
| California Water Service Group |
|
|
7,650 |
|
|
|
372,172 |
|
| CenterPoint Energy, Inc. |
|
|
28,800 |
|
|
|
1,268,352 |
|
| Chesapeake Utilities Corp. |
|
|
5,550 |
|
|
|
679,764 |
|
| Clearway Energy, Inc., Class C |
|
|
24,370 |
|
|
|
832,967 |
|
| CMS Energy Corp. |
|
|
23,750 |
|
|
|
1,816,875 |
|
| Constellation Energy Corp. |
|
|
7,550 |
|
|
|
1,875,193 |
|
| Dominion Energy, Inc. |
|
|
8,100 |
|
|
|
553,149 |
|
| DTE Energy Co. |
|
|
16,100 |
|
|
|
2,453,157 |
|
| Duke Energy Corp. |
|
|
19,900 |
|
|
|
2,518,942 |
|
| Edison International |
|
|
10,858 |
|
|
|
808,378 |
|
| Entergy Corp. |
|
|
24,550 |
|
|
|
2,819,813 |
|
| Essential Utilities, Inc. |
|
|
34,350 |
|
|
|
1,315,948 |
|
| Evergy, Inc. |
|
|
18,100 |
|
|
|
1,564,383 |
|
| Eversource Energy |
|
|
20,050 |
|
|
|
1,449,013 |
|
| Exelon Corp. |
|
|
32,450 |
|
|
|
1,512,819 |
|
| FirstEnergy Corp. |
|
|
36,600 |
|
|
|
1,739,964 |
|
| IDACORP, Inc. |
|
|
5,750 |
|
|
|
869,975 |
|
| National Fuel Gas Co. |
|
|
5,350 |
|
|
|
413,074 |
|
| New Jersey Resources Corp. |
|
|
11,650 |
|
|
|
652,866 |
|
| NextEra Energy, Inc. |
|
|
36,050 |
|
|
|
3,164,109 |
|
| Nisource, Inc. |
|
|
38,550 |
|
|
|
1,833,053 |
|
| Northwest Natural Holdings Co. |
|
|
12,950 |
|
|
|
635,327 |
|
| NorthWestern Corp. |
|
|
8,700 |
|
|
|
623,094 |
|
| NRG Energy, Inc. |
|
|
7,850 |
|
|
|
1,146,571 |
|
| OGE Energy Corp. |
|
|
1,000 |
|
|
|
48,660 |
|
| Oklo,
Inc.(a) |
|
|
2,000 |
|
|
|
104,660 |
|
| PG&E Corp. |
|
|
8,500 |
|
|
|
142,970 |
|
| Pinnacle West Capital Corp. |
|
|
4,000 |
|
|
|
428,000 |
|
| PNM Resources, Inc. |
|
|
5,600 |
|
|
|
317,968 |
|
| Portland General Electric Co. |
|
|
16,900 |
|
|
|
875,927 |
|
| PPL Corp. |
|
|
60,950 |
|
|
|
2,215,533 |
|
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA UTILITIES FUND
SCHEDULE
OF INVESTMENTS (CONT.) | JUNE 30, 2026 (UNAUDITED)
| |
|
Shares |
|
|
Market
Value |
|
| Utilities
(cont.) |
|
|
|
|
|
|
|
|
| Public
Service Enterprise Group, Inc. |
|
|
21,850 |
|
|
$ |
1,773,346 |
|
| Sempra
Energy |
|
|
20,500 |
|
|
|
1,900,555 |
|
| Southern
Co. |
|
|
12,800 |
|
|
|
1,225,088 |
|
| Southwest
Gas Corp. |
|
|
5,400 |
|
|
|
478,872 |
|
| Talen
Energy Corp.(a) |
|
|
2,400 |
|
|
|
922,224 |
|
| Vistra
Energy Corp. |
|
|
12,900 |
|
|
|
2,046,327 |
|
| WEC
Energy Group, Inc. |
|
|
11,700 |
|
|
|
1,366,209 |
|
| Xcel
Energy, Inc. |
|
|
26,300 |
|
|
|
2,111,890 |
|
| |
|
|
|
|
|
|
55,530,300 |
|
Total
Common Stocks
(Cost $48,221,403) |
|
|
|
|
|
|
58,436,387 |
|
| |
|
|
|
|
|
|
|
|
| Money
Market Funds 2.57% |
|
|
|
|
|
|
|
|
| Morgan
Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 3.56%(b) |
|
|
1,518,158 |
|
|
$ |
1,518,158 |
|
| |
|
|
|
|
|
|
|
|
Total
Money Market Funds
(Cost $1,518,158) |
|
|
|
|
|
|
1,518,158 |
|
| |
|
|
|
|
|
|
|
|
Total
Investments — 101.29%
(Cost $49,739,561) |
|
|
|
|
|
|
59,954,545 |
|
| Liabilities
in Excess of Other Assets — (1.29)% |
|
|
|
|
|
|
(762,427 |
) |
| NET
ASSETS — 100.00% |
|
|
|
|
|
$ |
59,192,118 |
|
| (a) |
Non-income producing security. |
| (b) |
Rate disclosed is the seven day
effective yield as of June 30, 2026. |
See
accompanying notes which are an integral part of these financial statements.
STATEMENTS
OF ASSETS AND LIABILITIES
JUNE
30, 2026 (UNAUDITED)
| |
|
Spirit of America
Real Estate
Income
and
Growth Fund |
|
|
Spirit of America
Large Cap
Value
Fund |
|
|
Spirit of America
Municipal Tax Free
Bond Fund |
|
|
Spirit of America
Income Fund |
|
|
Spirit of America
Utilities Fund |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in securities at fair
value (cost $57,416,316, $88,923,816, $22,744,598, $46,264,013, and $49,739,561, respectively) |
|
$ |
75,635,203 |
|
|
$ |
241,677,974 |
|
|
$ |
22,539,601 |
|
|
$ |
41,255,062 |
|
|
$ |
59,954,545 |
|
| Cash |
|
|
— |
|
|
|
— |
|
|
|
119 |
|
|
|
— |
|
|
|
— |
|
| Receivable for Fund shares sold |
|
|
— |
|
|
|
28,615 |
|
|
|
46,200 |
|
|
|
20,860 |
|
|
|
— |
|
| Dividends and interest receivable |
|
|
312,400 |
|
|
|
83,523 |
|
|
|
258,816 |
|
|
|
523,118 |
|
|
|
90,825 |
|
| Prepaid expenses |
|
|
31,784 |
|
|
|
55,339 |
|
|
|
26,910 |
|
|
|
28,501 |
|
|
|
28,960 |
|
| TOTAL
ASSETS |
|
|
75,979,387 |
|
|
|
241,845,451 |
|
|
|
22,871,646 |
|
|
|
41,827,541 |
|
|
|
60,074,330 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Due to Custodian |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
465 |
|
|
|
— |
|
| Line of credit payable |
|
|
— |
|
|
|
— |
|
|
|
173,447 |
|
|
|
977,995 |
|
|
|
— |
|
| Payable for Fund shares redeemed |
|
|
691 |
|
|
|
2,759 |
|
|
|
— |
|
|
|
130,321 |
|
|
|
7,229 |
|
| Payable for distributions to shareholders |
|
|
1,170,896 |
|
|
|
1,076,515 |
|
|
|
19,784 |
|
|
|
96,455 |
|
|
|
790,560 |
|
| Payable for investment advisory fees |
|
|
59,600 |
|
|
|
190,330 |
|
|
|
1,550 |
|
|
|
13,310 |
|
|
|
44,917 |
|
| Payable for distribution (12b-1) fees |
|
|
18,587 |
|
|
|
58,071 |
|
|
|
3,294 |
|
|
|
9,906 |
|
|
|
11,546 |
|
| Payable for accounting and administration
fees |
|
|
4,851 |
|
|
|
14,454 |
|
|
|
2,987 |
|
|
|
4,710 |
|
|
|
3,768 |
|
| Payable for Chief Compliance Officer fees |
|
|
237 |
|
|
|
818 |
|
|
|
90 |
|
|
|
189 |
|
|
|
156 |
|
| Payable for transfer agent fees |
|
|
1,427 |
|
|
|
2,074 |
|
|
|
469 |
|
|
|
1,808 |
|
|
|
193 |
|
| Other accrued
expenses |
|
|
28,189 |
|
|
|
56,322 |
|
|
|
25,885 |
|
|
|
28,944 |
|
|
|
23,843 |
|
| TOTAL
LIABILITIES |
|
|
1,284,478 |
|
|
|
1,401,343 |
|
|
|
227,506 |
|
|
|
1,264,103 |
|
|
|
882,212 |
|
| NET
ASSETS |
|
$ |
74,694,909 |
|
|
$ |
240,444,108 |
|
|
$ |
22,644,140 |
|
|
$ |
40,563,438 |
|
|
$ |
59,192,118 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SOURCE
OF NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As of June 30, 2026, net assets consisted
of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in capital |
|
$ |
59,249,908 |
|
|
$ |
85,667,100 |
|
|
$ |
33,193,944 |
|
|
$ |
44,038,913 |
|
|
$ |
50,770,916 |
|
| Accumulated
earnings (deficit) |
|
|
15,445,001 |
|
|
|
154,777,008 |
|
|
|
(10,549,804 |
) |
|
|
(3,475,475 |
) |
|
|
8,421,202 |
|
| NET ASSETS |
|
$ |
74,694,909 |
|
|
$ |
240,444,108 |
|
|
$ |
22,644,140 |
|
|
$ |
40,563,438 |
|
|
$ |
59,192,118 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class
A Shares |
|
$ |
74,610,244 |
|
|
$ |
239,974,096 |
|
|
$ |
22,507,363 |
|
|
$ |
40,208,912 |
|
|
$ |
59,142,385 |
|
| Class C Shares |
|
$ |
68,533 |
|
|
$ |
437,761 |
|
|
$ |
126,994 |
|
|
$ |
340,923 |
|
|
$ |
35,060 |
|
| Institutional
Shares |
|
$ |
16,132 |
|
|
$ |
32,251 |
|
|
$ |
9,783 |
|
|
$ |
13,603 |
|
|
$ |
14,673 |
|
| SHARES OUTSTANDING ($0.001
par value, 500,000,000 authorized shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
|
|
8,436,158 |
|
|
|
6,064,324 |
|
|
|
2,616,444 |
|
|
|
4,042,364 |
|
|
|
2,740,802 |
|
| Class C Shares |
|
|
7,923 |
|
|
|
11,074 |
|
|
|
14,804 |
|
|
|
34,258 |
|
|
|
1,611 |
|
| Institutional
Shares |
|
|
1,890 |
|
|
|
815 |
|
|
|
1,140 |
|
|
|
1,363 |
|
|
|
679 |
|
| NET ASSET VALUE AND REDEMPTION
PRICE PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class
A Shares(a) |
|
$ |
8.84 |
|
|
$ |
39.57 |
|
|
$ |
8.60 |
|
|
$ |
9.95 |
|
|
$ |
21.58 |
|
| Class
C Shares(b) |
|
$ |
8.65 |
|
|
$ |
39.53 |
|
|
$ |
8.58 |
|
|
$ |
9.95 |
|
|
$ |
21.77 |
(c) |
| Institutional
Shares |
|
$ |
8.54 |
|
|
$ |
39.57 |
|
|
$ |
8.58 |
|
|
$ |
9.98 |
|
|
$ |
21.60 |
(c) |
| OFFERING PRICE PER SHARE
(100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
|
$ |
9.33 |
|
|
$ |
41.76 |
|
|
$ |
9.03 |
|
|
$ |
10.45 |
|
|
$ |
22.90 |
|
| MAXIMUM SALES CHARGE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
|
|
5.25 |
% |
|
|
5.25 |
% |
|
|
4.75 |
% |
|
|
4.75 |
% |
|
|
5.75 |
% |
|
(a) |
A
contingent deferred sales charge of 1.00% may be charged on shares held less than one year where an indirect commission was paid. |
|
(b) |
A
contingent deferred sales charge of 1.00% may be charged on shares held less than 13 months. |
|
(c) |
Per
share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
See
accompanying notes which are an integral part of these financial statements.
