# EDGAR Filing Document

**Accession Number:** 0001039667
**File Stem:** 0001580642-26-001878
**Filing Date:** 2026-3
**Character Count:** 243622
**Document Hash:** 5d020a83dbbf280b44ebd86aa5c3e605
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001878.hdr.sgml**: 20260318

**ACCESSION NUMBER**: 0001580642-26-001878

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260318

**DATE AS OF CHANGE**: 20260318

**EFFECTIVENESS DATE**: 20260318

**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:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08231
- **FILM NUMBER:** 26767852

**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 REAL ESTATE INCOME AND GROWTH FUND (Series ID: S000001448)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000003855 | CLASS A              | SOAAX           |
| C000167226 | Class C              | SACRX           |
| C000219377 | Institutional Shares | SOIAX           |

### SPIRIT OF AMERICA LARGE CAP VALUE FUND (Series ID: S000001449)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000003857 | CLASS A              | SOAVX           |
| C000167227 | Class C              | SACVX           |
| C000219378 | Institutional Shares | SOIVX           |

### Spirit of America Municipal Tax Free Bond Fund (Series ID: S000021071)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000059931 | Class A Shares       | SOAMX           |
| C000167228 | Class C              | SACFX           |
| C000219379 | Institutional Shares | SOIMX           |

### Spirit of America Income Fund (Series ID: S000024753)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000073513 | Class A              | SOAIX           |
| C000167229 | Class C              | SACTX           |
| C000219380 | Institutional Shares | SOITX           |

### Spirit of America Utilities Fund (Series ID: S000079525)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000240589 | Institutional Shares | SOIUX           |
| C000240590 | Class C Shares       | SOCUX           |
| C000240591 | Class A Shares       | SOAUX           |

?xml version='1.0' encoding='ASCII'?

**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: <u>811-08231</u>

**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: <u>1-516-390-5565</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2025</u>

*Explanatory Note: The Registrant is filing this amendment to its Form N-CSR for the fiscal year ended December, 31 2025, originally filed with the Securities and Exchange Commission on March 9, 2026 (Accession Number 0001580642-26-001628). The purpose of this amendment is to remove "Unaudited" from page 42 of the Annual Financial Statements and Additional Information in the Notes Financial Statements that was inadvertently included in the original filing. Except as set forth above, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.*

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

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

**Item 1. Reports to Stockholders.**

(a) # Spirit of America Income Fund

# Class A Shares (SOAIX)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Income Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $118 | 1.14% |

---

#### How did the Fund perform during the reporting period?
The Fund's success in 2025 was due to its diversified approach, combining credit-sensitive fixed-income securities with select equity holdings in utilities and energy sectors. These equity exposures provided additional upside, benefiting from the growing demand for electricity driven by artificial intelligence (AI) infrastructure and the stability of energy prices. Despite significant volatility in bond yields throughout the year, the Fund's active management of duration and credit risk allowed it to capitalize on narrowing credit spreads and opportunities in higher-yielding securities such as corporate bonds. The equity allocation added a layer of growth potential, helping to offset headwinds from market fluctuations.

