# EDGAR Filing Document

**Accession Number:** 0001039667
**File Stem:** 0001580642-26-002134
**Filing Date:** 2026-3
**Character Count:** 34686
**Document Hash:** fb24c9b8c2b5ed1ff65d44d512bb295e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002134.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001580642-26-002134

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**EFFECTIVENESS DATE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPIRIT OF AMERICA INVESTMENT FUND INC
- **CENTRAL INDEX KEY:** 0001039667

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-27925
- **FILM NUMBER:** 26823303

**BUSINESS ADDRESS:**
- **STREET 1:** 477 JERICHO TURNPIKE
- **CITY:** SYOSSET
- **STATE:** NY
- **ZIP:** 11791
- **BUSINESS PHONE:** 5163905555

**MAIL ADDRESS:**
- **STREET 1:** 477 JERICHO TURNPIKE
- **CITY:** SYOSSET
- **STATE:** NY
- **ZIP:** 11791

## Series and Classes Contracts Data

### Spirit of America Energy Fund (Series ID: S000046009)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000143747 | Class A              | SOAEX           |
| C000167220 | Class C              | SACEX           |
| C000218733 | Institutional Shares | SAIEX           |

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| |
|:---|
| **Spirit of America** |
| ENERGY FUND |

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| | |
|:---|:---|
| Summary Prospectus \| March 30, 2026 | Class A Shares Ticker: SOAEX |
|  | Class C Shares Ticker: SACEX |
|  | Institutional Shares Ticker: SAIEX |

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Before you invest, you may want to review the Spirit of America Energy Fund's (the "Energy Fund" or the "Fund") prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus and other information about the Fund, including the Statement of Additional Information ("SAI") and most recent reports to shareholders, online at <u>www.SOAFunds.com</u>. You can also get this information at no cost by calling (800) 452-4892 or by sending an e-mail request to info@soafunds.com. The Fund's prospectus and SAI, both dated March 30, 2026, and most recent report to shareholders, dated November 30, 2025, are all incorporated by reference into this Summary Prospectus.

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**Investment Objective**

The investment objective of the Energy Fund is to provide investors long-term capital appreciation and current income.

**Fees and Expenses of the Energy Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Energy Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.** You may qualify for sales charge discounts if you invest at least $25,000 in the funds comprising the Spirit of America Investment Funds, Inc., which include the Energy Fund, the Spirit of America Real Estate Income and Growth Fund (the "Real Estate Fund"), the Spirit of America Large Cap Value Fund (the "Large Cap Value Fund"), the Spirit of America Municipal Tax Free Bond Fund (the "Municipal Tax Free Bond Fund"), the Spirit of America Income Fund (the "Income Fund") and the Spirit of America Utilities Fund (the "Utilities Fund"), and are collectively referred to as the "Spirit of America Investment Funds." More information about these and other discounts is available from your financial professional and in the sections titled "Additional Information About How to Purchase Shares" and "Distribution Arrangements – Sale of Class A Shares" of the Energy Fund's prospectus and in the section titled "How to Purchase Shares" of the Energy Fund's Statement of Additional Information ("SAI").

**Shareholder Fees**

(fees paid directly from your investment)

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| | | | |
|:---|:---|:---|:---|
|  | **Class A<br> Shares** | **Class C<br> Shares** | **Institutional<br> Shares** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 5.75% |  |  |
| Maximum Deferred Sales Charge (Load)(1) (as a percentage of net asset value) | 1.00% | 1.00% |  |
| Redemption Fee (as a percentage of amount redeemed, if applicable) |  |  |  |

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**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

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| | | | |
|:---|:---|:---|:---|
|  | **Class A<br> Shares** | **Class C<br> Shares** | **Institutional<br> Shares** |
| Management Fees | 0.95% | 0.95% | 0.95% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses | 0.32% | 0.32% | 0.33% |
| Total Annual Fund Operating Expenses | 1.52% | 2.27% | 1.28% |

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(1) A
 Contingent Deferred Sales Charge ("CDSC") of 1.00% may be imposed on redemptions
 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.