STATEMENTS
OF OPERATIONS
FOR
THE SIX MONTHS ENDED JUNE 30, 2026 (UNAUDITED)
| |
|
Spirit of America
Real Estate
Income and
Growth Fund |
|
|
Spirit of America
Large Cap
Value
Fund |
|
|
Spirit of America
Municipal Tax Free
Bond Fund |
|
|
Spirit of America
Income Fund |
|
|
Spirit of America
Utilities Fund |
|
| INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends |
|
$ |
1,391,063 |
|
|
$ |
1,223,196 |
|
|
$ |
3,194 |
|
|
$ |
388,729 |
|
|
$ |
825,212 |
|
| Foreign dividend taxes withheld |
|
|
— |
|
|
|
(1,836 |
) |
|
|
— |
|
|
|
(2,577 |
) |
|
|
— |
|
| Interest |
|
|
— |
|
|
|
— |
|
|
|
519,204 |
|
|
|
1,006,431 |
|
|
|
— |
|
| TOTAL
INVESTMENT INCOME |
|
|
1,391,063 |
|
|
|
1,221,360 |
|
|
|
522,398 |
|
|
|
1,392,583 |
|
|
|
825,212 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment advisory |
|
|
341,331 |
|
|
|
1,068,497 |
|
|
|
68,860 |
|
|
|
131,350 |
|
|
|
273,458 |
|
| Distribution (12b-1) - Class A Shares |
|
|
105,446 |
|
|
|
329,810 |
|
|
|
17,115 |
|
|
|
54,269 |
|
|
|
70,419 |
|
| Distribution (12b-1) - Class C Shares |
|
|
328 |
|
|
|
2,034 |
|
|
|
623 |
|
|
|
1,773 |
|
|
|
167 |
|
| Accounting and Administration |
|
|
32,620 |
|
|
|
97,738 |
|
|
|
12,963 |
|
|
|
22,463 |
|
|
|
26,104 |
|
| Registration |
|
|
18,683 |
|
|
|
17,912 |
|
|
|
19,705 |
|
|
|
19,910 |
|
|
|
21,407 |
|
| Auditing |
|
|
13,056 |
|
|
|
13,056 |
|
|
|
13,056 |
|
|
|
13,056 |
|
|
|
13,056 |
|
| Directors |
|
|
7,474 |
|
|
|
23,825 |
|
|
|
2,575 |
|
|
|
5,031 |
|
|
|
5,860 |
|
| Insurance |
|
|
7,473 |
|
|
|
20,143 |
|
|
|
2,832 |
|
|
|
5,764 |
|
|
|
4,256 |
|
| Transfer agent |
|
|
7,403 |
|
|
|
13,610 |
|
|
|
2,136 |
|
|
|
8,456 |
|
|
|
2,965 |
|
| Printing |
|
|
6,620 |
|
|
|
17,195 |
|
|
|
2,131 |
|
|
|
5,122 |
|
|
|
4,240 |
|
| Sub transfer agent |
|
|
6,031 |
|
|
|
18,183 |
|
|
|
1,959 |
|
|
|
4,099 |
|
|
|
4,650 |
|
| Legal |
|
|
4,206 |
|
|
|
14,002 |
|
|
|
1,351 |
|
|
|
2,627 |
|
|
|
3,571 |
|
| Custodian |
|
|
4,067 |
|
|
|
11,911 |
|
|
|
2,328 |
|
|
|
2,519 |
|
|
|
3,523 |
|
| Chief Compliance Officer |
|
|
1,459 |
|
|
|
4,672 |
|
|
|
493 |
|
|
|
959 |
|
|
|
1,144 |
|
| Pricing |
|
|
945 |
|
|
|
1,542 |
|
|
|
10,825 |
|
|
|
7,047 |
|
|
|
496 |
|
| Line of credit |
|
|
918 |
|
|
|
2,861 |
|
|
|
280 |
|
|
|
535 |
|
|
|
733 |
|
| Interest |
|
|
201 |
|
|
|
4,227 |
|
|
|
1,096 |
|
|
|
9,097 |
|
|
|
— |
|
| Other |
|
|
10,930 |
|
|
|
16,588 |
|
|
|
9,863 |
|
|
|
11,201 |
|
|
|
8,833 |
|
| TOTAL
EXPENSES |
|
|
569,191 |
|
|
|
1,677,806 |
|
|
|
170,191 |
|
|
|
305,278 |
|
|
|
444,882 |
|
| Fees
waived by Adviser |
|
|
— |
|
|
|
— |
|
|
|
(65,037 |
) |
|
|
(53,709 |
) |
|
|
(12,500 |
) |
| NET
EXPENSES |
|
|
569,191 |
|
|
|
1,677,806 |
|
|
|
105,154 |
|
|
|
251,569 |
|
|
|
432,382 |
|
| NET
INVESTMENT INCOME (LOSS) |
|
|
821,872 |
|
|
|
(456,446 |
) |
|
|
417,244 |
|
|
|
1,141,014 |
|
|
|
392,830 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REALIZED
AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net realized gain (loss) from investment transactions |
|
|
(69,137 |
) |
|
|
4,366,651 |
|
|
|
(24,580 |
) |
|
|
442,780 |
|
|
|
3 |
|
| Net realized loss on foreign currency transactions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(38 |
) |
|
|
— |
|
| Net
change in unrealized appreciation (depreciation) of investments |
|
|
9,650,704 |
|
|
|
24,690,602 |
|
|
|
(1,333 |
) |
|
|
(928,465 |
) |
|
|
3,770,153 |
|
| NET
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
|
|
9,581,567 |
|
|
|
29,057,253 |
|
|
|
(25,913 |
) |
|
|
(485,723 |
) |
|
|
3,770,156 |
|
| NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
10,403,439 |
|
|
$ |
28,600,807 |
|
|
$ |
391,331 |
|
|
$ |
655,291 |
|
|
$ |
4,162,986 |
|
See
accompanying notes which are an integral part of these financial statements.
[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 Ended
June 30,
2026 |
|
|
For the
Year Ended
December 31,
2025 |
|
|
For the
Six Months Ended
June 30,
2026 |
|
|
For the
Year Ended
December 31,
2025 |
|
| |
|
(Unaudited) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
| OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
821,872 |
|
|
$ |
1,106,318 |
|
|
$ |
(456,446 |
) |
|
$ |
(572,325 |
) |
| Net realized gain (loss) on investment and
foreign currency transactions |
|
|
(69,137 |
) |
|
|
3,612,550 |
|
|
|
4,366,651 |
|
|
|
16,976,259 |
|
| Net change
in unrealized appreciation (depreciation) of investments and foreign currency transactions |
|
|
9,650,704 |
|
|
|
(5,314,929 |
) |
|
|
24,690,602 |
|
|
|
16,000,534 |
|
| Net increase (decrease) in net assets resulting
from operations |
|
|
10,403,439 |
|
|
|
(596,061 |
) |
|
|
28,600,807 |
|
|
|
32,404,468 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS
TO SHAREHOLDERS FROM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
|
|
(3,474,544 |
) |
|
|
(4,723,792 |
) |
|
|
(4,189,922 |
) |
|
|
(17,114,704 |
) |
| Class C Shares |
|
|
(3,095 |
) |
|
|
(4,069 |
) |
|
|
(6,287 |
) |
|
|
(33,111 |
) |
| Institutional Shares |
|
|
(787 |
) |
|
|
(1,002 |
) |
|
|
(604 |
) |
|
|
(2,270 |
) |
| Return of capital: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares |
|
|
— |
|
|
|
(2,177,684 |
) |
|
|
(1,354 |
) |
|
|
(1,321,532 |
) |
| Class C Shares |
|
|
— |
|
|
|
(1,583 |
) |
|
|
— |
|
|
|
— |
|
| Institutional
Shares |
|
|
— |
|
|
|
(451 |
) |
|
|
— |
|
|
|
(251 |
) |
| Total distributions to shareholders |
|
|
(3,478,426 |
) |
|
|
(6,908,581 |
) |
|
|
(4,198,167 |
) |
|
|
(18,471,868 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CAPITAL
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares sold |
|
|
5,949,784 |
|
|
|
11,427,315 |
|
|
|
18,485,599 |
|
|
|
33,066,000 |
|
| Shares issued from reinvestment of distributions |
|
|
2,305,820 |
|
|
|
4,558,172 |
|
|
|
3,117,347 |
|
|
|
13,455,132 |
|
| Shares redeemed |
|
|
(5,571,159 |
) |
|
|
(16,004,714 |
) |
|
|
(14,905,905 |
) |
|
|
(41,627,154 |
) |
| Total Class
A Shares |
|
|
2,684,445 |
|
|
|
(19,227 |
) |
|
|
6,697,041 |
|
|
|
4,893,978 |
|
| Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares sold |
|
|
4,309 |
|
|
|
— |
|
|
|
— |
|
|
|
12,500 |
|
| Shares issued from reinvestment of distributions |
|
|
923 |
|
|
|
1,319 |
|
|
|
1,847 |
|
|
|
9,261 |
|
| Shares redeemed |
|
|
— |
|
|
|
(11,713 |
) |
|
|
(166 |
) |
|
|
(15,239 |
) |
| Total Class
C Shares |
|
|
5,232 |
|
|
|
(10,394 |
) |
|
|
1,681 |
|
|
|
6,522 |
|
| Institutional Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares issued
from reinvestment of distributions |
|
|
787 |
|
|
|
1,453 |
|
|
|
604 |
|
|
|
2,521 |
|
| Total Institutional
Shares |
|
|
787 |
|
|
|
1,453 |
|
|
|
604 |
|
|
|
2,521 |
|
| Increase (decrease)
in net assets derived from capital share transactions |
|
|
2,690,464 |
|
|
|
(28,168 |
) |
|
|
6,699,326 |
|
|
|
4,903,021 |
|
| Total increase (decrease) in Net Assets |
|
|
9,615,477 |
|
|
|
(7,532,810 |
) |
|
|
31,101,966 |
|
|
|
18,835,621 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning
of period |
|
|
65,079,432 |
|
|
|
72,612,242 |
|
|
|
209,342,142 |
|
|
|
190,506,521 |
|
| End of period |
|
$ |
74,694,909 |
|
|
$ |
65,079,432 |
|
|
$ |
240,444,108 |
|
|
$ |
209,342,142 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SHARE
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares sold |
|
|
683,479 |
|
|
|
1,314,960 |
|
|
|
498,770 |
|
|
|
954,534 |
|
| Shares issued from reinvestment of distributions |
|
|
260,839 |
|
|
|
553,487 |
|
|
|
78,781 |
|
|
|
379,061 |
|
| Shares redeemed |
|
|
(645,784 |
) |
|
|
(1,861,822 |
) |
|
|
(397,559 |
) |
|
|
(1,212,060 |
) |
| Total Class
A Shares |
|
|
298,534 |
|
|
|
6,625 |
|
|
|
179,992 |
|
|
|
121,535 |
|
| Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares sold |
|
|
537 |
|
|
|
— |
|
|
|
— |
|
|
|
456 |
|
| Shares issued from reinvestment of distributions |
|
|
107 |
|
|
|
164 |
|
|
|
47 |
|
|
|
261 |
|
| Shares redeemed |
|
|
— |
|
|
|
(1,312 |
) |
|
|
(5 |
) |
|
|
(474 |
) |
| Total Class
C Shares |
|
|
644 |
|
|
|
(1,148 |
) |
|
|
42 |
|
|
|
243 |
|
| Institutional Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares issued
from reinvestment of distributions |
|
|
92 |
|
|
|
183 |
|
|
|
15 |
|
|
|
71 |
|
| Total Institutional
Shares |
|
|
92 |
|
|
|
183 |
|
|
|
15 |
|
|
|
71 |
|
See
accompanying notes which are an integral part of these financial statements.
STATEMENTS
OF CHANGES IN NET ASSETS (CONT.)
Spirit of America
Municipal Tax Free
Bond Fund |
|
|
Spirit of America
Income Fund |
|
|
Spirit of America
Utilities Fund |
|
For the
Six Months Ended
June 30,
2026 |
|
|
For the
Year Ended
December 31,
2025 |
|
|
For the
Six Months Ended
June 30,
2026 |
|
|
For the
Year Ended
December 31,
2025 |
|
|
For the
Six Months Ended
June 30,
2026 |
|
|
For the
Year Ended
December 31,
2025 |
|
| (Unaudited) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ |
417,244 |
|
|
$ |
853,454 |
|
|
$ |
1,141,014 |
|
|
$ |
2,751,145 |
|
|
$ |
392,830 |
|
|
$ |
625,849 |
|
| |
(24,580 |
) |
|
|
(203,761 |
) |
|
|
442,742 |
|
|
|
1,610,918 |
|
|
|
3 |
|
|
|
1,458 |
|
| |
(1,333 |
) |
|
|
320,152 |
|
|
|
(928,465 |
) |
|
|
(778,758 |
) |
|
|
3,770,153 |
|
|
|
3,884,185 |
|
| |
391,331 |
|
|
|
969,845 |
|
|
|
655,291 |
|
|
|
3,583,305 |
|
|
|
4,162,986 |
|
|
|
4,511,492 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(415,315 |
) |
|
|
(850,149 |
) |
|
|
(1,076,406 |
) |
|
|
(3,463,729 |
) |
|
|
(2,271,629 |
) |
|
|
(582,575 |
) |
| |
(1,747 |
) |
|
|
(2,997 |
) |
|
|
(7,406 |
) |
|
|
(23,931 |
) |
|
|
(1,196 |
) |
|
|
(325 |
) |
| |
(182 |
) |
|
|
(308 |
) |
|
|
(355 |
) |
|
|
(877 |
) |
|
|
(572 |
) |
|
|
(177 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,925,010 |
) |
| |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,633 |
) |
| |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(894 |
) |
| |
(417,244 |
) |
|
|
(853,454 |
) |
|
|
(1,084,167 |
) |
|
|
(3,488,537 |
) |
|
|
(2,273,397 |
) |
|
|
(3,510,614 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
968,367 |
|
|
|
1,258,041 |
|
|
|
3,017,070 |
|
|
|
4,339,586 |
|
|
|
7,097,639 |
|
|
|
23,525,956 |
|
| |
287,507 |
|
|
|
566,010 |
|
|
|
592,606 |
|
|
|
1,976,542 |
|
|
|
1,481,070 |
|
|
|
2,331,069 |
|
| |
(2,490,772 |
) |
|
|
(8,387,549 |
) |
|
|
(9,502,585 |
) |
|
|
(22,539,551 |
) |
|
|
(1,711,889 |
) |
|
|
(3,464,120 |
) |
| |
(1,234,898 |
) |
|
|
(6,563,498 |
) |
|
|
(5,892,909 |
) |
|
|
(16,223,423 |
) |
|
|
6,866,820 |
|
|
|
22,392,905 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
660 |
|
|
|
1,320 |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
|
|
12,500 |
|
| |
1,683 |
|
|
|
2,875 |
|
|
|
5,152 |
|
|
|
17,758 |
|
|
|
1,196 |
|
|
|
1,958 |
|
| |
— |
|
|
|
(10,172 |
) |
|
|
(35,415 |
) |
|
|
(128,168 |
) |
|
|
— |
|
|
|
— |
|
| |
2,343 |
|
|
|
(5,977 |
) |
|
|
(30,263 |
) |
|
|
(110,410 |
) |
|
|
6,196 |
|
|
|
14,458 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
182 |
|
|
|
308 |
|
|
|
354 |
|
|
|
877 |
|
|
|
572 |
|
|
|
1,071 |
|
| |
182 |
|
|
|
308 |
|
|
|
354 |
|
|
|
877 |
|
|
|
572 |
|
|
|
1,071 |
|
| |
(1,232,373 |
) |
|
|
(6,569,167 |
) |
|
|
(5,922,818 |
) |
|
|
(16,332,956 |
) |
|
|
6,873,588 |
|
|
|
22,408,434 |
|
| |
(1,258,286 |
) |
|
|
(6,452,776 |
) |
|
|
(6,351,694 |
) |
|
|
(16,238,188 |
) |
|
|
8,763,177 |
|
|
|
23,409,312 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
23,902,426 |
|
|
|
30,355,202 |
|
|
|
46,915,132 |
|
|
|
63,153,320 |
|
|
|
50,428,941 |
|
|
|
27,019,629 |
|
| $ |
22,644,140 |
|
|
$ |
23,902,426 |
|
|
$ |
40,563,438 |
|
|
$ |
46,915,132 |
|
|
$ |
59,192,118 |
|
|
$ |
50,428,941 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
112,659 |
|
|
|
148,230 |
|
|
|
299,440 |
|
|
|
427,705 |
|
|
|
322,800 |
|
|
|
1,104,960 |
|
| |
33,436 |
|
|
|
66,489 |
|
|
|
59,029 |
|
|
|
195,270 |
|
|
|
68,632 |
|
|
|
112,453 |
|
| |
(289,849 |
) |
|
|
(987,972 |
) |
|
|
(941,435 |
) |
|
|
(2,215,245 |
) |
|
|
(78,054 |
) |
|
|
(164,365 |
) |
| |
(143,754 |
) |
|
|
(773,253 |
) |
|
|
(582,966 |
) |
|
|
(1,592,270 |
) |
|
|
313,378 |
|
|
|
1,053,048 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
77 |
|
|
|
156 |
|
|
|
— |
|
|
|
— |
|
|
|
234 |
|
|
|
643 |
|
| |
196 |
|
|
|
338 |
|
|
|
513 |
|
|
|
1,754 |
|
|
|
55 |
|
|
|
94 |
|
| |
— |
|
|
|
(1,184 |
) |
|
|
(3,527 |
) |
|
|
(12,670 |
) |
|
|
— |
|
|
|
— |
|
| |
273 |
|
|
|
(690 |
) |
|
|
(3,014 |
) |
|
|
(10,916 |
) |
|
|
289 |
|
|
|
737 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
21 |
|
|
|
37 |
|
|
|
35 |
|
|
|
86 |
|
|
|
26 |
|
|
|
52 |
|
| |
21 |
|
|
|
37 |
|
|
|
35 |
|
|
|
86 |
|
|
|
26 |
|
|
|
52 |
|
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
CLASS
A SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, |
|
|
For the Year Ended December 31 |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
7.99 |
|
|
$ |
8.92 |
|
|
$ |
9.12 |
|
|
$ |
9.12 |
|
|
$ |
13.90 |
|
|
$ |
10.45 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income1 |
|
|
0.12 |
|
|
|
0.14 |
|
|
|
0.16 |
|
|
|
0.16 |
|
|
|
0.14 |
|
|
|
0.08 |
|
| Net realized
and unrealized gain (loss) on investments |
|
|
1.16 |
|
|
|
(0.22 |
) |
|
|
0.49 |
|
|
|
0.69 |
|
|
|
(4.07 |
) |
|
|
4.22 |
|
| Total from investment operations |
|
|
1.28 |
|
|
|
(0.08 |
) |
|
|
0.65 |
|
|
|
0.85 |
|
|
|
(3.93 |
) |
|
|
4.30 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions from net investment income |
|
|
(0.43 |
) |
|
|
(0.14 |
) |
|
|
(0.16 |
) |
|
|
(0.16 |
) |
|
|
(0.17 |
) |
|
|
(0.14 |
) |
| Distributions from net capital gains |
|
|
— |
|
|
|
(0.45 |
) |
|
|
(0.49 |
) |
|
|
(0.58 |
) |
|
|
(0.55 |
) |
|
|
(0.71 |
) |
| Distributions
from return of capital |
|
|
— |
|
|
|
(0.26 |
) |
|
|
(0.20 |
) |
|
|
(0.11 |
) |
|
|
(0.13 |
) |
|
|
— |
|
| Total distributions |
|
|
(0.43 |
) |
|
|
(0.85 |
) |
|
|
(0.85 |
) |
|
|
(0.85 |
) |
|
|
(0.85 |
) |
|
|
(0.85 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
8.84 |
|
|
$ |
7.99 |
|
|
$ |
8.92 |
|
|
$ |
9.12 |
|
|
$ |
9.12 |
|
|
$ |
13.90 |
|
| Total
Return2 |
|
|
15.96 |
%3 |
|
|
(0.94 |
)% |
|
|
7.55 |
% |
|
|
9.53 |
% |
|
|
(28.46 |
)% |
|
|
42.03 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
74,610 |
|
|
$ |
65,009 |
|
|
$ |
72,525 |
|
|
$ |
76,446 |
|
|
$ |
90,567 |
|
|
$ |
133,371 |
|
| Ratio of net expenses to average net assets |
|
|
1.62 |
%4 |
|
|
1.62 |
% |
|
|
1.60 |
%5 |
|
|
1.60 |
%6 |
|
|
1.54 |
% |
|
|
1.52 |
% |
| Ratio of net investment income to average
net assets |
|
|
2.33 |
%4 |
|
|
1.55 |
% |
|
|
1.79 |
% |
|
|
1.76 |
% |
|
|
1.28 |
% |
|
|
0.68 |
% |
| Portfolio
turnover rate |
|
|
8 |
%3 |
|
|
8 |
% |
|
|
8 |
% |
|
|
4 |
% |
|
|
16 |
% |
|
|
17 |
% |
| 1 |
Calculated
based on the average number of shares outstanding during the period. |
| 2 |
Calculation
does not reflect sales load. |
| 3 |
Not
annualized. |
| 4 |
Annualized.