With its blend of income-focused securities and strategic equity exposure, the Fund remains positioned to deliver competitive returns and consistent cash flows as it adapts to a dynamic economic environment.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ifa9a34207b8cc327f47db5cb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Spirit of America Income Fund - Class A Shares** | **Spirit of America Income Fund - Class A Shares - with load** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/15** | $10000 | $9526 | $10000 |
| **12/31/16** | $10499 | $10002 | $10265 |
| **12/31/17** | $11287 | $10753 | $10628 |
| **12/31/18** | $11190 | $10660 | $10629 |
| **12/31/19** | $12492 | $11900 | $11556 |
| **12/31/20** | $13235 | $12608 | $12423 |
| **12/31/21** | $13842 | $13186 | $12232 |
| **12/31/22** | $12086 | $11513 | $10641 |
| **12/31/23** | $12925 | $12312 | $11229 |
| **12/31/24** | $13618 | $12973 | $11369 |
| **12/31/25** | $14504 | $13816 | $12199 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Spirit of America Income Fund - Class A Shares |  |  |  |
| Without Load | 6.50% | 1.85% | 3.79% |
| With Load | 1.47% | 0.86% | 3.29% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i7930efd1cd6391f9374cec47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| P&C Insurance | 2.7% |
| Midstream - Oil & Gas | 2.9% |
| Institutional Brokerage | 3.2% |
| Higher Education | 3.4% |
| Econ & Indust Development | 3.4% |
| Miscellaneous Tax | 4.6% |
| Integrated Electric Utilities | 4.6% |
| Banks | 5.0% |
| Other | 5.3% |
| Electricity And Public Power | 6.0% |
| Hospitals | 6.5% |
| Local Authority | 7.9% |
| Tobacco | 8.9% |
| Life Insurance | 9.5% |
| Other Sectors | 27.2% |

---

## **Fund Statistics** 
* Net Assets$46,915,132

* Number of Portfolio Holdings119

* Advisory Fee (net of waivers)$229,370

* Portfolio Turnover0%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Income Fund - Class A Shares (SOAIX)

# Annual Shareholder Report - December 31, 2025

## 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

TSR-AR 123125-SOAIX

# Spirit of America Income Fund

# Class C Shares (SACTX)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Income Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $195 | 1.89% |

---

#### How did the Fund perform during the reporting period?
The Fund's success in 2025 was due to its diversified approach, combining credit-sensitive fixed-income securities with select equity holdings in utilities and energy sectors. These equity exposures provided additional upside, benefiting from the growing demand for electricity driven by artificial intelligence (AI) infrastructure and the stability of energy prices. Despite significant volatility in bond yields throughout the year, the Fund's active management of duration and credit risk allowed it to capitalize on narrowing credit spreads and opportunities in higher-yielding securities such as corporate bonds. The equity allocation added a layer of growth potential, helping to offset headwinds from market fluctuations.

With its blend of income-focused securities and strategic equity exposure, the Fund remains positioned to deliver competitive returns and consistent cash flows as it adapts to a dynamic economic environment.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i59706eb1dc4bfa1a31d2caa2.jpg)

---

| | | |
|:---|:---|:---|
| | **Spirit of America Income Fund - Class C Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **Mar-2016** | $10000 | $10000 |
| **Dec-2016** | $10243 | $10081 |
| **Dec-2017** | $10936 | $10438 |
| **Dec-2018** | $10751 | $10439 |
| **Dec-2019** | $11912 | $11349 |
| **Dec-2020** | $12529 | $12201 |
| **Dec-2021** | $12995 | $12013 |
| **Dec-2022** | $11262 | $10450 |
| **Dec-2023** | $11966 | $11028 |
| **Dec-2024** | $12502 | $11166 |
| **Dec-2025** | $13215 | $11981 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 15, 2016)** |
| Spirit of America Income Fund - Class C Shares |  |  |  |
| Without Load | 5.71% | 1.07% | 2.89% |
| With Load | 4.71% | 1.07% | 2.89% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.86% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i7930efd1cd6391f9374cec47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| P&C Insurance | 2.7% |
| Midstream - Oil & Gas | 2.9% |
| Institutional Brokerage | 3.2% |
| Higher Education | 3.4% |
| Econ & Indust Development | 3.4% |
| Miscellaneous Tax | 4.6% |
| Integrated Electric Utilities | 4.6% |
| Banks | 5.0% |
| Other | 5.3% |
| Electricity And Public Power | 6.0% |
| Hospitals | 6.5% |
| Local Authority | 7.9% |
| Tobacco | 8.9% |
| Life Insurance | 9.5% |
| Other Sectors | 27.2% |

---

## **Fund Statistics** 
* Net Assets$46,915,132

* Number of Portfolio Holdings119

* Advisory Fee (net of waivers)$229,370

* Portfolio Turnover0%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Income Fund - Class C Shares (SACTX)