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|:---|:---|
| ![(SPIRIT OF AMERICA LOGO)](so001_v1.jpg) | Energy Fund \| www.soafunds.com |

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**Example**

This Example is intended to help you compare the cost of investing in the Energy Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Energy Fund for the time periods indicated and that you sell your shares at the end of those periods. The example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | $721 | $1028 | $1356 | $2283 |
| Class C Shares – no redemption | $230 | $709 | $1215 | $2605 |
| Class C Shares – with redemption | $330 | $709 | $1215 | $2605 |
| Institutional Shares | $130 | $406 | $702 | $1545 |

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**Portfolio Turnover**

The Energy Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Energy Fund's shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Energy Fund's performance. During the most recent fiscal year ended November 30, 2025, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.

**Principal Investment Strategies**

The Energy Fund seeks to achieve its investment objective by investing at least 80% of its net assets plus any borrowings in a combination of securities and other assets of energy and energy related companies. The Fund seeks to achieve its investment objective through diversified exposure to U.S. and non U.S securities of energy companies and energy related companies which are companies that are principally engaged in activities in the energy industry, such as the exploration, production, and transmission of energy or energy fuels; the making and servicing of component products for such activities; energy research; and energy conservation. As part of its investment process, the Adviser seeks investment opportunities in the energy industry that may provide steady sources of capital appreciation and current income without incurring unnecessary risks.

■ The
Master Limited Partnership ("MLP") securities in which the Fund invests are generally common units representing limited partnership
interests of energy infrastructure MLPs. The Fund will invest in MLPs that derive the majority of their revenue from energy infrastructure
assets and energy related assets or activities, including businesses: (i) involved in the gathering, transporting, processing, treating,
terminalling, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products or
coal, (ii) primarily engaged in the acquisition, exploitation and development of crude oil, natural gas and natural gas liquids, (iii)
that process, treat, and refine natural gas liquids and crude oil, and (iv) engaged in owning, managing, and transporting alternative
energy infrastructure assets, including alternative fuels such as ethanol, hydrogen and biodiesel. The Fund may invest in MLPs of all
market capitalization ranges.

■ The
Fund may invest in equity securities, including common stock, preferred stock and convertible preferred stock of companies of any capitalization,
whether domestic or foreign, with potential for accelerating growth, above-average growth or growth potential, increasing or consistent
profitability and/or a proven history of paying consistent dividends. With respect to 20% of the Fund's net assets, the Fund may
invest in equity securities issued by non-energy related companies.

■ The
Fund may invest in fixed income securities of any grade including those rated below investment grade and of any maturity, as well as
non-rated fixed income securities, both short-term and long term, including zero-coupon securities, taxable and tax-free municipal bonds,
income producing convertible fixed income securities, corporate bonds, including high yield U.S. corporate bonds (i.e., ''junk''
bonds), floating rate bonds and step coupon bonds, municipal lease agreements, certificates of participation and collateralized mortgage
obligations ("CMOs"). With respect to 20% of the Fund's net assets, the Fund may invest in these fixed income securities
issued by non-energy related companies.

■ The
Fund may invest in open-end and closed-end investment companies, the retail shares of actively managed and index exchange-traded funds
("ETFs"), and private equity and debt investments that generally will include traditional private equity and venture capital
control positions and minority investments in MLPs and energy infrastructure companies. The Fund currently does not intend that hedge
funds, collateralized loan obligations and leveraged buyouts, will be included under such private equity investments.

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| ![(SPIRIT OF AMERICA LOGO)](so001_v1.jpg) | Energy Fund \| www.soafunds.com |

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■ The
Adviser manages the Fund to achieve investment returns that match or outperform the S&P 500® Index before deducting Fund fees,
expenses and taxes, over the long term by utilizing a disciplined investment process which focuses on risk-reduction and provides a considerable
current income component. In managing the Fund's investment portfolio, the Adviser seeks to avoid riskier investments. For example,
the Adviser selects the MLPs in which the Fund invests and their weightings in the Fund's portfolio by focusing on the business
risk profiles of the MLPs, and considering other factors such as liquidity. The Adviser believes that its investment process and strategy
provide a compelling balance of risk/reward for shareholders.

**Principal Risks of Investing in the Energy Fund**

An investment in the Energy Fund could lose money over short or long periods of time. You should expect and be able to bear the risk that the Energy Fund's share price may fluctuate within a wide range. There is no assurance that the Energy Fund will achieve its investment objective. The Energy Fund's performance could be adversely affected by the following principal risks. Each risk summarized below is a principal risk of investing in the Energy Fund and different risks may be more significant at different times depending upon market conditions or other factors.