|
| 5 |
Includes
interest expense of 0.01%. |
| 6 |
Includes
interest expense of 0.02%. |
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
CLASS
C SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, |
|
|
For the Year Ended December 31 |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
7.82 |
|
|
$ |
8.75 |
|
|
$ |
8.94 |
|
|
$ |
8.96 |
|
|
$ |
13.68 |
|
|
$ |
10.26 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income1 |
|
|
0.08 |
|
|
|
0.07 |
|
|
|
0.08 |
|
|
|
0.10 |
|
|
|
0.07 |
|
|
|
0.01 |
|
| Net realized
and unrealized gain (loss) on investments |
|
|
1.15 |
|
|
|
(0.21 |
) |
|
|
0.50 |
|
|
|
0.67 |
|
|
|
(4.01 |
) |
|
|
4.14 |
|
| Total from investment operations |
|
|
1.23 |
|
|
|
(0.14 |
) |
|
|
0.58 |
|
|
|
0.77 |
|
|
|
(3.94 |
) |
|
|
4.15 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions from net investment income |
|
|
(0.40 |
) |
|
|
(0.12 |
) |
|
|
(0.12 |
) |
|
|
(0.13 |
) |
|
|
(0.13 |
) |
|
|
(0.02 |
) |
| Distributions from net capital gains |
|
|
— |
|
|
|
(0.45 |
) |
|
|
(0.49 |
) |
|
|
(0.58 |
) |
|
|
(0.55 |
) |
|
|
(0.71 |
) |
| Distributions
from return of capital |
|
|
— |
|
|
|
(0.22 |
) |
|
|
(0.16 |
) |
|
|
(0.08 |
) |
|
|
(0.10 |
) |
|
|
— |
|
| Total distributions |
|
|
(0.40 |
) |
|
|
(0.79 |
) |
|
|
(0.77 |
) |
|
|
(0.79 |
) |
|
|
(0.78 |
) |
|
|
(0.73 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
8.65 |
|
|
$ |
7.82 |
|
|
$ |
8.75 |
|
|
$ |
8.94 |
|
|
$ |
8.96 |
|
|
$ |
13.68 |
|
| Total
Return2 |
|
|
15.68 |
%3 |
|
|
(1.66 |
)% |
|
|
6.81 |
% |
|
|
8.75 |
% |
|
|
(28.98 |
)% |
|
|
41.07 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
69 |
|
|
$ |
57 |
|
|
$ |
74 |
|
|
$ |
181 |
|
|
$ |
178 |
|
|
$ |
216 |
|
| Ratio of net expenses to average net assets |
|
|
2.32 |
%4 |
|
|
2.32 |
% |
|
|
2.30 |
%5 |
|
|
2.30 |
%6 |
|
|
2.25 |
% |
|
|
2.22 |
% |
| Ratio of net investment income to average
net assets |
|
|
1.65 |
%4 |
|
|
0.80 |
% |
|
|
0.93 |
% |
|
|
1.12 |
% |
|
|
0.62 |
% |
|
|
0.06 |
% |
| Portfolio
turnover rate |
|
|
8 |
%3 |
|
|
8 |
% |
|
|
8 |
% |
|
|
4 |
% |
|
|
16 |
% |
|
|
17 |
% |
| 1 |
Calculated
based on the average number of shares outstanding during the period. |
| 2 |
Calculation
does not reflect contingent deferred sales charge. |
| 3 |
Not
annualized. |
| 4 |
Annualized.
|
| 5 |
Includes
interest expense of 0.01%. |
| 6 |
Includes
interest expense of 0.02%. |
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA REAL ESTATE INCOME AND GROWTH FUND
INSTITUTIONAL
SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, |
|
|
For the Year Ended December 31 |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
7.72 |
|
|
$ |
8.66 |
|
|
$ |
8.87 |
|
|
$ |
8.90 |
|
|
$ |
13.60 |
|
|
$ |
10.24 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income1 |
|
|
0.13 |
|
|
|
0.15 |
|
|
|
0.19 |
|
|
|
0.19 |
|
|
|
0.17 |
|
|
|
0.11 |
|
| Net realized
and unrealized gain (loss) on investments |
|
|
1.13 |
|
|
|
(0.21 |
) |
|
|
0.48 |
|
|
|
0.66 |
|
|
|
(3.99 |
) |
|
|
4.14 |
|
| Total from investment operations |
|
|
1.26 |
|
|
|
(0.06 |
) |
|
|
0.67 |
|
|
|
0.85 |
|
|
|
(3.82 |
) |
|
|
4.25 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions from net investment income |
|
|
(0.44 |
) |
|
|
(0.15 |
) |
|
|
(0.17 |
) |
|
|
(0.18 |
) |
|
|
(0.19 |
) |
|
|
(0.18 |
) |
| Distributions from net capital gains |
|
|
— |
|
|
|
(0.45 |
) |
|
|
(0.49 |
) |
|
|
(0.58 |
) |
|
|
(0.55 |
) |
|
|
(0.71 |
) |
| Distributions
from return of capital |
|
|
— |
|
|
|
(0.28 |
) |
|
|
(0.22 |
) |
|
|
(0.12 |
) |
|
|
(0.14 |
) |
|
|
— |
|
| Total distributions |
|
|
(0.44 |
) |
|
|
(0.88 |
) |
|
|
(0.88 |
) |
|
|
(0.88 |
) |
|
|
(0.88 |
) |
|
|
(0.89 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
8.54 |
|
|
$ |
7.72 |
|
|
$ |
8.66 |
|
|
$ |
8.87 |
|
|
$ |
8.90 |
|
|
$ |
13.60 |
|
| Total
Return |
|
|
16.29 |
%2 |
|
|
(0.78 |
)% |
|
|
7.99 |
% |
|
|
9.77 |
% |
|
|
(28.26 |
)% |
|
|
42.39 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
16 |
|
|
$ |
14 |
|
|
$ |
14 |
|
|
$ |
13 |
|
|
$ |
12 |
|
|
$ |
16 |
|
| Ratio of net expenses to average net assets |
|
|
1.32 |
%3 |
|
|
1.32 |
% |
|
|
1.30 |
%4 |
|
|
1.30 |
%5 |
|
|
1.24 |
% |
|
|
1.22 |
% |
| Ratio of net investment income to average
net assets |
|
|
2.63 |
%3 |
|
|
1.81 |
% |
|
|
2.10 |
% |
|
|
2.13 |
% |
|
|
1.59 |
% |
|
|
0.89 |
% |
| Portfolio
turnover rate |
|
|
8 |
%2 |
|
|
8 |
% |
|
|
8 |
% |
|
|
4 |
% |
|
|
16 |
% |
|
|
17 |
% |
| 1 |
Calculated
based on the average number of shares outstanding during the period. |
| 2 |
Not
annualized. |
| 3 |
Annualized.
|
| 4 |
Includes
interest expense of 0.01%. |
| 5 |
Includes
interest expense of 0.02%. |
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA LARGE CAP VALUE FUND
CLASS
A SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, |
|
|
For the Year Ended December 31 |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
35.50 |
|
|
$ |
32.99 |
|
|
$ |
26.37 |
|
|
$ |
22.14 |
|
|
$ |
29.57 |
|
|
$ |
24.47 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income (loss)1 |
|
|
(0.07 |
) |
|
|
(0.10 |
) |
|
|
(0.02 |
) |
|
|
0.12 |
|
|
|
0.12 |
|
|
|
0.02 |
|
| Net realized
and unrealized gain (loss) on investments |
|
|
4.84 |
|
|
|
5.91 |
|
|
|
8.76 |
|
|
|
5.51 |
|
|
|
(5.38 |
) |
|
|
7.05 |
|
| Total from investment operations |
|
|
4.77 |
|
|
|
5.81 |
|
|
|
8.74 |
|
|
|
5.63 |
|
|
|
(5.26 |
) |
|
|
7.07 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions from net investment income |
|
|
(0.70 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.11 |
) |
|
|
(0.10 |
) |
|
|
(0.01 |
) |
| Distributions from net capital gains |
|
|
— |
|
|
|
(3.06 |
) |
|
|
(1.90 |
) |
|
|
(0.90 |
) |
|
|
(1.97 |
) |
|
|
(1.79 |
) |
| Distributions
from return of capital |
|
|
— |
|
|
|
(0.24 |
) |
|
|
(0.22 |
) |
|
|
(0.39 |
) |
|
|
(0.10 |
) |
|
|
(0.17 |
) |
| Total distributions |
|
|
(0.70 |
) |
|
|
(3.30 |
) |
|
|
(2.12 |
) |
|
|
(1.40 |
) |
|
|
(2.17 |
) |
|
|
(1.97 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
39.57 |
|
|
$ |
35.50 |
|
|
$ |
32.99 |
|
|
$ |
26.37 |
|
|
$ |
22.14 |
|
|
$ |
29.57 |
|
| Total
Return2 |
|
|
13.44 |
%3 |
|
|
17.77 |
% |
|
|
33.29 |
% |
|
|
25.67 |
% |
|
|
(17.70 |
)% |
|
|
29.27 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
239,974 |
|
|
$ |
208,922 |
|
|
$ |
190,127 |
|
|
$ |
149,697 |
|
|
$ |
122,333 |
|
|
$ |
157,478 |
|
| Ratio of net expenses to average net assets |
|
|
1.52 |
%4 |
|
|
1.53 |
% |
|
|
1.52 |
%5 |
|
|
1.53 |
%5 |
|
|
1.51 |
% |
|
|
1.50 |
% |
| Ratio of net investment income (loss) to average
net assets |
|
|
(0.41 |
)%4 |
|
|
(0.29 |
)% |
|
|
(0.06 |
)% |
|
|
0.51 |
% |
|
|
0.48 |
% |
|
|
0.06 |
% |
| Portfolio
turnover rate |
|
|
4 |
%3 |
|
|
10 |
% |
|
|
7 |
% |
|
|
5 |
% |
|
|
10 |
% |
|
|
11 |
% |
| 1 |
Calculated
based on the average number of shares outstanding during the period. |
| 2 |
Calculation
does not reflect sales load. |
| 3 |
Not
annualized. |
| 4 |
Annualized.