# Annual Shareholder Report - December 31, 2025

## 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

TSR-AR 123125-SACTX

# Spirit of America Income Fund

# Institutional Shares (SOITX)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Income Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $93 | 0.90% |

---

#### How did the Fund perform during the reporting period?
The Fund's success in 2025 was due to its diversified approach, combining credit-sensitive fixed-income securities with select equity holdings in utilities and energy sectors. These equity exposures provided additional upside, benefiting from the growing demand for electricity driven by artificial intelligence (AI) infrastructure and the stability of energy prices. Despite significant volatility in bond yields throughout the year, the Fund's active management of duration and credit risk allowed it to capitalize on narrowing credit spreads and opportunities in higher-yielding securities such as corporate bonds. The equity allocation added a layer of growth potential, helping to offset headwinds from market fluctuations.

With its blend of income-focused securities and strategic equity exposure, the Fund remains positioned to deliver competitive returns and consistent cash flows as it adapts to a dynamic economic environment.

## How has the Fund performed since inception?

### Total Return Based on $100,000 Investment
![Chart showing performance over last 10 years or since inception](i64e4dd42ce0fda6e25ecef40.jpg)

---

| | | |
|:---|:---|:---|
| | **Spirit of America Income Fund - Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** |
| **May-2020** | $100000 | $100000 |
| **Dec-2020** | $109894 | $102524 |
| **Dec-2021** | $115207 | $100943 |
| **Dec-2022** | $100796 | $87810 |
| **Dec-2023** | $108150 | $92665 |
| **Dec-2024** | $114110 | $93824 |
| **Dec-2025** | $121805 | $100674 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 1, 2020)** |
| Spirit of America Income Fund - Institutional Shares | 6.74% | 2.08% | 3.54% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 0.12% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i7930efd1cd6391f9374cec47.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| P&C Insurance | 2.7% |
| Midstream - Oil & Gas | 2.9% |
| Institutional Brokerage | 3.2% |
| Higher Education | 3.4% |
| Econ & Indust Development | 3.4% |
| Miscellaneous Tax | 4.6% |
| Integrated Electric Utilities | 4.6% |
| Banks | 5.0% |
| Other | 5.3% |
| Electricity And Public Power | 6.0% |
| Hospitals | 6.5% |
| Local Authority | 7.9% |
| Tobacco | 8.9% |
| Life Insurance | 9.5% |
| Other Sectors | 27.2% |

---

## **Fund Statistics** 
* Net Assets$46,915,132

* Number of Portfolio Holdings119

* Advisory Fee (net of waivers)$229,370

* Portfolio Turnover0%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Income Fund - Institutional Shares (SOITX)

# Annual Shareholder Report - December 31, 2025

## 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

TSR-AR 123125-SOITX

# Spirit of America Large Cap Value Fund

# Class A Shares (SOAVX)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Large Cap Value Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $167 | 1.53% |

---

#### How did the Fund perform during the reporting period?
The Fund's performance in 2025 reflected a mixed market environment, with strategic allocations across sectors navigating ongoing economic shifts and continued enthusiasm in certain growth areas.

A key contributor to the Fund's returns was its exposure to high-performing companies in information technology and communication services, which benefited from sustained advancements in artificial intelligence (AI), digital infrastructure, and media innovations. These sectors drove meaningful gains amid broader market strength.

However, consumer discretionary and real estate holdings detracted from relative performance, facing headwinds from shifting consumer preferences, higher borrowing costs in certain periods, and regional challenges in commercial property markets.