■ *MLP Risk.* Investments in securities of MLPs involve risks that differ from investments in
 common stock, including risks related to limited control and limited rights to vote on matters
 affecting the MLP, risks related to potential conflicts of interest between the MLP and the
 MLP's general partner, cash flow risks, dilution risks and risks related to the general
 partner's right to require unit holders to sell their common units at an undesirable
 time or price.

■ *Equity Securities of MLPs Risk.* MLP common units, like other equity securities, can be affected
 by macro-economic and other factors affecting the stock market in general, expectations of
 interest rates, investor sentiment towards an issuer or certain market sector, changes in
 a particular issuer's financial condition, or unfavorable or unanticipated poor performance
 of a particular issuer (in the case of MLPs, generally measured in terms of distributable
 cash flow). Prices of common units of individual MLPs, like the prices of other equity securities,
 also can be affected by fundamentals unique to the partnership or company, including earnings
 power and coverage ratios.

■ *Concentration Risk.* The Fund concentrates its investments in securities and other assets of energy
 and energy related companies. A fund that invests primarily in a particular sector could
 experience greater volatility than funds investing in a broader range of industries.

■ *Industry Specific Risk.* Due to the fact that the Fund normally invests at least 80% of its assets
 in the securities of companies principally engaged in activities in the energy industry,
 the Fund's performance largely depends on the overall condition of the energy industry.
 The energy industry could be adversely affected by energy prices, supply-and-demand for energy
 resources, and various political, regulatory, and economic factors. The presidential administration
 could significantly impact the regulation of United States financial markets and dramatically
 alter existing trade, tax, energy and infrastructure policies, among others. The Fund cannot
 predict whether federal financial regulatory agencies will take any action to adopt new regulations
 or provide guidance that will adversely impact the energy industry. In addition, the administration
 has recently announced several initiatives aimed at addressing climate change. It is unclear
 how these initiatives could impact the Fund's investments.

■ *Collateralized Mortgage Obligation ("CMO") Risk.* The Energy Fund may be affected by the
 credit risk of CMOs, which is the possibility that the Fund will be less likely to receive
 payments of principal and interest, and will be more likely to suffer a loss, if there are
 defaults on the mortgage loans underlying the CMOs. This risk may be increased to the extent
 that the underlying mortgages include sub-prime mortgages and in relation to the level of
 subordination of the category of the CMOs held by the Fund. In addition, CMOs may be less
 liquid or may exhibit greater price volatility than other types of mortgages or asset-backed
 securities. Some CMOs may be structured in a way that when interest rates change, the impact
 of changing prepayment rates on the effective maturities of certain issues of these securities
 is magnified. CMO risk also depends on the issuer. While CMO collateral is typically issued
 by the Government National Mortgage Association ("GNMA"), Federal National Mortgage
 Association ("FNMA") or Federal Home Loan Mortgage Corporation ("FHLMC"),
 the CMO itself may be issued by a private party, such as a brokerage firm, that is not covered
 by government guarantees. CMO collateral may also include

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|:---|:---|
| ![(SPIRIT OF AMERICA LOGO)](so001_v1.jpg) | Energy Fund \| www.soafunds.com |

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different or specialized types of mortgage loans or mortgage loan pools, letters of credit, or other types of credit enhancements and these so- called "private label" CMOs are the sole obligation of their issuer.

■ *Credit Risks of Lower-Grade Securities.* The Energy Fund may be affected by credit risks of lower-grade
 securities which is the possibility that bonds rated below investment grade, or unrated of
 similar quality (i.e., "junk bonds"), may be subject to greater price fluctuations
 and risks of loss of income and principal than investment-grade securities. High yield bond
 issuers often include small or relatively new companies lacking the operating history or
 capital to warrant investment grade status, former blue chip companies downgraded because
 of financial problems, companies electing to borrow heavily to finance or avoid a takeover
 or buyout, and firms with heavy debt loads. Securities that are (or that have fallen) below
 investment-grade have a greater risk that the issuers may not meet their debt obligations.
 These types of securities are generally considered speculative in relation to the issuer's
 ongoing ability to make principal and interest payments. During periods of rising interest
 rates or economic downturn, the trading market for these securities may not be active and
 may reduce the Fund's ability to sell these securities at an acceptable price. If the
 issuer of securities is in default in payment of interest or principal, the Fund may lose
 its entire investment in those securities.