|
| 5 |
Includes
interest expense of 0.01%. |
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA LARGE CAP VALUE FUND
CLASS
C SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, |
|
|
For the Year Ended December 31 |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
35.48 |
|
|
$ |
32.99 |
|
|
$ |
26.38 |
|
|
$ |
22.17 |
|
|
$ |
29.56 |
|
|
$ |
24.48 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment loss1 |
|
|
(0.20 |
) |
|
|
(0.34 |
) |
|
|
(0.24 |
) |
|
|
(0.05 |
) |
|
|
(0.06 |
) |
|
|
(0.18 |
) |
| Net realized
and unrealized gain (loss) on investments |
|
|
4.82 |
|
|
|
5.89 |
|
|
|
8.75 |
|
|
|
5.50 |
|
|
|
(5.36 |
) |
|
|
7.05 |
|
| Total from investment operations |
|
|
4.62 |
|
|
|
5.55 |
|
|
|
8.51 |
|
|
|
5.45 |
|
|
|
(5.42 |
) |
|
|
6.87 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions from net investment income |
|
|
(0.57 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.08 |
) |
|
|
— |
|
|
|
— |
|
| Distributions from net capital gains |
|
|
— |
|
|
|
(3.06 |
) |
|
|
(1.90 |
) |
|
|
(0.90 |
) |
|
|
(1.97 |
) |
|
|
(1.79 |
) |
| Distributions
from return of capital |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.26 |
) |
|
|
— |
|
|
|
— |
|
| Total distributions |
|
|
(0.57 |
) |
|
|
(3.06 |
) |
|
|
(1.90 |
) |
|
|
(1.24 |
) |
|
|
(1.97 |
) |
|
|
(1.79 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
39.53 |
|
|
$ |
35.48 |
|
|
$ |
32.99 |
|
|
$ |
26.38 |
|
|
$ |
22.17 |
|
|
$ |
29.56 |
|
| Total
Return2 |
|
|
13.02 |
%3 |
|
|
16.95 |
% |
|
|
32.37 |
% |
|
|
24.80 |
% |
|
|
(18.29 |
)% |
|
|
28.37 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
438 |
|
|
$ |
391 |
|
|
$ |
356 |
|
|
$ |
306 |
|
|
$ |
194 |
|
|
$ |
308 |
|
| Ratio of net expenses to average net assets |
|
|
2.22 |
%4 |
|
|
2.23 |
% |
|
|
2.22 |
%5 |
|
|
2.23 |
%5 |
|
|
2.21 |
% |
|
|
2.20 |
% |
| Ratio of net investment loss to average net
assets |
|
|
(1.11 |
)%4 |
|
|
(0.99 |
)% |
|
|
(0.76 |
)% |
|
|
(0.18 |
)% |
|
|
(0.24 |
)% |
|
|
(0.64 |
)% |
| Portfolio
turnover rate |
|
|
4 |
%3 |
|
|
10 |
% |
|
|
7 |
% |
|
|
5 |
% |
|
|
10 |
% |
|
|
11 |
% |
| 1 |
Calculated
based on the average number of shares outstanding during the period. |
| 2 |
Calculation
does not reflect contingent deferred sales charge. |
| 3 |
Not
annualized. |
| 4 |
Annualized.
|
| 5 |
Includes
interest expense of 0.01%. |
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA LARGE CAP VALUE FUND
INSTITUTIONAL
SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, |
|
|
For the Year Ended December 31 |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
35.50 |
|
|
$ |
32.98 |
|
|
$ |
26.35 |
|
|
$ |
22.12 |
|
|
$ |
29.56 |
|
|
$ |
24.46 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income1 |
|
|
— |
|
|
|
— |
|
|
|
0.08 |
|
|
|
0.20 |
|
|
|
0.20 |
|
|
|
0.10 |
|
| Net realized
and unrealized gain (loss) on investments |
|
|
4.83 |
|
|
|
5.92 |
|
|
|
8.77 |
|
|
|
5.50 |
|
|
|
(5.39 |
) |
|
|
7.06 |
|
| Total from investment operations |
|
|
4.83 |
|
|
|
5.92 |
|
|
|
8.85 |
|
|
|
5.70 |
|
|
|
(5.19 |
) |
|
|
7.16 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions from net investment income |
|
|
(0.76 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.13 |
) |
|
|
(0.15 |
) |
|
|
(0.02 |
) |
| Distributions from net capital gains |
|
|
— |
|
|
|
(3.06 |
) |
|
|
(1.90 |
) |
|
|
(0.90 |
) |
|
|
(1.97 |
) |
|
|
(1.79 |
) |
| Distributions
from return of capital |
|
|
— |
|
|
|
(0.34 |
) |
|
|
(0.32 |
) |
|
|
(0.44 |
) |
|
|
(0.13 |
) |
|
|
(0.25 |
) |
| Total distributions |
|
|
(0.76 |
) |
|
|
(3.40 |
) |
|
|
(2.22 |
) |
|
|
(1.47 |
) |
|
|
(2.25 |
) |
|
|
(2.06 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
39.57 |
|
|
$ |
35.50 |
|
|
$ |
32.98 |
|
|
$ |
26.35 |
|
|
$ |
22.12 |
|
|
$ |
29.56 |
|
| Total
Return |
|
|
13.59 |
%2 |
|
|
18.13 |
% |
|
|
33.73 |
% |
|
|
26.05 |
% |
|
|
(17.48 |
)% |
|
|
29.64 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
32 |
|
|
$ |
28 |
|
|
$ |
24 |
|
|
$ |
18 |
|
|
$ |
14 |
|
|
$ |
17 |
|
| Ratio of net expenses to average net assets |
|
|
1.22 |
%3 |
|
|
1.23 |
% |
|
|
1.22 |
%4 |
|
|
1.23 |
%4 |
|
|
1.21 |
% |
|
|
1.20 |
% |
| Ratio of net investment income (loss) to average
net assets |
|
|
(0.11 |
)%3 |
|
|
0.01 |
% |
|
|
0.24 |
% |
|
|
0.80 |
% |
|
|
0.78 |
% |
|
|
0.36 |
% |
| Portfolio
turnover rate |
|
|
4 |
%2 |
|
|
10 |
% |
|
|
7 |
% |
|
|
5 |
% |
|
|
10 |
% |
|
|
11 |
% |
| 1 |
Calculated
based on the average number of shares outstanding during the period. |
| 2 |
Not
annualized. |
| 3 |
Annualized.
|
| 4 |
Includes interest expense of 0.01%. |
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA MUNICIPAL TAX FREE BOND FUND
CLASS
A SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, |
|
|
For the Year Ended December 31 |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
8.61 |
|
|
$ |
8.55 |
|
|
$ |
8.64 |
|
|
$ |
8.44 |
|
|
$ |
9.44 |
|
|
$ |
9.54 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
0.16 |
|
|
|
0.27 |
|
|
|
0.24 |
|
|
|
0.17 |
|
|
|
0.17 |
|
|
|
0.18 |
|
| Net realized
and unrealized gain (loss) on investments |
|
|
(0.01 |
) |
|
|
0.06 |
|
|
|
(0.09 |
) |
|
|
0.20 |
|
|
|
(1.00 |
) |
|
|
(0.10 |
) |
| Total from investment operations |
|
|
0.15 |
|
|
|
0.33 |
|
|
|
0.15 |
|
|
|
0.37 |
|
|
|
(0.83 |
) |
|
|
0.08 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions
from net investment income |
|
|
(0.16 |
) |
|
|
(0.27 |
) |
|
|
(0.24 |
) |
|
|
(0.17 |
) |
|
|
(0.17 |
) |
|
|
(0.18 |
) |
| Total distributions |
|
|
(0.16 |
) |
|
|
(0.27 |
) |
|
|
(0.24 |
) |
|
|
(0.17 |
) |
|
|
(0.17 |
) |
|
|
(0.18 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
8.60 |
|
|
$ |
8.61 |
|
|
$ |
8.55 |
|
|
$ |
8.64 |
|
|
$ |
8.44 |
|
|
$ |
9.44 |
|
| Total
Return1 |
|
|
1.70 |
%2 |
|
|
3.91 |
% |
|
|
1.71 |
% |
|
|
4.48 |
% |
|
|
(8.87 |
)% |
|
|
0.88 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
22,507 |
|
|
$ |
23,768 |
|
|
$ |
30,216 |
|
|
$ |
34,980 |
|
|
$ |
39,309 |
|
|
$ |
62,397 |
|
| Ratio of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Before expense waiver or recoupment |
|
|
1.48 |
%3,4 |
|
|
1.43 |
%5 |
|
|
1.34 |
%4 |
|
|
1.26 |
%5 |
|
|
1.19 |
% |
|
|
1.10 |
% |
| After expense waiver or recoupment |
|
|
0.91 |
%3,4 |
|
|
0.93 |
%5 |
|
|
0.92 |
%4 |
|
|
0.92 |
%5 |
|
|
0.92 |
% |
|
|
0.90 |
% |
| Ratio of net investment income to average
net assets |
|
|
3.64 |
%3 |
|
|
3.13 |
% |
|
|
2.74 |
% |
|
|
2.03 |
% |
|
|
1.90 |
% |
|
|
1.94 |
% |
| Portfolio
turnover rate |
|
|
10 |
%2 |
|
|
26 |
% |
|
|
4 |
% |
|
|
24 |
% |
|
|
— |
% |
|
|
11 |
% |
| 1 |
Calculation
does not reflect sales load. |
| 2 |
Not
annualized. |
| 3 |
Annualized.
|
| 4 |
Includes
interest expense of 0.01%. |
| 5 |
Includes
interest expense of 0.02%. |
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA MUNICIPAL TAX FREE BOND FUND
CLASS
C SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, |
|
|
For the Year Ended December 31 |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
8.59 |
|
|
$ |
8.53 |
|
|
$ |
8.61 |
|
|
$ |
8.42 |
|
|
$ |
9.42 |
|
|
$ |
9.52 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
0.12 |
|
|
|
0.20 |
|
|
|
0.16 |
|
|
|
0.10 |
|
|
|
0.09 |
|
|
|
0.10 |
|
| Net realized
and unrealized gain (loss) on investments |
|
|
(0.01 |
) |
|
|
0.06 |
|
|
|
(0.08 |
) |
|
|
0.19 |
|
|
|
(1.00 |
) |
|
|
(0.10 |
) |
| Total from investment operations |
|
|
0.11 |
|
|
|
0.26 |
|
|
|
0.08 |
|
|
|
0.29 |
|
|
|
(0.91 |
) |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions
from net investment income |
|
|
(0.12 |
) |
|
|
(0.20 |
) |
|
|
(0.16 |
) |
|
|
(0.10 |
) |
|
|
(0.09 |
) |
|
|
(0.10 |
) |
| Total distributions |
|
|
(0.12 |
) |
|
|
(0.20 |
) |
|
|
(0.16 |
) |
|
|
(0.10 |
) |
|
|
(0.09 |
) |
|
|
(0.10 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
8.58 |
|
|
$ |
8.59 |
|
|
$ |
8.53 |
|
|
$ |
8.61 |
|
|
$ |
8.42 |
|
|
$ |
9.42 |
|
| Total
Return1 |
|
|
1.28 |
%2 |
|
|
3.05 |
% |
|
|
0.97 |
% |
|
|
3.49 |
% |
|
|
(9.66 |
)% |
|
|
0.03 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
127 |
|
|
$ |
125 |
|
|
$ |
130 |
|
|
$ |
132 |
|
|
$ |
139 |
|
|
$ |
153 |
|
| Ratio of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Before expense waiver or recoupment |
|
|
2.33 |
%3,4 |
|
|
2.28 |
%5 |
|
|
2.19 |
%4 |
|
|
2.11 |
%5 |
|
|
2.04 |
% |
|
|
1.95 |
% |
| After expense waiver or recoupment |
|
|
1.76 |
%3,4 |
|
|
1.78 |
%5 |
|
|
1.77 |
%4 |
|
|
1.77 |
%5 |
|
|
1.77 |
% |
|
|
1.75 |
% |
| Ratio of net investment income to average
net assets |
|
|
2.81 |
%3 |
|
|
2.31 |
% |
|
|
1.89 |
% |
|
|
1.19 |
% |
|
|
1.06 |
% |
|
|
1.11 |
% |
| Portfolio
turnover rate |
|
|
10 |
%2 |
|
|
26 |
% |
|
|
4 |
% |
|
|
24 |
% |
|
|
— |
% |
|
|
11 |
% |
| 1 |
Calculation
does not reflect contingent deferred sales charge. |
| 2 |
Not
annualized. |
| 3 |
Annualized.
|
| 4 |
Includes
interest expense of 0.01%. |
| 5 |
Includes
interest expense of 0.02%. |
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA MUNICIPAL TAX FREE BOND FUND
INSTITUTIONAL
SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, |
|
|
For the Year Ended December 31 |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
8.59 |
|
|
$ |
8.53 |
|
|
$ |
8.62 |
|
|
$ |
8.42 |
|
|
$ |
9.42 |
|
|
$ |
9.52 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
0.16 |
|
|
|
0.28 |
|
|
|
0.25 |
|
|
|
0.19 |
|
|
|
0.18 |
|
|
|
0.20 |
|
| Net realized
and unrealized gain (loss) on investments |
|
|
(0.01 |
) |
|
|
0.06 |
|
|
|
(0.09 |
) |
|
|
0.20 |
|
|
|
(1.00 |
) |
|
|
(0.10 |
) |
| Total from investment operations |
|
|
0.15 |
|
|
|
0.34 |
|
|
|
0.16 |
|
|
|
0.39 |
|
|
|
(0.82 |
) |
|
|
0.10 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions
from net investment income |
|
|
(0.16 |
) |
|
|
(0.28 |
) |
|
|
(0.25 |
) |
|
|
(0.19 |
) |
|
|
(0.18 |
) |
|
|
(0.20 |
) |
| Total distributions |
|
|
(0.16 |
) |
|
|
(0.28 |
) |
|
|
(0.25 |
) |
|
|
(0.19 |
) |
|
|
(0.18 |
) |
|
|
(0.20 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
8.58 |
|
|
$ |
8.59 |
|
|
$ |
8.53 |
|
|
$ |
8.62 |
|
|
$ |
8.42 |
|
|
$ |
9.42 |
|
| Total
Return |
|
|
1.78 |
%1 |
|
|
4.08 |
% |
|
|
1.87 |
% |
|
|
4.64 |
% |
|
|
(8.75 |
)% |
|
|
1.03 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
10 |
|
|
$ |
10 |
|
|
$ |
9 |
|
|
$ |
9 |
|
|
$ |
9 |
|
|
$ |
9 |
|
| Ratio of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Before expense waiver or recoupment |
|
|
1.33 |
%2,3 |
|
|
1.28 |
%4 |
|
|
1.19 |
%3 |
|
|
1.11 |
%4 |
|
|
1.04 |
% |
|
|
0.95 |
% |
| After expense waiver or recoupment |
|
|
0.76 |
%2,3 |
|
|
0.77 |
%4 |
|
|
0.77 |
%3 |
|
|
0.77 |
%4 |
|
|
0.77 |
% |
|
|
0.75 |
% |
| Ratio of net investment income to average
net assets |
|
|
3.80 |
%2 |
|
|
3.31 |
% |
|
|
2.89 |
% |
|
|
2.19 |
% |
|
|
2.06 |
% |
|
|
2.08 |
% |
| Portfolio
turnover rate |
|
|
10 |
%1 |
|
|
26 |
% |
|
|
4 |
% |
|
|
24 |
% |
|
|
— |
% |
|
|
11 |
% |
| 1 |
Not
annualized. |
| 2 |
Annualized.