As the market enters 2026, the Fund remains positioned to capitalize on enduring trends in AI, technological innovation, industrial resilience, and consumer dynamics.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i5990ad865bafe3a718fa1c0f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Spirit of America Large Cap Value Fund - Class A Shares** | **Spirit of America Large Cap Value Fund - Class A Shares - with load** | **S&P 500<sup>®</sup> Index** |
| **12/31/15** | $10000 | $9476 | $10000 |
| **12/31/16** | $10849 | $10281 | $11196 |
| **12/31/17** | $13042 | $12359 | $13640 |
| **12/31/18** | $12016 | $11386 | $13042 |
| **12/31/19** | $15565 | $14750 | $17149 |
| **12/31/20** | $17976 | $17034 | $20304 |
| **12/31/21** | $23238 | $22020 | $26132 |
| **12/31/22** | $19124 | $18122 | $21399 |
| **12/31/23** | $24033 | $22774 | $27025 |
| **12/31/24** | $32033 | $30355 | $33786 |
| **12/31/25** | $37724 | $35748 | $39827 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Spirit of America Large Cap Value Fund - Class A Shares |  |  |  |
| Without Load | 17.77% | 15.98% | 14.20% |
| With Load | 11.58% | 14.73% | 13.59% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iaae495d56d8157eb3a5bf8e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| Materials | 1.2% |
| Real Estate Investment Trusts (REITs) | 1.7% |
| Energy | 3.0% |
| Consumer Staples | 5.6% |
| Utilities | 5.7% |
| Consumer Discretionary | 6.6% |
| Health Care | 7.6% |
| Industrials | 9.0% |
| Financials | 10.5% |
| Communications | 10.7% |
| Technology | 39.5% |

---

## **Fund Statistics** 
* Net Assets$209,342,142

* Number of Portfolio Holdings157

* Advisory Fee $1,914,477

* Portfolio Turnover10%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Large Cap Value Fund - Class A Shares (SOAVX)

# Annual Shareholder Report - December 31, 2025

## 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

TSR-AR 123125-SOAVX

# Spirit of America Large Cap Value Fund

# Class C Shares (SACVX)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Large Cap Value Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $242 | 2.23% |

---

#### How did the Fund perform during the reporting period?
The Fund's performance in 2025 reflected a mixed market environment, with strategic allocations across sectors navigating ongoing economic shifts and continued enthusiasm in certain growth areas.

A key contributor to the Fund's returns was its exposure to high-performing companies in information technology and communication services, which benefited from sustained advancements in artificial intelligence (AI), digital infrastructure, and media innovations. These sectors drove meaningful gains amid broader market strength.

However, consumer discretionary and real estate holdings detracted from relative performance, facing headwinds from shifting consumer preferences, higher borrowing costs in certain periods, and regional challenges in commercial property markets.

As the market enters 2026, the Fund remains positioned to capitalize on enduring trends in AI, technological innovation, industrial resilience, and consumer dynamics.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i2bad87d3219a1a6c5b970c19.jpg)

---

| | | |
|:---|:---|:---|
| | **Spirit of America Large Cap Value Fund - Class C Shares** | **S&P 500<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 |
| **Dec-2016** | $10965 | $11293 |
| **Dec-2017** | $13089 | $13759 |
| **Dec-2018** | $11976 | $13156 |
| **Dec-2019** | $15401 | $17298 |
| **Dec-2020** | $17665 | $20481 |
| **Dec-2021** | $22676 | $26360 |
| **Dec-2022** | $18529 | $21586 |
| **Dec-2023** | $23125 | $27260 |
| **Dec-2024** | $30610 | $34081 |
| **Dec-2025** | $35800 | $40174 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 15, 2016)** |
| Spirit of America Large Cap Value Fund - Class C Shares |  |  |  |
| Without Load | 16.95% | 15.17% | 13.90% |
| With Load | 15.95% | 15.17% | 13.90% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.25% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iaae495d56d8157eb3a5bf8e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| Materials | 1.2% |
| Real Estate Investment Trusts (REITs) | 1.7% |
| Energy | 3.0% |
| Consumer Staples | 5.6% |
| Utilities | 5.7% |
| Consumer Discretionary | 6.6% |
| Health Care | 7.6% |
| Industrials | 9.0% |
| Financials | 10.5% |
| Communications | 10.7% |
| Technology | 39.5% |

---

## **Fund Statistics** 
* Net Assets$209,342,142

* Number of Portfolio Holdings157

* Advisory Fee $1,914,477

* Portfolio Turnover10%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Large Cap Value Fund - Class C Shares (SACVX)

# Annual Shareholder Report - December 31, 2025

## 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

TSR-AR 123125-SACVX

# Spirit of America Large Cap Value Fund

# Institutional Shares (SOIVX)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Large Cap Value Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $135 | 1.23% |

---

#### How did the Fund perform during the reporting period?
The Fund's performance in 2025 reflected a mixed market environment, with strategic allocations across sectors navigating ongoing economic shifts and continued enthusiasm in certain growth areas.

