Fund Evaluator:
Spirit of America Municipal T/F Bd C (SACFX)
Follow This Fund
Best Performing in Muni National Interm Over the Last Year
| 8.4% | Sit Tax-Free Income (SNTIX) |
| 5.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 5.5% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 5.3% | Victory Tax Exempt Intermediate-Term (USATX) |
| 5.2% | Vanguard Tax-Exempt Bond Index Admiral (VTEAX) |
Fund Details
Spirit of America Municipal T/F Bd C Overview
Spirit of America Municipal T/F Bd C (SACFX) is an actively managed Municipal Bond Muni National Interm fund. Spirit of America launched the fund in 2016.
The investment seeks to provide high current income that is exempt from federal income tax, including alternative minimum tax. The fund normally invests at least 80% of its assets in municipal bonds that are exempt from federal income tax, including the alternative minimum tax. The advisor intends to invest a substantial portion of its assets in high yield municipal bonds and "private activity" bonds. It may also invest a portion of its total assets in municipal bonds that finance projects such as those relating to utilities, transportation, health care, housing and education, and a portion of its total assets in industrial development bonds.
About Spirit of America Municipal T/F Bd C (SACFX)
There are 2 members of the management team with an average tenure of 9.64 years: Douglas Revello (2015), Mark Reilly (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Spirit of America Municipal T/F Bd C has 103 securities in its portfolio. The top 10 holdings constitute 21.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Spirit of America Municipal T/F Bd C is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Spirit of America Municipal T/F Bd C has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.1% (99.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Spirit of America Municipal T/F Bd C has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $125 million in total assets, which is below the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SACFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Spirit of America Municipal T/F Bd C expense ratio is high compared to funds in the Muni National Interm category. Spirit of America Municipal T/F Bd C has an expense ratio of 1.78%, which is 163% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Spirit of America Municipal T/F Bd C has a portfolio turnover rate of 26%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, Spirit of America Municipal T/F Bd C returned -1.4%, which earned it a grade of B, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Spirit of America Municipal T/F Bd C has a trailing yield of 2.76%, which is below the 3.27% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Spirit of America Municipal T/F Bd C Grades
Year to date, the fund has returned -0.1%, 0.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.7% over the past year (grade of F), 1.7% over the past three years (grade of F) and -0.7% per year over the past five years (grade of F) and 0.3% per year over the past 10 years (grade of F).
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SACFX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SACFX Return (NAV) | -1.4% | -0.8% | 3.7% | 1.7% | -0.7% | 0.3% |
| SACFX Grade | B | F | F | F | F | F |
| +/- Category | 0.2% | -0.3% | -0.9% | -1.5% | -1.3% | -1.4% |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| SACFX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
SACFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SACFX Return (NAV) | -0.1% | 3.1% | 1.0% | 3.5% | -9.7% | 0.0% | 2.7% | 4.3% | -0.0% | 3.9% | -0.5% |
| SACFX Grade | F | F | F | F | F | F | F | F | F | D | D |
| +/- Category | -0.5% | -1.1% | -1.0% | -2.3% | -1.4% | -1.7% | -1.6% | -2.4% | -0.8% | -0.8% | -0.3% |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 4.7% |
| Total Risk Index: | 0.38 - Low |
| Category Risk Index: | 0.98 - Average |
| Category Risk Grade: | C (44% Rank) |
| Beta: | 0.80 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $22 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 26% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 10.7 years | |||
| Average Tenure: 9.6 years | |||
| Managers (Year): Revello Douglas (2015), Reilly Mark (2018) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 103 |
| % in Top 10 Holdings: | 21.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Fund Family: | Spirit of America |
| Phone Number: | 800-452-4892 |
| Website: |
| Status: | Open |
| Inception Date: | March 15, 2016 |
| Min. Initial Purchase: | $ 500 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.78% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | Spirit of America Municipal T/F Bond A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