|
| 3 |
Includes
interest expense of 0.01%. |
| 4 |
Includes
interest expense of 0.02%. |
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA INCOME FUND
CLASS
A SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, |
|
|
For the Year Ended December 31 |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
10.06 |
|
|
$ |
10.08 |
|
|
$ |
10.09 |
|
|
$ |
10.03 |
|
|
$ |
12.39 |
|
|
$ |
12.44 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
0.26 |
|
|
|
0.51 |
|
|
|
0.50 |
|
|
|
0.52 |
|
|
|
0.44 |
|
|
|
0.50 |
|
| Net realized
and unrealized gain (loss) on investments |
|
|
(0.12 |
) |
|
|
0.13 |
|
|
|
0.03 |
|
|
|
0.16 |
|
|
|
(1.99 |
) |
|
|
0.06 |
|
| Total from investment operations |
|
|
0.14 |
|
|
|
0.64 |
|
|
|
0.53 |
|
|
|
0.68 |
|
|
|
(1.55 |
) |
|
|
0.56 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions from net investment income |
|
|
(0.25 |
) |
|
|
(0.51 |
) |
|
|
(0.49 |
) |
|
|
(0.48 |
) |
|
|
(0.43 |
) |
|
|
(0.46 |
) |
| Distributions
from net capital gains |
|
|
— |
|
|
|
(0.15 |
) |
|
|
(0.05 |
) |
|
|
(0.14 |
) |
|
|
(0.38 |
) |
|
|
(0.15 |
) |
| Total distributions |
|
|
(0.25 |
) |
|
|
(0.66 |
) |
|
|
(0.54 |
) |
|
|
(0.62 |
) |
|
|
(0.81 |
) |
|
|
(0.61 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
9.95 |
|
|
$ |
10.06 |
|
|
$ |
10.08 |
|
|
$ |
10.09 |
|
|
$ |
10.03 |
|
|
$ |
12.39 |
|
| Total
Return1 |
|
|
1.41 |
%2 |
|
|
6.50 |
% |
|
|
5.37 |
% |
|
|
6.94 |
% |
|
|
(12.69 |
)% |
|
|
4.59 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
40,209 |
|
|
$ |
46,527 |
|
|
$ |
62,655 |
|
|
$ |
71,325 |
|
|
$ |
77,767 |
|
|
$ |
119,137 |
|
| Ratio of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Before expense waiver or recoupment |
|
|
1.39 |
%3,4 |
|
|
1.34 |
%4 |
|
|
1.26 |
%5 |
|
|
1.24 |
%5 |
|
|
1.18 |
% |
|
|
1.14 |
%6 |
| After expense waiver or recoupment |
|
|
1.14 |
%3,4 |
|
|
1.14 |
%4 |
|
|
1.13 |
%5 |
|
|
1.14 |
%5 |
|
|
1.12 |
% |
|
|
1.11 |
%6 |
| Ratio of net investment income to average
net assets |
|
|
5.22 |
%3 |
|
|
4.85 |
% |
|
|
4.80 |
% |
|
|
5.10 |
% |
|
|
3.83 |
% |
|
|
3.98 |
% |
| Portfolio
turnover rate |
|
|
1 |
%2 |
|
|
— |
% |
|
|
— |
% |
|
|
2 |
% |
|
|
1 |
% |
|
|
4 |
% |
|
1 |
Calculation
does not reflect sales load. |
|
2 |
Not
annualized. |
|
3 |
Annualized.
|
|
4 |
Includes
interest expense of 0.04%. |
|
5 |
Includes
interest expense of 0.03%. |
|
6 |
Includes
interest expense of 0.01%. |
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA INCOME FUND
CLASS
C SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, |
|
|
For the Year Ended December 31 |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
10.06 |
|
|
$ |
10.08 |
|
|
$ |
10.10 |
|
|
$ |
10.03 |
|
|
$ |
12.39 |
|
|
$ |
12.45 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
0.23 |
|
|
|
0.43 |
|
|
|
0.42 |
|
|
|
0.44 |
|
|
|
0.35 |
|
|
|
0.40 |
|
| Net realized
and unrealized gain (loss) on investments |
|
|
(0.13 |
) |
|
|
0.14 |
|
|
|
0.03 |
|
|
|
0.18 |
|
|
|
(1.98 |
) |
|
|
0.06 |
|
| Total from investment operations |
|
|
0.10 |
|
|
|
0.57 |
|
|
|
0.45 |
|
|
|
0.62 |
|
|
|
(1.63 |
) |
|
|
0.46 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions from net investment income |
|
|
(0.21 |
) |
|
|
(0.44 |
) |
|
|
(0.42 |
) |
|
|
(0.41 |
) |
|
|
(0.35 |
) |
|
|
(0.37 |
) |
| Distributions
from net capital gains |
|
|
— |
|
|
|
(0.15 |
) |
|
|
(0.05 |
) |
|
|
(0.14 |
) |
|
|
(0.38 |
) |
|
|
(0.15 |
) |
| Total distributions |
|
|
(0.21 |
) |
|
|
(0.59 |
) |
|
|
(0.47 |
) |
|
|
(0.55 |
) |
|
|
(0.73 |
) |
|
|
(0.52 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
9.95 |
|
|
$ |
10.06 |
|
|
$ |
10.08 |
|
|
$ |
10.10 |
|
|
$ |
10.03 |
|
|
$ |
12.39 |
|
| Total
Return1 |
|
|
1.03 |
%2 |
|
|
5.71 |
% |
|
|
4.48 |
% |
|
|
6.25 |
% |
|
|
(13.34 |
)% |
|
|
3.72 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
341 |
|
|
$ |
375 |
|
|
$ |
486 |
|
|
$ |
444 |
|
|
$ |
398 |
|
|
$ |
437 |
|
| Ratio of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Before expense waiver or recoupment |
|
|
2.14 |
%3,4 |
|
|
2.09 |
%4 |
|
|
2.01 |
%5 |
|
|
1.99 |
%5 |
|
|
1.93 |
% |
|
|
1.89 |
%6 |
| After expense waiver or recoupment |
|
|
1.89 |
%3,4 |
|
|
1.89 |
%4 |
|
|
1.88 |
%5 |
|
|
1.89 |
%5 |
|
|
1.87 |
% |
|
|
1.86 |
%6 |
| Ratio of net investment income to average
net assets |
|
|
4.48 |
%3 |
|
|
4.10 |
% |
|
|
4.07 |
% |
|
|
4.36 |
% |
|
|
3.12 |
% |
|
|
3.23 |
% |
| Portfolio
turnover rate |
|
|
1 |
%2 |
|
|
— |
% |
|
|
— |
% |
|
|
2 |
% |
|
|
1 |
% |
|
|
4 |
% |
| 1 |
Calculation
does not reflect contingent deferred sales charge. |
| 2 |
Not
annualized. |
| 3 |
Annualized.
|
| 4 |
Includes
interest expense of 0.04%. |
| 5 |
Includes
interest expense of 0.03%. |
| 6 |
Includes
interest expense of 0.01%. |
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA INCOME FUND
INSTITUTIONAL
SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, |
|
|
For the Year Ended December 31 |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
10.09 |
|
|
$ |
10.11 |
|
|
$ |
10.13 |
|
|
$ |
10.06 |
|
|
$ |
12.43 |
|
|
$ |
12.48 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
0.27 |
|
|
|
0.52 |
|
|
|
0.52 |
|
|
|
0.54 |
|
|
|
0.46 |
|
|
|
0.53 |
|
| Net realized
and unrealized gain (loss) on investments |
|
|
(0.12 |
) |
|
|
0.15 |
|
|
|
0.03 |
|
|
|
0.18 |
|
|
|
(1.99 |
) |
|
|
0.07 |
|
| Total from investment operations |
|
|
0.15 |
|
|
|
0.67 |
|
|
|
0.55 |
|
|
|
0.72 |
|
|
|
(1.53 |
) |
|
|
0.59 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions from net investment income |
|
|
(0.26 |
) |
|
|
(0.54 |
) |
|
|
(0.52 |
) |
|
|
(0.51 |
) |
|
|
(0.46 |
) |
|
|
(0.50 |
) |
| Distributions
from net capital gains |
|
|
— |
|
|
|
(0.15 |
) |
|
|
(0.05 |
) |
|
|
(0.14 |
) |
|
|
(0.38 |
) |
|
|
(0.15 |
) |
| Total distributions |
|
|
(0.26 |
) |
|
|
(0.69 |
) |
|
|
(0.57 |
) |
|
|
(0.65 |
) |
|
|
(0.84 |
) |
|
|
(0.65 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
9.98 |
|
|
$ |
10.09 |
|
|
$ |
10.11 |
|
|
$ |
10.13 |
|
|
$ |
10.06 |
|
|
$ |
12.43 |
|
| Total
Return |
|
|
1.54 |
%1 |
|
|
6.74 |
% |
|
|
5.51 |
% |
|
|
7.30 |
% |
|
|
(12.51 |
)% |
|
|
4.83 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
14 |
|
|
$ |
13 |
|
|
$ |
13 |
|
|
$ |
12 |
|
|
$ |
11 |
|
|
$ |
13 |
|
| Ratio of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Before expense waiver or recoupment |
|
|
1.14 |
%2,3 |
|
|
1.09 |
%3 |
|
|
1.01 |
%4 |
|
|
0.99 |
%4 |
|
|
0.93 |
% |
|
|
0.89 |
%5 |
| After expense waiver or recoupment |
|
|
0.89 |
%2,3 |
|
|
0.90 |
%3 |
|
|
0.88 |
%4 |
|
|
0.89 |
%4 |
|
|
0.87 |
% |
|
|
0.86 |
%5 |
| Ratio of net investment income to average
net assets |
|
|
5.48 |
%2 |
|
|
5.11 |
% |
|
|
5.05 |
% |
|
|
5.34 |
% |
|
|
4.10 |
% |
|
|
4.21 |
% |
| Portfolio
turnover rate |
|
|
1 |
%1 |
|
|
— |
% |
|
|
— |
% |
|
|
2 |
% |
|
|
1 |
% |
|
|
4 |
% |
| 1 |
Not
annualized. |
| 2 |
Annualized.
|
| 3 |
Includes
interest expense of 0.04%. |
| 4 |
Includes
interest expense of 0.03%. |
| 5 |
Includes
interest expense of 0.01%. |
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA UTILITIES FUND
CLASS
A SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the
Six Months Ended |
|
|
For the
Year Ended |
|
|
For the
Period Ended |
|
| |
|
June 30, |
|
|
December 31 |
|
|
December 31, |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
20231 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
20.76 |
|
|
$ |
19.64 |
|
|
$ |
17.48 |
|
|
$ |
20.00 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income2 |
|
|
0.16 |
|
|
|
0.34 |
|
|
|
0.37 |
|
|
|
0.39 |
|
| Net realized
and unrealized gain (loss) on investments |
|
|
1.51 |
|
|
|
2.48 |
|
|
|
3.49 |
|
|
|
(1.21 |
) |
| Total from investment operations |
|
|
1.67 |
|
|
|
2.82 |
|
|
|
3.86 |
|
|
|
(0.82 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions from net investment income |
|
|
(0.85 |
) |
|
|
(0.28 |
) |
|
|
(0.28 |
) |
|
|
(0.24 |
) |
| Distributions
from return of capital |
|
|
— |
|
|
|
(1.42 |
) |
|
|
(1.42 |
) |
|
|
(1.46 |
) |
| Total distributions |
|
|
(0.85 |
) |
|
|
(1.70 |
) |
|
|
(1.70 |
) |
|
|
(1.70 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
21.58 |
|
|
$ |
20.76 |
|
|
$ |
19.64 |
|
|
$ |
17.48 |
|
| Total
Return3 |
|
|
8.04 |
%4 |
|
|
14.56 |
% |
|
|
22.72 |
% |
|
|
(4.16 |
)%4 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
59,142 |
|
|
$ |
50,388 |
|
|
$ |
26,996 |
|
|
$ |
14,449 |
|
| Ratio of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Before expense waiver or recoupment |
|
|
1.58 |
%5 |
|
|
1.69 |
% |
|
|
1.90 |
% |
|
|
2.56 |
%5 |
| After expense waiver or recoupment |
|
|
1.53 |
%5 |
|
|
1.53 |
% |
|
|
1.53 |
% |
|
|
1.53 |
%5 |
| Ratio of net investment income to average
net assets |
|
|
1.39 |
%5 |
|
|
1.62 |
% |
|
|
1.92 |
% |
|
|
2.29 |
%5 |
| Portfolio
turnover rate |
|
|
— |
%4 |
|
|
1 |
% |
|
|
— |
% |
|
|
— |
%4 |
| 1 |
For the period January 31, 2023
(commencement of operations) to December 31, 2023. |
| 2 |
Calculated based on the average
number of shares outstanding during the period. |
| 3 |
Calculation
does not reflect sales load. |
| 4 |
Not
annualized. |
| 5 |
Annualized.
|
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA UTILITIES FUND
CLASS
C SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the
Six Months Ended |
|
|
For the
Year Ended |
|
|
For the
Period Ended |
|
| |
|
June 30, |
|
|
December 31 |
|
|
December 31, |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
20231 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
20.94 |
|
|
$ |
19.82 |
|
|
$ |
17.63 |
|
|
$ |
20.00 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income2 |
|
|
0.09 |
|
|
|
0.18 |
|
|
|
0.23 |
|
|
|
0.29 |
|
| Net realized
and unrealized gain (loss) on investments |
|
|
1.51 |
|
|
|
2.50 |
|
|
|
3.51 |
|
|
|
(1.25 |
) |
| Total from investment operations |
|
|
1.60 |
|
|
|
2.68 |
|
|
|
3.74 |
|
|
|
(0.96 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions from net investment income |
|
|
(0.77 |
) |
|
|
(0.26 |
) |
|
|
(0.26 |
) |
|
|
(0.20 |
) |
| Distributions
from return of capital |
|
|
— |
|
|
|
(1.30 |
) |
|
|
(1.29 |
) |
|
|
(1.21 |
) |
| Total distributions |
|
|
(0.77 |
) |
|
|
(1.56 |
) |
|
|
(1.55 |
) |
|
|
(1.41 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
21.77 |
|
|
$ |
20.94 |
|
|
$ |
19.82 |
|
|
$ |
17.63 |
|
| Total
Return3 |
|
|
7.64 |
%4 |
|
|
13.72 |
% |
|
|
21.78 |
% |
|
|
(4.85 |
)%4 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
35 |
|
|
$ |
28 |
|
|
$ |
12 |
|
|
$ |
10 |
|
| Ratio of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Before expense waiver or recoupment |
|
|
2.33 |
%5 |
|
|
2.43 |
% |
|
|
2.65 |
% |
|
|
4.90 |
%5 |
| After expense waiver or recoupment |
|
|
2.28 |
%5 |
|
|
2.29 |
% |
|
|
2.28 |
% |
|
|
2.28 |
%5 |
| Ratio of net investment income to average
net assets |
|
|
0.69 |
%5 |
|
|
0.85 |
% |
|
|
1.17 |
% |
|
|
1.71 |
%5 |
| Portfolio
turnover rate |
|
|
— |
%4 |
|
|
1 |
% |
|
|
— |
% |
|
|
— |
%4 |
| 1 |
For the period January 31, 2023
(commencement of operations) to December 31, 2023. |
| 2 |
Calculated based on the average
number of shares outstanding during the period. |
| 3 |
Calculation
does not reflect contingent deferred sales charge. |
| 4 |
Not
annualized. |
| 5 |
Annualized.
|
See
accompanying notes which are an integral part of these financial statements.