A key contributor to the Fund's returns was its exposure to high-performing companies in information technology and communication services, which benefited from sustained advancements in artificial intelligence (AI), digital infrastructure, and media innovations. These sectors drove meaningful gains amid broader market strength.

However, consumer discretionary and real estate holdings detracted from relative performance, facing headwinds from shifting consumer preferences, higher borrowing costs in certain periods, and regional challenges in commercial property markets.

As the market enters 2026, the Fund remains positioned to capitalize on enduring trends in AI, technological innovation, industrial resilience, and consumer dynamics.

## How has the Fund performed since inception?

### Total Return Based on $100,000 Investment
![Chart showing performance over last 10 years or since inception](i89bfb140a4d803bf02375f44.jpg)

---

| | | |
|:---|:---|:---|
| | **Spirit of America Large Cap Value Fund - Institutional Shares** | **S&P 500<sup>®</sup> Index** |
| **May-2020** | $100000 | $100000 |
| **Dec-2020** | $133282 | $134279 |
| **Dec-2021** | $172792 | $172824 |
| **Dec-2022** | $142587 | $141524 |
| **Dec-2023** | $179733 | $178728 |
| **Dec-2024** | $240355 | $223445 |
| **Dec-2025** | $283941 | $263397 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 1, 2020)** |
| Spirit of America Large Cap Value Fund - Institutional Shares | 18.13% | 16.33% | 20.21% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 18.63% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iaae495d56d8157eb3a5bf8e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| Materials | 1.2% |
| Real Estate Investment Trusts (REITs) | 1.7% |
| Energy | 3.0% |
| Consumer Staples | 5.6% |
| Utilities | 5.7% |
| Consumer Discretionary | 6.6% |
| Health Care | 7.6% |
| Industrials | 9.0% |
| Financials | 10.5% |
| Communications | 10.7% |
| Technology | 39.5% |

---

## **Fund Statistics** 
* Net Assets$209,342,142

* Number of Portfolio Holdings157

* Advisory Fee $1,914,477

* Portfolio Turnover10%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Large Cap Value Fund - Institutional Shares (SOIVX)

# Annual Shareholder Report - December 31, 2025

## 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

TSR-AR 123125-SOIVX

# Spirit of America Municipal Tax Free Bond Fund

# Class A Shares (SOAMX)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $94 | 0.93% |

---

#### How did the Fund perform during the reporting period?
The Fund's performance in 2025 was supported by allocations to higher-yielding revenue bonds and essential service sectors, such as healthcare and utilities, which provided stability and consistent income during a year of heightened bond market volatility.