■ *Dividend and Distribution Risk.* There can be no assurance that a dividend-paying company held
 by the Fund will continue to make regular dividend payments. In addition, when the Fund invests
 a substantial portion of its net assets in MLPs, the Fund's distributions may be characterized
 as returns of capital and, as a result, shareholders will see a reduction in their cost basis.

■ *Interest Rate Risk.* The Energy Fund's performance could be adversely affected by interest
 rate risk, which is the possibility that overall bond prices will decline because of rising
 interest rates.

■ *Investment Companies and ETFs Risk.* Investments in the securities of ETFs and other investment companies,
 including money market funds, may involve duplication of advisory fees and certain other
 expenses. By investing in an ETF or another investment company, the Fund becomes a shareholder
 of that ETF or other investment company. As a result, Fund shareholders indirectly bear a
 fund's proportionate share of the fees and

expenses paid by the ETF or other investment company, in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund's own operations. As a shareholder, the Fund must rely on the ETF or other investment company to achieve its investment objective. If the ETF or other investment company fails to achieve its investment objective, the value of the Fund's investment will decline, adversely affecting the Fund's performance. In addition, because ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange, ETF shares potentially may trade at a discount or a premium. Investments in ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. Additionally, despite the short maturities and high credit quality of a money market fund's investments, increases in interest rates and deteriorations in the credit quality of the instruments the Fund has purchased may reduce the Fund's yield and can cause the price of a money market security to decrease.

■ *Issuer Risk.* The value of a security may decline for a number of reasons which directly relate
 to the issuer, such as management performance, financial leverage and reduced demand for
 the issuer's products or services.

■ *Manager Risk.* The Energy Fund's ability to achieve its investment objective is dependent
 on the Adviser's ability to identify profitable investment opportunities for the Fund.
 There is a possibility that poor security selection will cause the Energy Fund to underperform
 compared to relevant benchmarks or other funds with similar investment objectives.

■ *Market Risk.* The market value of the Energy Fund's investments in equities, including
 MLP common units, and fixed income securities will fluctuate as the respective markets fluctuate.
 Market risk may affect a single issuer, industry or sector of the economy or it may affect
 the market as a whole. Performance of the Energy Fund can be affected by unexpected local,
 state, regional, national or global events (e.g., significant earnings shortfalls or gains,
 inflation, recessions, government shutdowns, market closures, market manipulation and other
 fraudulent practices, war, military conflict, political and geopolitical events, acts of
 terrorism, the spread of infectious diseases or other public health issues, natural and environmental
 disasters, trade disputes, tariff arrangements, sanctions, and cybersecurity attacks) that
 cause major price changes in individual securities or market sectors. The equity securities
 purchased

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|:---|:---|
| ![(SPIRIT OF AMERICA LOGO)](so001_v1.jpg) | Energy Fund \| www.soafunds.com |

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by the Energy Fund may not appreciate in value as the Adviser anticipates. For additional information regarding Market Risk, including the effect of pandemics such as the novel coronavirus disease and acts of war on financial markets, please see "Market Risk" in the section titled "Additional Information About the Investment Objective, Strategies and Related Risks" in the Fund's prospectus.

■ *Mid Cap Company Risk.* Middle-cap companies may have greater potential for losses and be more
 vulnerable to adverse business or economic events than larger, more established companies
 and their securities may be riskier than those issued by large-cap companies and harder to
 sell at a favorable time and price. Mid-cap companies may fall out of favor with investors,
 have limited product lines, operating histories or financial resources, and may be dependent
 upon a particular niche of the market. Securities issued by mid-cap companies may have a
 value based in substantial part on future expectations rather than current achievements and
 their prices may move sharply, especially during market upturns and downturns.

■ *MLP Affiliates Risk.* The Fund may invest in the debt and equity securities issued by MLP
 affiliates and companies that own MLP general partner interests that are energy infrastructure
 companies. The Fund may invest in MLP I-Shares, which represent an indirect ownership interest
 in MLP common units. MLP I-Shares differ from MLP common units primarily in that, instead
 of receiving cash distributions, holders of MLP I-Shares receive distributions in the form
 of additional I-Shares. Issuers of MLP I-Shares are treated as corporations and not partnerships
 for tax purposes. MLP affiliates also include publicly traded limited liability companies
 that own, directly or indirectly, general partner interests of MLPs.