SPIRIT
OF AMERICA UTILITIES FUND
INSTITUTIONAL
SHARES
FINANCIAL
HIGHLIGHTS
The
table below sets forth financial data for one share of beneficial interest outstanding throughout the period presented.
| |
|
For the
Six Months Ended |
|
|
For the
Year Ended |
|
|
For the
Period Ended |
|
| |
|
June 30, |
|
|
December 31 |
|
|
December 31, |
|
| |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
20231 |
|
| |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
| Net Asset Value,
Beginning of Period |
|
$ |
20.78 |
|
|
$ |
19.65 |
|
|
$ |
17.48 |
|
|
$ |
20.00 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income2 |
|
|
0.21 |
|
|
|
0.40 |
|
|
|
0.42 |
|
|
|
0.47 |
|
| Net realized
and unrealized gain (loss) on investments |
|
|
1.49 |
|
|
|
2.48 |
|
|
|
3.50 |
|
|
|
(1.26 |
) |
| Total from investment operations |
|
|
1.70 |
|
|
|
2.88 |
|
|
|
3.92 |
|
|
|
(0.79 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Distributions from net investment income |
|
|
(0.88 |
) |
|
|
(0.29 |
) |
|
|
(0.29 |
) |
|
|
(0.25 |
) |
| Distributions
from return of capital |
|
|
— |
|
|
|
(1.46 |
) |
|
|
(1.46 |
) |
|
|
(1.48 |
) |
| Total distributions |
|
|
(0.88 |
) |
|
|
(1.75 |
) |
|
|
(1.75 |
) |
|
|
(1.73 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value, End of
Period |
|
$ |
21.60 |
|
|
$ |
20.78 |
|
|
$ |
19.65 |
|
|
$ |
17.48 |
|
| Total
Return |
|
|
8.16 |
%3 |
|
|
14.85 |
% |
|
|
23.05 |
% |
|
|
(4.00 |
)%3 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios
and Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period (000) |
|
$ |
15 |
|
|
$ |
14 |
|
|
$ |
12 |
|
|
$ |
10 |
|
| Ratio of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Before expense waiver or recoupment |
|
|
1.33 |
%4 |
|
|
1.43 |
% |
|
|
1.67 |
% |
|
|
3.90 |
%4 |
| After expense waiver or recoupment |
|
|
1.28 |
%4 |
|
|
1.28 |
% |
|
|
1.28 |
% |
|
|
1.28 |
%4 |
| Ratio of net investment income to average
net assets |
|
|
1.63 |
%4 |
|
|
1.87 |
% |
|
|
2.17 |
% |
|
|
2.71 |
%4 |
| Portfolio
turnover rate |
|
|
— |
%3 |
|
|
1 |
% |
|
|
— |
% |
|
|
— |
%3 |
| 1 |
For the period January 31, 2023
(commencement of operations) to December 31, 2023. |
| 2 |
Calculated based on the average
number of shares outstanding during the period. |
| 3 |
Not
annualized. |
| 4 |
Annualized.
|
See
accompanying notes which are an integral part of these financial statements.
| NOTES
TO FINANCIAL STATEMENTS | JUNE 30, 2026 (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 5 funds, each operating as a diversified fund as defined by the 1940 Act (individually, a “Fund”,
or collectively, the “Funds”):
Spirit of America Real Estate
Income and Growth Fund (the “Real Estate Income and Growth Fund”) commenced operations on January 9, 1998.
The Real Estate Income and Growth Fund seeks current income and growth of capital by investing in equity real estate investment trusts
(“REITs”) and the equity securities of real estate industry companies.
Spirit of America Large Cap
Value Fund (the “Large Cap Value Fund”) commenced operations on August 1, 2002. The Large Cap Value Fund seeks
capital appreciation with a secondary objective of current income by investing in equity securities in the large cap value segment of
the U.S. equity market.
Spirit of American Municipal
Tax Free Bond Fund (the “Municipal Tax Free Bond Fund”) commenced operations on February 29, 2008. The Municipal
Tax Free Bond Fund seeks high current income that is exempt from federal income tax, including the alternative minimum tax (“AMT”),
investing at least 80% of its assets in municipal bonds.
Spirit of America Income
Fund (the “Income Fund”) commenced operations on December 31, 2008. The Income Fund seeks high current income,
investing at least 80% of its assets in a portfolio of taxable municipal bonds, income producing convertible securities, preferred stocks,
high yield U.S. corporate bonds (frequently called “junk” bonds), and collateralized mortgage obligations (“CMOs”).
Spirit of America Utilities
Fund (the “Utilities Fund”) commenced operations on January 31, 2023. The Utilities Fund seeks current income
and capital appreciation by investing at least 80% of its net assets plus any borrowings in a combination of securities and other assets
of utility and utility related companies.
Each Fund currently offers Class
A Shares, Class C Shares and Institutional Shares. Each class of shares for each Fund has identical rights and privileges except with
respect to distribution (12b-1) and service fees, voting rights on matters affecting a single class of shares, exchange privileges of
each class of shares and sales charges. The price at which the Funds will offer or redeem shares is the net asset value (“NAV”)
per share next determined after the order is considered received, subject to any applicable front end or contingent deferred sales charges.
Class A Shares have a maximum sales charge on purchases of 5.25% for the Real Estate Income and Growth Fund and Large Cap Value Fund,
4.75% for the Municipal Tax Free Bond Fund and Income Fund, and 5.75% for the Utilities Fund, as a percentage of the original purchase
price. A Contingent Deferred Sales Charge (“CDSC”) of 1.00% may be imposed on redemptions of $1 million or more of Class A
Shares that were purchased within one year of the redemption date where an indirect commission was paid. CDSC on Class C Shares applies
to shares sold within 13 months of purchase.
The Funds have adopted Financial
Accounting Standards Board (“FASB”) Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements
to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund’s
financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that
engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed
by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to
the segment and assess its performance, and has discrete financial information available. The Funds’ CODM is the President and Principal
Executive Officer of the Funds. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes
in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight
functions of the Funds, using the information presented in the financial statements and financial highlights.
| NOTES
TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2026 (UNAUDITED) |
Note 2 – Significant
Accounting Policies
Each Fund is an investment company
and follows accounting and reporting guidance under FASB Accounting Standards Codification 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.
Accounting Pronouncement:
On December 14, 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), which establishes
new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in ASU 2023-09
are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income
tax disclosures. ASU 2023-09 applies to all entities that are subject to ASC 740, Income Taxes. The Funds have adopted ASU-2023-09, which
did not have a material impact on the financial statements or disclosures.
A. Security Valuation:
The offering price and NAV per share for the Funds are calculated as of the close of regular trading on the New York Stock
Exchange (“NYSE”), currently 4:00 p.m., Eastern Time on each day the NYSE is open for trading. Each Fund’s securities
are valued at the official close or the last reported sales price on the principal exchange on which the security trades, or if no sales
price is reported, the mean of the latest bid and ask prices is used. Securities traded over-the-counter are priced at the mean of the
latest bid and ask prices. Unlisted securities traded in the over-the-counter market are valued using an evaluated quote provided by the
independent pricing service, or, if an evaluated quote is unavailable, such securities are valued using prices received from dealers,
provided that if the dealer supplies both bid and ask prices, the price to be used is the mean of the bid and ask prices. The independent
pricing service derives an evaluated quote by obtaining dealer quotes, analyzing the listed markets, reviewing trade execution data and
employing sensitivity analysis. Evaluated quotes may also reflect appropriate factors such as individual characteristics of the issue,
communications with broker-dealers, and other market data. Pursuant to Rule 2a-5 under the 1940 Act, the Company’s Board of
Directors (the “Board”) has designated Spirit of America Management Corp., the Company’s investment adviser, as the
Company’s Valuation Designee, to perform any fair value determinations for securities and other assets held by the Funds for which
market quotations are not readily available in accordance with the Company’s Valuation Procedures.
B. Fair Value
Measurements: Various inputs are used in determining the fair value of investments which are as follows:
| |
● |
Level 1 – |
Unadjusted quoted prices in active markets for identical investments and/or registered investment companies
where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at
the valuation date. |
| |
● |
Level 2 – |
Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability,
either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar
instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| |
● |
Level 3 – |
Unobservable inputs based on the best information available in the circumstances, to the extent observable
inputs are not available (including each Fund’s own assumptions used in determining the fair value of investments). |
The summary of inputs used to
value each Fund’s investments as of June 30, 2026 is as follows:
| |
|
Valuation Inputs |
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Real Estate Income and
Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks1 |
|
$ |
73,446,323 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
73,446,323 |
|
| Preferred Stocks1 |
|
|
538,034 |
|
|
|
— |
|
|
|
— |
|
|
|
538,034 |
|
| Money Market Funds |
|
|
1,650,846 |
|
|
|
— |
|
|
|
— |
|
|
|
1,650,846 |
|
| Total |
|
$ |
75,635,203 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
75,635,203 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NOTES
TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2026 (UNAUDITED) |
| |
|
Valuation Inputs |
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Large Cap Value Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks1 |
|
$ |
240,080,973 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
240,080,973 |
|
| Preferred Stocks1 |
|
|
243,860 |
|
|
|
— |
|
|
|
— |
|
|
|
243,860 |
|
| Money Market Funds |
|
|
1,353,141 |
|
|
|
— |
|
|
|
— |
|
|
|
1,353,141 |
|
| Total |
|
$ |
241,677,974 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
241,677,974 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal Tax Free Bond
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
$ |
— |
|
|
$ |
22,539,601 |
|
|
$ |
— |
|
|
$ |
22,539,601 |
|
| Total |
|
$ |
— |
|
|
$ |
22,539,601 |
|
|
$ |
— |
|
|
$ |
22,539,601 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks1 |
|
$ |
2,129,983 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,129,983 |
|
| Preferred Stocks1 |
|
|
9,753,131 |
|
|
|
— |
|
|
|
— |
|
|
|
9,753,131 |
|
| Collateralized Mortgage Obligations |
|
|
— |
|
|
|
40,090 |
|
|
|
— |
|
|
|
40,090 |
|
| Corporate Bonds |
|
|
— |
|
|
|
6,791,800 |
|
|
|
— |
|
|
|
6,791,800 |
|
| Municipal Bonds |
|
|
— |
|
|
|
22,540,058 |
|
|
|
— |
|
|
|
22,540,058 |
|
| Total |
|
$ |
11,883,114 |
|
|
$ |
29,371,948 |
|
|
$ |
— |
|
|
$ |
41,255,062 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Utilities Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks1 |
|
$ |
58,436,387 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
58,436,387 |
|
| Money Market Funds |
|
|
1,518,158 |
|
|
|
— |
|
|
|
— |
|
|
|
1,518,158 |
|
| Total |
|
$ |
59,954,545 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
59,954,545 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Refer to Schedule of Investments for sector/industry classification. |
The Funds did not hold any investments
at any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation
of Level 3 securities is included for this reporting period.
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 their net investment income and capital gains to shareholders each year. The Real
Estate Income and Growth Fund intends to pay two semi-annual income dividends and other distributions on June 30 and December 31
in the annual minimum amount of $0.85 per share. The Large Cap Value Fund intends to pay two semi-annual income dividends and other distributions
on June 30 and December 31 in the annual minimum amount of $1.40 per share. The Utilities Fund intends to pay two semi-annual
income dividends and other distributions on June 30 and December 31. For the Income Fund and Municipal Tax Free Bond Fund, income
distributions
| NOTES
TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2026 (UNAUDITED) |
will typically be declared daily
and paid monthly. Capital gains, if any, for all of the Funds, will be distributed annually in December, but may be distributed more frequently
if deemed advisable by the Board. All such distributions are taxable to the shareholders whether received in cash or reinvested in shares.
The Real Estate Income and Growth
Fund and Large Cap Value Fund have made certain investments in REITs which pay distributions to their shareholders based upon available
funds from operations. Each REIT reports annually the tax character of its distributions. It is quite common for these distributions to
exceed the REIT’s taxable earnings and profits resulting in the excess portion of such distributions being designated as a return
of capital or long-term capital gain. The Funds intend to include the gross distributions from such REITs in their distributions to their
shareholders; accordingly, a portion of the distributions paid to the Funds and subsequently distributed to shareholders may be re-characterized
based on the prior calendar year’s actual reported return of capital. The final determination of the amount of each Fund’s
return of capital distribution for the period will be made after the end of each calendar year.
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 determines to be fair and equitable. Income,
expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares
based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class
are charged against the operations of that class.
Note 3 – Derivative
Transactions
Written Options Contracts –
The Real Estate Income and Growth Fund and Large Cap Value Fund may write options contracts for which premiums received are recorded as
liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options which expire
are treated as realized gains. Premiums received from writing options which are either exercised or closed are offset against the proceeds
received or the amount paid on the transaction to determine realized gains or losses. Investing in written options contracts exposes a
Fund to equity price risk.
The Funds did not hold any derivatives
at June 30, 2026.
Note 4 – Purchases
and Sales of Securities
Purchases and proceeds from
the sales of securities for the six months ended June 30, 2026, excluding short-term investments and U.S. government obligations,
were as follows:
| Fund |
|
Purchases |
|
|
Sales |
|
| Real Estate Income and Growth Fund |
|
$ |
5,925,284 |
|
|
$ |
6,416,462 |
|
| Large Cap Value Fund |
|
|
8,986,219 |
|
|
|
9,470,615 |
|
| Municipal Tax Free Bond Fund |
|
|
2,179,820 |
|
|
|
3,741,404 |
|
| Income Fund |
|
|
250,000 |
|
|
|
5,897,855 |
|
| Utilities Fund |
|
|
5,139,803 |
|
|
|
12 |
|
| |
|
|
|
|
|
|
|
|
There were no purchases or sales
of long-term U.S. Government Obligations during the six months ended June 30, 2026.
| NOTES
TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2026 (UNAUDITED) |
Note 5 – Investment
Management Fee and Other Transactions with Affiliates
The Adviser has been retained
to act as the Company’s investment adviser pursuant to an Investment Advisory Agreement (the “Advisory Agreement”).