The Federal Reserve held rates in check for most of the year, citing concerns of the impact of announced tariffs on the economy. While the Fed's decision to cut interest rates, late in the year, eased some pressure on fixed-income markets, broader economic uncertainties and fluctuating bond yields created challenges. The Fund's focus on high-quality issuers and active duration management enabled it to navigate this environment effectively, ensuring stable income generation for shareholders. Moving forward, the Fund remains well-positioned to capitalize on resilient state and local fiscal conditions and ongoing demand for infrastructure investments.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i66f2b10d3238bef5383628ef.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Spirit of America Municipal Tax Free Bond Fund - Class A Shares** | **Spirit of America Municipal Tax Free Bond Fund - Class A Shares - with load** | **Bloomberg Municipal Bond Index** |
| **12/31/15** | $10000 | $9522 | $10000 |
| **12/31/16** | $10064 | $9583 | $10025 |
| **12/31/17** | $10542 | $10039 | $10571 |
| **12/31/18** | $10644 | $10135 | $10707 |
| **12/31/19** | $11183 | $10649 | $11513 |
| **12/31/20** | $11581 | $11028 | $12113 |
| **12/31/21** | $11683 | $11125 | $12297 |
| **12/31/22** | $10647 | $10139 | $11249 |
| **12/31/23** | $11124 | $10592 | $11969 |
| **12/31/24** | $11313 | $10773 | $12095 |
| **12/31/25** | $11756 | $11194 | $12608 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Spirit of America Municipal Tax Free Bond Fund - Class A Shares |  |  |  |
| Without Load | 3.91% | 0.30% | 1.63% |
| With Load | -1.07% | -0.68% | 1.13% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.34% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i332b28f744c0a2ca091f880f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.8% |
| Money Market Funds | 0.9% |
| Idr & Pcr | 4.4% |
| Local | 4.5% |
| Special Tax | 8.3% |
| Education | 10.8% |
| Health Care | 11.3% |
| Lease | 11.5% |
| Transportation | 12.8% |
| Utilities | 16.2% |
| Housing | 20.1% |

---

## **Fund Statistics** 
* Net Assets$23,902,426

* Number of Portfolio Holdings109

* Advisory Fee (net of waivers)$27,128

* Portfolio Turnover26%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Municipal Tax Free Bond Fund - Class A Shares (SOAMX)

# Annual Shareholder Report - December 31, 2025

## 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

TSR-AR 123125-SOAMX

# Spirit of America Municipal Tax Free Bond Fund

# Class C Shares (SACFX)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $180 | 1.78% |

---

#### How did the Fund perform during the reporting period?
The Fund's performance in 2025 was supported by allocations to higher-yielding revenue bonds and essential service sectors, such as healthcare and utilities, which provided stability and consistent income during a year of heightened bond market volatility.

The Federal Reserve held rates in check for most of the year, citing concerns of the impact of announced tariffs on the economy. While the Fed's decision to cut interest rates, late in the year, eased some pressure on fixed-income markets, broader economic uncertainties and fluctuating bond yields created challenges. The Fund's focus on high-quality issuers and active duration management enabled it to navigate this environment effectively, ensuring stable income generation for shareholders. Moving forward, the Fund remains well-positioned to capitalize on resilient state and local fiscal conditions and ongoing demand for infrastructure investments.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i581c6858f3855ef4e78dc601.jpg)

---

| | | |
|:---|:---|:---|
| | **Spirit of America Municipal Tax Free Bond Fund - Class C Shares** | **Bloomberg Municipal Bond Index** |
| **Mar-2016** | $10000 | $10000 |
| **Dec-2016** | $9881 | $9929 |
| **Dec-2017** | $10263 | $10470 |
| **Dec-2018** | $10263 | $10604 |
| **Dec-2019** | $10704 | $11403 |
| **Dec-2020** | $10993 | $11997 |
| **Dec-2021** | $10996 | $12179 |
| **Dec-2022** | $9934 | $11141 |
| **Dec-2023** | $10281 | $11854 |
| **Dec-2024** | $10380 | $11979 |
| **Dec-2025** | $10697 | $12487 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 15, 2016)** |
| Spirit of America Municipal Tax Free Bond Fund - Class C Shares |  |  |  |
| Without Load | 3.05% | -0.54% | 0.69% |
| With Load | 2.05% | -0.54% | 0.69% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.29% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i332b28f744c0a2ca091f880f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.8% |
| Money Market Funds | 0.9% |
| Idr & Pcr | 4.4% |
| Local | 4.5% |
| Special Tax | 8.3% |
| Education | 10.8% |
| Health Care | 11.3% |
| Lease | 11.5% |
| Transportation | 12.8% |
| Utilities | 16.2% |
| Housing | 20.1% |