■ *MLP Liquidity Risk.* Although common units of MLPs trade on the New York Stock Exchange ("NYSE"),
 the NASDAQ Stock Market ("NASDAQ"), and NYSE American ("Amex"), certain
 MLP securities may trade less frequently than those of larger companies due to their smaller
 capitalizations. In the event certain MLP securities experience limited trading volumes,
 the prices of such MLPs may display abrupt or erratic movements at times. Additionally, it
 may be more difficult for the Fund to buy and sell significant amounts of such securities
 without an unfavorable impact on prevailing market prices. As a result, these securities
 may be difficult to dispose of at a fair price at the times when the

Adviser believes it is desirable to do so. The Fund's investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to take advantage of other market opportunities or to dispose of securities. This also may affect adversely the Fund's ability to make dividend distributions to you. The Fund will not purchase or otherwise acquire any security if, as a result, more than 15% of its net assets would be invested in illiquid investments.

■ *Non-U.S. Issuer Risk.* Certain companies in which the Fund may invest may be non-U.S. issuers.
 These securities involve risks beyond those associated with investments in U.S. securities,
 including greater market volatility, higher transactional cost, the possibility that the
 liquidity of such securities could be impaired because of future political and/or economic
 developments, taxation by foreign governments, political instability, the possibility that
 foreign governmental restrictions may be adopted which might adversely affect such securities
 and that the selection of such securities may be more difficult because there may be less
 publicly available information concerning such non-U.S. issuers or the accounting, auditing
 and financial reporting standards, practices and requirements applicable to non-U.S. issuers
 may differ from those applicable to U.S. issuers.

■ *Private Equity and Debt Risks.* Private equity and debt investments involve a high degree of business
 and financial risk and can result in substantial or complete losses. Some portfolio companies
 in which the Fund may invest in may be operating at a loss or with substantial variations
 in operating results from period to period and may need substantial additional capital to
 support expansion or to achieve or maintain competitive positions. The Fund can offer no
 assurance that the marketing efforts of any particular portfolio company will be successful
 or that its business will succeed. Additionally, privately held companies are not subject
 to SEC reporting requirements, are not required to maintain their accounting records in accordance
 with generally accepted accounting principles, and are not required to maintain effective
 internal controls over financial reporting. As a result, the Adviser may not have timely
 or accurate information about the business, financial condition and results of operations
 of the privately held companies in which the Fund invests. Private debt investments also
 are subject to interest rate risk, credit risk and duration risk.

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| ![(SPIRIT OF AMERICA LOGO)](so001_v1.jpg) | Energy Fund \| www.soafunds.com |

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■ *RIC Qualification Risk.* The Fund intends to qualify for treatment as a regulated investment
 company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"),
 which means that the Fund must meet certain income source, asset diversification and annual
 distribution requirements. The Fund's MLP investments may make it more difficult for
 the Fund to meet these requirements. The asset diversification requirements include a requirement
 that, at the end of each quarter of each taxable year, not more than 25% of the value of
 our total assets is invested in the securities (including debt securities) of one or more
 qualified publicly traded partnerships. The Fund anticipates that the MLPs in which it invests
 will be qualified publicly traded partnerships, which may include MLPs. If the Fund's
 MLP investments exceed this 25% limitation, which could occur, for example, if the Fund's
 investment in an MLP affiliate were re-characterized as an investment in an MLP, then the
 Fund would not satisfy the diversification requirements and could fail to qualify as a RIC.
 If, in any year, the Fund fails to qualify as a RIC for any reason, the Fund would be taxed
 as an ordinary corporation and would become (or remain) subject to corporate income tax.
 The resulting corporate taxes could substantially reduce the Fund's net assets, the
 amount of income available for distribution and the amount of our distributions. Such a failure
 would have a material adverse effect on distributions by the Fund to its shareholders, which
 would be taxable as dividends for U.S. federal income tax purposes to the extent of the Fund's
 current and accumulated earnings and profits whether from the Fund's investment company
 taxable income or net capital gains. In such case, distributions to shareholders that are
 treated as dividends for U.S. federal income tax purposes generally would be eligible (i)
 for treatment as qualified dividend income in the case of individual shareholders, and (ii)
 for the dividends-received deduction in the case of corporate shareholders, provided certain
 holding period requirements are satisfied. In such circumstances, the Fund could be required
 to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions
 before re-qualifying as a RIC that is accorded special treatment.