The Adviser was incorporated in 1997 and is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The
Adviser, under the terms of the Advisory Agreement with respect to each Fund, manages the Funds’ investments. As compensation for
its management services, each Fund is obligated to pay the Adviser a fee based on each Fund’s average daily net assets as follows:
| Fund |
|
Fee Rate |
|
|
Advisory
Fees Earned |
|
| Real Estate Income and Growth
Fund |
|
|
0.97 |
% |
|
$ |
341,331 |
|
| Large Cap Value Fund |
|
|
0.97 |
% |
|
|
1,068,497 |
|
| Municipal Tax Free Bond Fund |
|
|
0.60 |
% |
|
|
68,860 |
|
| Income Fund |
|
|
0.60 |
% |
|
|
131,350 |
|
| Utilities Fund |
|
|
0.97 |
% |
|
|
273,458 |
|
| |
|
|
|
|
|
|
|
|
The Adviser has contractually
agreed to waive advisory fees and/or reimburse expenses for the Municipal Tax Free Bond Fund, Income Fund and Utilities Fund (based on
average daily net assets) through April 30, 2027, 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, 2026, the Adviser waived advisory fees, as indicated:
| Fund |
|
Class A
Shares |
|
|
Class C
Shares |
|
|
Institutional
Shares |
|
|
Fees Recouped
(Waived) |
|
| Municipal Tax Free Bond Fund |
|
|
0.90 |
% |
|
|
1.75 |
% |
|
|
0.75 |
% |
|
$ |
(65,037 |
) |
| Income Fund |
|
|
1.10 |
% |
|
|
1.85 |
% |
|
|
0.85 |
% |
|
|
(53,709 |
) |
| Utilities Fund |
|
|
1.53 |
% |
|
|
2.28 |
% |
|
|
1.28 |
% |
|
|
(12,500 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
| Recoverable
through |
|
Municipal
Tax Free
Bond Fund |
|
|
Income
Fund |
|
|
Utilities
Fund |
|
| December 31, 2026 |
|
$ |
63,499 |
|
|
$ |
39,306 |
|
|
$ |
68,262 |
|
| December 31, 2027 |
|
|
140,209 |
|
|
|
86,000 |
|
|
|
69,476 |
|
| December 31, 2028 |
|
|
137,034 |
|
|
|
111,683 |
|
|
|
61,378 |
|
| June 30, 2029 |
|
|
65,037 |
|
|
|
53,709 |
|
|
|
12,500 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
The Funds’ Class A Shares
and Class C Shares have adopted a plan of distribution pursuant to Rule 12b-1 (the “Plan”). The Plan permits each Fund’s
Class A Shares and Class C Shares to pay David Lerner Associates, Inc. (the “Distributor”) an annual fee, accrued daily and
paid monthly based on each Class of each Fund’s average daily net assets for the Distributor’s
| NOTES
TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2026 (UNAUDITED) |
services and expenses in distributing
shares of each Fund and providing personal services and/or maintaining shareholder accounts. For the six months ended June 30, 2026,
the annual fee rate and the fees paid to the Distributor under the Plan were as follows:
| |
|
Class A Shares |
|
|
Class C Shares |
|
| Fund |
|
Annual Rate |
|
|
Fees Paid |
|
|
Annual Rate |
|
|
Fees Paid |
|
| Real Estate Income and Growth Fund |
|
|
0.30 |
% |
|
$ |
105,446 |
|
|
|
1.00 |
% |
|
$ |
328 |
|
| Large Cap Value Fund |
|
|
0.30 |
% |
|
|
329,810 |
|
|
|
1.00 |
% |
|
|
2,034 |
|
| Municipal Tax Free Bond Fund |
|
|
0.15 |
% |
|
|
17,115 |
|
|
|
1.00 |
% |
|
|
623 |
|
| Income Fund |
|
|
0.25 |
% |
|
|
54,269 |
|
|
|
1.00 |
% |
|
|
1,773 |
|
| Utilities Fund |
|
|
0.25 |
% |
|
|
70,419 |
|
|
|
1.00 |
% |
|
|
167 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2026, sales charges received by the Distributor from each of the Funds were as follows:
| Fund |
|
Front-End Sales
Charges Received
by Distributor |
|
|
CDSC Fees
Received by
Distributor |
|
| Real Estate Income and Growth
Fund |
|
$ |
249,128 |
|
|
$ |
— |
|
| Large Cap Value Fund |
|
|
868,816 |
|
|
|
— |
|
| Municipal Tax Free Bond Fund |
|
|
39,594 |
|
|
|
— |
|
| Income Fund |
|
|
122,472 |
|
|
|
— |
|
| Utilities Fund |
|
|
304,537 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
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, 2026, the Funds were allocated $8,727 of the Chief Compliance Officer’s salary.
A Director Emeritus (formerly
an Independent Director) of the Company is associated with the insurance agency utilized by the Funds. During the six months ended June 30,
2026, the Funds paid this insurance agency $40,468 in insurance premiums.
Note 6 – Concentration
and Other Risks
The performance of the Municipal
Tax Free Bond Fund and Income Fund could be adversely affected by interest rate risk, which is the possibility that overall bond prices
will decline because of rising interest rates. Interest rate risk is expected to be high for these Funds because they invest mainly in
long-term bonds, whose prices are much more sensitive to interest fluctuations than are the prices of short-term bonds.
The Municipal Tax Free Bond
Fund and Income Fund may be affected by credit risk, which is the possibility that the issuer of a bond will fail to pay interest and
principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of
that bond to decline. This risk may be greater to the extent that these Funds may invest in taxable fixed income or municipal securities
rated below investment grade, or unrated of similar quality (frequently called “junk bonds”).
The Municipal Tax Free Bond
Fund and Income Fund may be affected by credit risk of lower grade securities, which is the possibility that junk bonds may be subject
to greater price fluctuations and risks of loss of income and principal than investment-grade taxable fixed income or municipal securities.
Securities that are (or that have fallen) below investment-grade
| NOTES
TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2026 (UNAUDITED) |
have a greater risk that the
issuers may not meet their debt obligations. These types of securities are generally considered speculative in relation to the issuer’s
ongoing ability to make principal and interest payments. During periods of rising interest rates or economic downturn, the trading market
for these securities may not be active and may reduce the Funds’ ability to sell these securities at an acceptable price. If the
issuer of securities is in default in payment of interest or principal, a Fund may lose its entire investment in those securities.
The Real Estate Income and Growth
Fund invests primarily in real estate related securities. A fund that concentrates its investments among fewer sectors is subject to greater
risk of loss than a fund that has more sector diversification. Investments in real estate and real estate-related equity securities involve
risks different from, and in certain cases greater than, the risks presented by equity securities generally. The main risks are those
presented by direct ownership of real estate or real estate industry securities, including possible declines in the value of real estate,
environmental problems and changes in interest rates. To the extent that assets underlying the Fund’s investments are concentrated
geographically, by property type or in certain other respects, the Fund may be subject to these risks to a greater extent. The stocks
purchased by the Fund may not appreciate in value as the Adviser anticipates. In addition, if the Fund receives rental income or income
from the disposition of real property acquired as a result of a default on securities the Fund owns, its ability to retain its tax status
as a regulated investment company may be adversely affected.
The Large Cap Value Fund and
Utilities Fund may, at times, concentrate their investments in a particular sector, such as technology or utilities, if the Adviser believes
stocks in that particular sector are performing more favorably. If the Funds invest a significant portion of their total assets in certain
sectors, their investment portfolios will be more susceptible to the financial, economic, business, and political developments that affect
those sectors.
Other risks to the Funds may
include income risk, liquidity risk, prepayment risk on collateralized mortgage obligations, municipal project specific risk, municipal
lease obligation risk, zero coupon securities risk, market risk, manager risk, taxability risk, state-specific risk and exchange-traded
funds risk. The Funds’ prospectus contains more information regarding these risks and other risks related to the Funds as well as
other information about the Funds, and should be read carefully before investing.
Note 7 – Restricted
Securities
Restricted securities are securities
that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases,
the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense, either upon demand
by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary
market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Funds will not incur any
registration costs upon such resale. The Funds’ restricted securities are valued at the price provided by dealers in the secondary
market or, if no market prices are available, at the fair value as determined by the Board. At June 30, 2026, the Income Fund held
illiquid restricted securities representing 5.30% of net assets, as listed below:
|
Issuer Description
Corporate Bonds |
|
Acquisition
Date |
|
|
Principal
Amount |
|
|
Cost |
|
|
Value |
|
| Exelon Generation Co. LLC, 5.60%,
6/15/2042 |
|
7/12/2012 |
|
|
$ |
400,000 |
|
|
$ |
416,250 |
|
|
$ |
395,844 |
|
| MetLife Inc., 9.25%, 4/8/2038 |
|
6/4/2013 |
|
|
|
1,500,000 |
|
|
|
2,091,939 |
|
|
|
1,753,467 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NOTES
TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2026 (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,
2026, were as follows:
| Fund |
|
Gross
Unrealized
Appreciation |
|
|
Gross
Unrealized
Depreciation |
|
|
Net Unrealized
Appreciation/
(Depreciation)1 |
|
|
Cost Basis of
Investments |
|
| Real Estate Income and Growth
Fund |
|
$ |
21,880,354 |
|
|
$ |
(3,709,663 |
) |
|
$ |
18,170,691 |
|
|
$ |
57,464,512 |
|
| Large Cap Value Fund |
|
|
154,695,466 |
|
|
|
(1,743,451 |
) |
|
|
152,952,015 |
|
|
|
88,725,959 |
|
| Municipal Tax Free Bond Fund |
|
|
164,161 |
|
|
|
(369,158 |
) |
|
|
(204,997 |
) |
|
|
22,744,598 |
|
| Income Fund |
|
|
1,785,906 |
|
|
|
(6,819,744 |
) |
|
|
(5,033,838 |
) |
|
|
46,288,900 |
|
| Utilities Fund |
|
|
10,763,594 |
|
|
|
(461,829 |
) |
|
|
10,301,765 |
|
|
|
49,652,780 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
The difference between book-basis and tax-basis net unrealized appreciation/(depreciation) is primarily
due to wash sales, tax treatment of Trust Preferred securities and partnership investments. |
The tax character of distributions
paid by each of the Funds for the fiscal year ended December 31, 2025, the Funds’ most recent fiscal year end, was as follows:
| Fund |
|
Ordinary
Income |
|
|
Tax-Exempt
Income |
|
|
Net Long-Term
Capital Gains |
|
|
Return of
Capital |
|
|
Total
Distributions |
|
| Real Estate Income and Growth
Fund |
|
$ |
1,200,438 |
|
|
$ |
— |
|
|
$ |
3,528,424 |
|
|
$ |
2,179,719 |
|
|
$ |
6,908,581 |
|
| Large Cap Value Fund |
|
|
— |
|
|
|
— |
|
|
|
17,150,085 |
|
|
|
1,321,783 |
|
|
|
18,471,868 |
|
| Municipal Tax Free Bond Fund |
|
|
6,043 |
|
|
|
847,411 |
|
|
|
— |
|
|
|
— |
|
|
|
853,454 |
|
| Income Fund |
|
|
2,801,831 |
|
|
|
— |
|
|
|
686,706 |
|
|
|
— |
|
|
|
3,488,537 |
|
| Utilities Fund |
|
|
583,077 |
|
|
|
— |
|
|
|
— |
|
|
|
2,927,537 |
|
|
|
3,510,614 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2025, the
components of accumulated distributable earnings for each Fund on a tax basis were as follows:
| Fund |
|
Undistributed
Tax-Exempt
Income |
|
|
Undistributed
Ordinary
Income |
|
|
Undistributed
Long-Term
Capital Gains |
|
|
Accumulated
Capital and
Other Losses |
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
Total
Accumulated
Earnings
(Losses) |
|
| Real Estate Income and Growth
Fund |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,519,988 |
|
|
$ |
8,519,988 |
|
| Large Cap Value Fund |
|
|
— |
|
|
|
— |
|
|
|
2,112,956 |
|
|
|
— |
|
|
|
128,261,412 |
|
|
|
130,374,368 |
|
| Municipal Tax Free Bond Fund |
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
(10,320,230 |
) |
|
|
(203,664 |
) |
|
|
(10,523,891 |
) |
| Income Fund |
|
|
— |
|
|
|
8,120 |
|
|
|
1,050,654 |
|
|
|
— |
|
|
|
(4,105,373 |
) |
|
|
(3,046,599 |
) |
| Utilities Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,531,613 |
|
|
|
6,531,613 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2025, for
federal income tax purposes and the treatment of distributions payable, the following Funds had capital loss carryforwards available to
offset future gains, if any, to the extent provided by the Treasury regulations:
| |
|
No Expiration |
|
|
|
|
| Fund |
|
Short-Term |
|
|
Long-Term |
|
|
Total |
|
| Municipal Tax Free Bond Fund |
|
$ |
2,785,908 |
|
|
$ |
7,534,322 |
|
|
$ |
10,320,230 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
During the fiscal year ended
December 31, 2025, the Utilities Fund utilized $1,393 of available short-term capital loss carryforwards.
| NOTES
TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2026 (UNAUDITED) |
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, expiring on May 15, 2027. Borrowings under
this agreement bear interest at the 1-Month Secured Overnight Financing Rate plus 1.625%. Maximum borrowings for the Company is the lesser
of $5,000,000 or 10% of the Funds’ daily market value. At June 30, 2026, Municipal Tax Free Bond Fund had outstanding borrowings
of $173,447 and Income Fund had outstanding borrowings of $977,995. During the six months ended June 30, 2026, each Fund’s
borrowing activity was as follows:
| |
|
Real Estate
Income and
Growth Fund |
|
|
Large Cap
Value Fund |
|
|
Municipal Tax
Free Bond Fund |
|
|
Income Fund |
|
|
Utilities Fund |
|
| Total bank line of credit as of June 30, 2025 |
|
$ |
5,000,000 |
|
|
$ |
5,000,000 |
|
|
$ |
2,090,967 |
|
|
$ |
3,078,349 |
|
|
$ |
5,000,000 |
|
| Average borrowings during period |
|
$ |
101,305 |
|
|
$ |
128,912 |
|
|
$ |
84,599 |
|
|
$ |
90,491 |
|
|
$ |
— |
|
| Number of days outstanding1 |
|
|
10 |
|
|
|
25 |
|
|
|
17 |
|
|
|
51 |
|
|
|
— |
|
| Average interest rate during period |
|
|
5.285 |
% |
|
|
5.292 |
% |
|
|
5.285 |
% |
|
|
5.289 |
% |
|
|
— |
|
| Highest balance drawn during period |
|
$ |
308,273 |
|
|
$ |
537,378 |
|
|
$ |
287,311 |
|
|
$ |
452,985 |
|
|
$ |
— |
|
| Highest balance interest rate |
|
|
5.359 |
% |
|
|
5.359 |
% |
|
|
5.359 |
% |
|
|
5.359 |
% |
|
|
5.359 |
% |
| Interest expense incurred |
|
$ |
201 |
|
|
$ |
4,227 |
|
|
$ |
1,096 |
|
|
$ |
9,097 |
|
|
$ |
— |
|
| Interest rate at June 30, 2025 |
|
|
5.262 |
% |
|
|
5.262 |
% |
|
|
5.262 |
% |
|
|
5.262 |
% |
|
|
5.262 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Number of days outstanding represents the total days during the six months ended June 30, 2026 each
Fund utilized the Line of Credit. |
Note 10 – Commitments
and Contingencies
The Company indemnifies its
officers and trustees for certain liabilities that may arise from their performance of their duties to the Company or the Funds. Additionally,
in the normal course of business, the Company enters into contracts that contain a variety of representations and warranties which provide
general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims
that may be made against the Company that have not yet occurred.