---

## **Fund Statistics** 
* Net Assets$23,902,426

* Number of Portfolio Holdings109

* Advisory Fee (net of waivers)$27,128

* Portfolio Turnover26%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Municipal Tax Free Bond Fund - Class C Shares (SACFX)

# Annual Shareholder Report - December 31, 2025

## 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

TSR-AR 123125-SACFX

# Spirit of America Municipal Tax Free Bond Fund

# Institutional Shares (SOIMX)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $79 | 0.77% |

---

#### How did the Fund perform during the reporting period?
The Fund's performance in 2025 was supported by allocations to higher-yielding revenue bonds and essential service sectors, such as healthcare and utilities, which provided stability and consistent income during a year of heightened bond market volatility.

The Federal Reserve held rates in check for most of the year, citing concerns of the impact of announced tariffs on the economy. While the Fed's decision to cut interest rates, late in the year, eased some pressure on fixed-income markets, broader economic uncertainties and fluctuating bond yields created challenges. The Fund's focus on high-quality issuers and active duration management enabled it to navigate this environment effectively, ensuring stable income generation for shareholders. Moving forward, the Fund remains well-positioned to capitalize on resilient state and local fiscal conditions and ongoing demand for infrastructure investments.

## How has the Fund performed since inception?

### Total Return Based on $100,000 Investment
![Chart showing performance over last 10 years or since inception](i0e07aa5dff6b0532515431da.jpg)

---

| | | |
|:---|:---|:---|
| | **Spirit of America Municipal Tax Free Bond Fund - Institutional Shares** | **Bloomberg Municipal Bond Index** |
| **May-2020** | $100000 | $100000 |
| **Dec-2020** | $104367 | $106869 |
| **Dec-2021** | $105446 | $108491 |
| **Dec-2022** | $96224 | $99240 |
| **Dec-2023** | $100693 | $105593 |
| **Dec-2024** | $102574 | $106706 |
| **Dec-2025** | $106756 | $111236 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 1, 2020)** |
| Spirit of America Municipal Tax Free Bond Fund - Institutional Shares | 4.08% | 0.45% | 1.16% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 1.90% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i332b28f744c0a2ca091f880f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.8% |
| Money Market Funds | 0.9% |
| Idr & Pcr | 4.4% |
| Local | 4.5% |
| Special Tax | 8.3% |
| Education | 10.8% |
| Health Care | 11.3% |
| Lease | 11.5% |
| Transportation | 12.8% |
| Utilities | 16.2% |
| Housing | 20.1% |

---

## **Fund Statistics** 
* Net Assets$23,902,426

* Number of Portfolio Holdings109

* Advisory Fee (net of waivers)$27,128

* Portfolio Turnover26%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Municipal Tax Free Bond Fund - Institutional Shares (SOIMX)

# Annual Shareholder Report - December 31, 2025

## 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

TSR-AR 123125-SOIMX

# Spirit of America Real Estate Income and Growth Fund

# Class A Shares (SOAAX)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $162 | 1.62% |

---

#### How did the Fund perform during the reporting period?
The Fund's performance in 2025 reflected broader challenges across several REIT sectors amid mixed market conditions and sector-specific dynamics.

Key factors materially affecting performance included headwinds in residential and data center exposures. Residential REITs struggled with sector pressures leading to negative returns, while data center REITs delivered negative performance despite optimism around AI-driven demand. Other holdings, such as in health care and industrial properties, provided some resilience through demographic support and logistics strength, though overall results were tempered by broader REIT sentiment lows.