&nbsp;&nbsp;&nbsp;&nbsp;■ *Small Cap Company Risk.* Smaller companies may present greater opportunities for capital appreciation
 but may involve greater risk than larger, more mature issuers. Such smaller companies may
 have limited product lines, markets or financial resources, and their securities may trade
 less frequently and in more limited volume than those of larger, more mature companies. As
 a result, the prices of their securities may fluctuate more than those of larger issuers.

**Performance Information**

The bar chart and performance table below provide some indication of the risks of investing in the Energy Fund. The bar chart shows the Fund's performance from calendar year to calendar year for the Fund's Class A Shares. Sales loads and account fees are not reflected in the bar chart; if they were, returns would be less than those shown. The Fund's performance table shows how the Fund's average annual returns for 1 year, 5 years, and 10 years compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available by calling Ultimus Fund Solutions, LLC, the Fund's transfer agent (the "Transfer Agent"), at 1-800-452-4892.

*The performance information displayed in the bar chart is the performance of Class A Shares only, which will differ from Class C Shares and Institutional Shares to the extent the Classes do not have the same expenses and inception dates.*

**Energy Fund's Annual Returns (%)**

**Class A Shares**

![(BAR GRAPH)](so002_v1.jpg)

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|:---|:---|
| *Best Quarter* | &nbsp;&nbsp;&nbsp;*28.12% in the quarter ended June 30, 2020* |
| *Worst Quarter* | &nbsp;&nbsp;&nbsp;*(51.55)% in the quarter ended March 31, 2020* |

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| ![(SPIRIT OF AMERICA LOGO)](so001_v1.jpg) | Energy Fund \| www.soafunds.com |

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**Performance Table**

*Average annual total returns for the periods ended December 31 (with maximum sales charges)*

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| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Spirit of America Energy Fund - Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | (0.12)% | 18.65% | 4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions<sup>(1)(2)</sup> | (1.10)% | 17.33% | 4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares<sup>(1)(2)</sup> | 0.39% | 14.93% | 3.75% |
| Spirit of America Energy Fund – Class C |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 4.35% | 19.18% | N/A |
| Spirit of America Energy Fund – Institutional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 6.21% | 20.35% | N/A |
| S&P 500® Index<sup>(3)</sup> | 17.88% | 14.42% | 14.82% |

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(1) After-tax
returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state
and local taxes.

(2) Actual
after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant
to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The
Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than the Return After Taxes on Distributions
for the same period if there was a loss realized on sale of Fund shares. The benefit of the tax loss (to the extent it can be used to
offset other gains) may result in a higher return.

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

**Investment Adviser**

Spirit of America Management Corp. (the "Adviser").

**Portfolio Manager**

Douglas Revello serves as the Portfolio Manager and is primarily responsible for the day-to-day management of the Energy Fund. Mr. Revello has been the Portfolio Manager of the Energy Fund since January 16, 2020. Mr. Revello has been associated with the Adviser since May 18, 2009.

The SAI provides additional information about the portfolio manager's compensation, other accounts managed by the portfolio manager and the portfolio manager's ownership of securities in the Energy Fund.

**Purchasing and Selling Fund Shares:**

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|:---|:---|:---|
|  | &nbsp;&nbsp;**Minimum**<br>&nbsp;&nbsp;**Initial**<br>&nbsp;&nbsp;**Investment** | &nbsp;&nbsp;**Subsequent**<br>&nbsp;&nbsp;**Minimum**<br>&nbsp;&nbsp;**Investment** |
| &nbsp;&nbsp;Class A Shares and Class C Shares | &nbsp;&nbsp;$500 | &nbsp;&nbsp;$50 |
| &nbsp;&nbsp;Institutional Shares | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$10000 |

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You may purchase or redeem (sell) your shares of the Energy Fund on each day that the NYSE is open for business. Transactions may be initiated by written request (Spirit of America Investment Fund, Inc., c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246), by telephone or through wire transfer.

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| ![(SPIRIT OF AMERICA LOGO)](so001_v1.jpg) | Energy Fund \| www.soafunds.com |

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**Taxes**

The Fund's distributions may be taxable as ordinary income or capital gains, unless your investment is in an IRA, 401(k) or other tax-advantaged investment plans, or when the distribution is derived from tax-exempt income.

**Payments to Broker-Dealers and**

**Other Financial Intermediaries**

If you purchase shares of the Energy Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Energy Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

SOAEX-SP26

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| ![(SPIRIT OF AMERICA LOGO)](so001_v1.jpg) | Energy Fund \| www.soafunds.com |

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