Note 11 – Subsequent
Events
Management of the Funds has
evaluated the need for disclosures resulting from subsequent events through the date these financial statements were issued. Management
has determined that there were no additional items requiring additional disclosure.
| ADDITIONAL
INFORMATION | JUNE 30, 2026 (UNAUDITED) |
Changes in and Disagreements
with Accountants
There were no changes in
or disagreements with accountants during the period covered by this report.
Proxy Disclosures
Not applicable.
Remuneration Paid to
Directors, Officers and Others
Refer to the financial statements
included herein.
Statement Regarding Basis
for Approval of Investment Advisory Agreement
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 20, 2026, the Board of Directors (the “Board” or “Directors”)
of Spirit of America Investment Fund, Inc. (the “Company”) met in person (the “Meeting”) to, among other things,
consider the approval of the Investment Advisory Agreement (the “Advisory Agreement”) by and between Spirit of America Management
Corp. (the “Adviser”) and the Company, on behalf of the Spirit of America Municipal Tax Free Bond Fund (the “Municipal
Fund”), Spirit of America Income Fund (the “Income Fund”), Spirit of America Real Estate Income and Growth Fund (the
“Real Estate Fund”), Spirit of America Large Cap Value Fund (the “Value Fund”), and Spirit of America Utilities
Fund (the “Utilities Fund”) (each a “Fund”; collectively, the “Funds”). At the Meeting, after determining
that the Adviser’s compensation continues to be not unreasonable pursuant to the terms of the Advisory Agreement, the Board concluded
that the approval of the Advisory Agreement would be in the best interest of each Fund’s shareholders, and the Board, including
the Independent Directors voting separately, approved the Advisory Agreement. The Board’s approval was based on consideration and
evaluation of the information and materials provided to the Board and a variety of specific factors discussed at the Meeting and at prior
meetings of the Board, including the factors described below.
As part of the approval
process and oversight of the advisory relationship, counsel to the Independent Directors (“Independent Counsel”) sent an information
request letter to the Adviser seeking certain relevant information and the Directors received, for their review in advance of the Meeting,
the Adviser’s responses. In addition, the Directors were provided with the opportunity to request additional materials. In advance
of the Meeting, the Board including the Independent Directors, requested and received materials provided by the Adviser and Independent
Counsel, including, among other things, the following: (i) the Adviser’s responses to the Section 15(c) questionnaire prepared
by counsel to the Company on behalf of the Independent Directors; (ii) comparative information on the investment performance and expenses
of the Funds, relevant indices and Morningstar category peer funds in the form of a report generated by Broadridge Financial Solutions,
Inc. (“Broadridge”), an independent third party provider of investment company data; (iii) the allocation of the Funds’
brokerage commissions; (iv) the record of compliance with the Funds’ investment policies and restrictions and with the Funds’
Code of Ethics in addition to the structure and responsibilities of the Adviser’s compliance department; (v) the profitability of
each Fund and for all funds that the Adviser manages in the aggregate taking into account both advisory fees and any other potential direct
or indirect benefits; (vi) the Adviser’s Form ADV; and (vii) a memorandum from Independent Counsel with respect to the responsibilities
of the Independent Directors regarding the approval of the Advisory Agreement.
In evaluating the Advisory
Agreement, the Independent Directors requested, reviewed and considered materials furnished by the Adviser and questioned certain personnel
of the Adviser, including the Funds’ portfolio managers, with respect to, among other things, personnel, each Fund’s performance,
operations and financial condition of the Adviser. Among other information, the Independent Directors requested and was provided information
regarding:
| |
● |
Each Fund’s investment performance over various time periods both by itself and in relation to relevant
indices; |
| |
● |
The fees charged by the Adviser for investment advisory services, as well as the compensation received by
the Adviser and its affiliates; |
| |
● |
The waiver of fees and reimbursement of expenses at various times by the Adviser with respect to certain Funds
under the Company’s Amended and Restated Operating Expenses Agreement; |
| ADDITIONAL
INFORMATION | JUNE 30, 2026 (UNAUDITED) |
| |
● |
The investment performance, fees and total expenses of mutual funds with similar objectives and strategies
managed by other investment advisers; |
| |
● |
The Adviser’s investment management staffing and their experience level in addition to 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 the Funds and the Adviser’s affiliate of distributing the
Funds, and the methodology in allocating expenses to the Funds’ management. |
The following is a summary of
the Board’s discussion and views regarding the factors it considered in evaluating the continuation of the Advisory Agreement:
1. Nature, Extent,
and Quality of Services.
The Board, including the Independent
Directors, evaluated the nature, extent and quality of advisory, administrative and shareholder services provided by the Adviser, which
included the following considerations: determination and execution of investment decisions for each Fund; regulatory filings and disclosure
to the Funds’ shareholders, general oversight of the Funds’ service providers, coordination of Fund marketing initiatives,
review of Fund legal issues and other services. The Board, including the Independent Directors, noted the ever-increasing responsibilities
of the Adviser given the increasing regulations within the mutual fund industry. The Board, including the Independent Directors, concluded
that the services provided to the Funds are extensive in nature, that the Adviser delivered a high level of service to each Fund, and
that the Adviser is positioned to continue providing such quality of service in the future.
2. Investment
Performance of the Funds and the Adviser.
The Board, including the Independent
Directors, reviewed the information provided by Broadridge detailing 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 Board noted
that while it found the data provided by the independent third-party generally useful, it recognized the data’s limitations, including
in particular that data may vary depending on the selected end date and that the results of the performance comparisons may vary depending
on the selection of the peer group. The Board also noted differences in the investment strategies of each Fund relative to its peer group.
The Board considered that (i)
the Municipal Fund underperformed the median of its peer group for the 1-year, 3-year, 5-year and 10-year periods ended December 31,
2025; (ii) the Income Fund underperformed the median of its peer group for the 1-year period ended December 31, 2025 and outperformed
the median of its peer group for the 3-year, 5-year and 10-year periods ended December 31, 2025; (iii) the Real Estate Fund underperformed
the median of its peer group for the 1-year, 3-year, 5-year and 10-year periods ended December 31, 2025; (iv) the Value Fund outperformed
the median of its peer group for the 1-year, 3-year, 5-year and 10-year periods ended December 31, 2025; and (v) the Utilities Fund
underperformed the median of its peer group for the 1-year period ended December 31, 2025. 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 December 31, 2025) provided by Broadridge, including
the comparative graphs, regarding each Fund’s management fee and overall expense ratio relative to industry averages for each Fund’s
peer group category. The Board noted that while it found the data provided by the independent third-party generally useful, it recognized
the data’s limitations, including potential differences in the investment strategies of the Funds relative to the strategies of
the funds in the Funds’ respective peer groups, as well as the level, quality, and nature of the services provided by the Adviser
with respect to the Funds. The Board considered that (i) the Municipal Fund’s management fee was above the median in its peer group;
(ii) the Income Fund’s management fee was above the median in its peer group; (iii) the Real Estate Fund’s management fee
was above the median in its peer group; (iv) the Value Fund’s management fee was above the median in its peer group; and (v) the
Utilities Fund’s management fee was above the median in its peer group. The Directors considered favorably the current and historic
willingness of the Adviser to limit the overall expense ratios of certain of the Funds, as appropriate. Noting that the fees paid by the
Funds were higher than certain of the comparable funds and higher than the medians in the Funds’ peer groups, the Board nevertheless
stated
| ADDITIONAL
INFORMATION | JUNE 30, 2026 (UNAUDITED) |
that the fees were still close
enough to the averages and medians in each case. The Board indicated that, although higher than the fees of certain other funds in their
respective groups, in light of the investment advisory services provided by the Adviser to each of the Funds, the fees were not unreasonable.
b. Profitability and Costs of
Services to the Adviser. The Board, including the Independent Directors, reviewed estimates of the Adviser’s profitability and costs
attributable to the Funds through 2025. The Board reviewed profitability analyses prepared by the Adviser based on each Fund’s asset
levels and considered the total profits of the Adviser from its relationship with each of the Funds on a fund-by-fund basis and for all
funds that the Adviser manages in the aggregate. The Board observed that, in recent years, increased fixed costs and, of particular note,
legal and audit fees to address increasing regulations, have had a greater impact on small fund families, such as the Funds, than on larger
fund complexes, and overall expenses of the Funds may compare unfavorably to the overall expenses of some funds identified as peers. Further,
the Board considered whether the amount of the Adviser’s profit is a fair profit for managing the Funds and determined that the
Adviser has devoted a large amount of its resources to the Funds throughout the years. The Adviser’s management observed that the
fund-by-fund expense analysis does not reflect all of the overhead costs paid by David Lerner Associates, Inc. (“DLA”), some
of which may be attributed to the Adviser. The Board, including the Independent Directors, then concluded that the Adviser’s profitability,
if any, from its relationship with each Fund, and on an aggregate basis, was not excessive.
4. Extent of Economies of
Scale as the Funds Grow.
The Board, including the Independent
Directors, discussed whether there had been economies of scale regarding the management of the Funds and whether the Funds would appropriately
benefit from any economies of scale. Due to the relatively small size of each Fund, however, the Board did not believe that significant
(if any) economies of scale had been achieved at this time.
5. Whether Fee Levels Reflect
Economies of Scale.
The Board, including the Independent
Directors, noted that the Adviser does not at this time offer breakpoints in its fees that would otherwise allow investors to benefit
directly from economies of scale in the form of lower fees as Fund assets grow. The Board further noted, however, that the Adviser had
provided enhancements in services to the Funds, without any increase in fees. The Board confirmed that it would continue to review the
concept of breakpoints in future years as the Funds’ assets increase.
6. Other Relevant Considerations.
a. Personnel and Methods. The
Board, including the Independent Directors, reviewed the Adviser’s Form ADV with the Adviser addressing the Board’s questions
with respect to the size, experience and education of the Adviser’s staff, its fundamental research capabilities, and its approach
to recruiting, training and retaining portfolio managers and other research and management personnel. The Board then determined that such
factors permit the Adviser to provide a high level of service to the Funds. In addition, the Directors took note of the history, reputation,
qualifications and background of the Adviser as well as the qualifications of the Adviser’s personnel.
b. The Board, including the
Independent Directors, then reviewed the character and amount of other direct and incidental benefits received by the Adviser and its
affiliates due to their association with the Funds, including the benefits received by DLA, the affiliated distributor. The Board determined
that potential “fall-out” benefits that the Adviser and its affiliates might receive, which might include greater name recognition
or increased ability to obtain research services (although the Board noted that the Adviser currently does not use soft dollars for research
services), seemed to be reasonable, and in some instances might benefit the Funds.
Conclusions. The Directors,
including the Independent Directors, did not consider any one factor as all-important or all-controlling; instead, they viewed such factors
and other factors collectively in light of the Funds’ surrounding circumstances. Each Independent Director gave the weight to each
factor that he deemed appropriate in his own judgment. The Independent Directors considered the renewal of the Advisory Agreement on a
Fund-by-Fund basis and concluded that the renewal of the Advisory Agreement was in the best interests of each Fund as well as its shareholders.
Further, the Independent Directors concluded that the fees charged by the Adviser to each Fund for the services provided were not unreasonable
and the profitability of the Adviser, on a Fund-by-Fund basis and an aggregate basis, was not excessive.
|
Proxy
Voting Information
The
Funds’ Statement of Additional Information containing a description of the policies and procedures that the Funds use to determine
how to vote proxies relating to portfolio securities, along with the Funds’ proxy voting record relating to portfolio securities
held during the 12-month period ended June 30 are available (i) without charge, upon request, by calling (516) 390-5565; and (ii)
on the SEC’s website at www.sec.gov.
Portfolio
Disclosure
The
Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit
to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov and on the
Funds’ website at www.soafunds.com. |
|
Investment
Adviser
Spirit
of America Management Corp.
477
Jericho Turnpike
P.O.
Box 9006
Syosset,
NY 11791-9006
Distributor
David
Lerner Associates, Inc.
477
Jericho Turnpike
P.O.
Box 9006
Syosset,
NY 11791-9006
Shareholder
Services
Ultimus
Fund Solutions, LLC
225
Pictoria Drive, Suite 450
Cincinnati,
OH 45246
Custodian
The
Huntington National Bank
7
Easton Oval
Columbus,
OH 43219
Independent
Registered Public Accounting Firm
Tait,
Weller & Baker LLP
Two
Liberty Place
50
South 16th Street, Suite 2900
Philadelphia,
PA 19102-2529
Counsel
Blank
Rome LLP
1271
Avenue of the Americas
New
York, NY 10020 |
For additional information about
the Funds, call (800) 452-4892 or (610) 382-7819.
This report is submitted for
the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds
unless preceded or accompanied by an effective Prospectus which includes details regarding each Fund’s objectives, risks, policies,
expenses, and other information.
©Copyright 2026
Spirit of America
Item
8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not
applicable
Item
9. Proxy Disclosures for Open-End Management Investment Companies.
Not
applicable
Item
10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included
under Item 7
Item
11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included
under Item 7
Item
12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not
applicable
Item
13. Portfolio Managers of Closed-End Management Investment Companies.
Not
applicable
Item
14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not
applicable
Item
15. Submission of Matters to a Vote of Security Holders.
None
Item
16. Controls and Procedures
|
(a) |
The registrant’s Principal
Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required
by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days
of this report on Form N-CSR. |
|
(b) |
There were no changes in the registrant’s
internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have
materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item
17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not
applicable
Item
18. Recovery of Erroneously Awarded Compensation.
Item
19. Exhibits.
| (a)(1) |
Not applicable – disclosed with annual report. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) |
Spirit
of America Investment Fund, Inc. |
|
| By |
/s/ David Lerner |
|
| |
David Lerner, Principal Executive Officer |
|
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by
the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By |
/s/ David Lerner |
|
| |
David Lerner, Principal Executive Officer |
|
| By |
/s/ Alan P. Chodosh |
|
| |
Alan P. Chodosh, Principal Financial Officer |
|