Looking ahead, the Fund will continue to focus on resilient assets and high-demand segments to navigate volatility, while maintaining a strategy emphasizing income and growth through equity REITs with strong track records.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i49f441c6787009bcddf7101b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Spirit of America Real Estate Income and Growth Fund - Class A Shares** | **Spirit of America Real Estate Income and Growth Fund - Class A Shares - with load** | **MSCI US REIT Index** | **S&P 500<sup>®</sup> Index** |
| **12/31/15** | $10000 | $9478 | $10000 | $10000 |
| **12/31/16** | $10566 | $10015 | $10860 | $11196 |
| **12/31/17** | $11284 | $10695 | $11411 | $13640 |
| **12/31/18** | $10511 | $9963 | $10889 | $13042 |
| **12/31/19** | $13461 | $12758 | $13703 | $17149 |
| **12/31/20** | $12770 | $12104 | $12665 | $20304 |
| **12/31/21** | $18137 | $17191 | $18119 | $26132 |
| **12/31/22** | $12975 | $12298 | $13678 | $21399 |
| **12/31/23** | $14212 | $13471 | $15557 | $27025 |
| **12/31/24** | $15285 | $14488 | $16919 | $33786 |
| **12/31/25** | $15142 | $14352 | $17418 | $39827 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Spirit of America Real Estate Income and Growth Fund - Class A Shares |  |  |  |
| Without Load | -0.94% | 3.47% | 4.24% |
| With Load | -6.10% | 2.35% | 3.68% |
| MSCI US REIT Index | 2.94% | 6.58% | 5.71% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i04e53db119a493277a4be05d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Energy | 0.6% |
| Communications | 0.8% |
| Financials | 0.9% |
| Industrials | 1.1% |
| Consumer Discretionary | 1.9% |
| Real Estate | 94.4% |

---

## **Fund Statistics** 
* Net Assets$65,079,432

* Number of Portfolio Holdings94

* Advisory Fee $692,931

* Portfolio Turnover8%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Real Estate Income and Growth Fund - Class A Shares (SOAAX)

# Annual Shareholder Report - December 31, 2025

## 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

# Class C Shares (SACRX)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $230 | 2.32% |

---

#### How did the Fund perform during the reporting period?
The Fund's performance in 2025 reflected broader challenges across several REIT sectors amid mixed market conditions and sector-specific dynamics.

Key factors materially affecting performance included headwinds in residential and data center exposures. Residential REITs struggled with sector pressures leading to negative returns, while data center REITs delivered negative performance despite optimism around AI-driven demand. Other holdings, such as in health care and industrial properties, provided some resilience through demographic support and logistics strength, though overall results were tempered by broader REIT sentiment lows.

Looking ahead, the Fund will continue to focus on resilient assets and high-demand segments to navigate volatility, while maintaining a strategy emphasizing income and growth through equity REITs with strong track records.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i83a5741a034409405950b461.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Spirit of America Real Estate Income and Growth Fund - Class C Shares** | **MSCI US REIT Index** | **S&P 500<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10569 | $10658 | $11293 |
| **Dec-2017** | $11214 | $11199 | $13759 |
| **Dec-2018** | $10380 | $10687 | $13156 |
| **Dec-2019** | $13198 | $13448 | $17298 |
| **Dec-2020** | $12426 | $12429 | $20481 |
| **Dec-2021** | $17529 | $17782 | $26360 |
| **Dec-2022** | $12448 | $13423 | $21586 |
| **Dec-2023** | $13538 | $15268 | $27260 |
| **Dec-2024** | $14459 | $16604 | $34081 |
| **Dec-2025** | $14219 | $17094 | $40174 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 15, 2016)** |
| Spirit of America Real Estate Income and Growth Fund - Class C Shares |  |  |  |
| Without Load | -1.66% | 2.73% | 3.66% |
| With Load | -2.56% | 2.73% | 3.66% |
| MSCI US REIT Index | 2.94% | 6.58% | 5.62% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.25% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i04e53db119a493277a4be05d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Energy | 0.6% |
| Communications | 0.8% |
| Financials | 0.9% |
| Industrials | 1.1% |
| Consumer Discretionary | 1.9% |
| Real Estate | 94.4% |

---

## **Fund Statistics** 
* Net Assets$65,079,432

* Number of Portfolio Holdings94

* Advisory Fee $692,931

* Portfolio Turnover8%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Real Estate Income and Growth Fund - Class C Shares (SACRX)

# Annual Shareholder Report - December 31, 2025

## 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)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $132 | 1.32% |

---

#### How did the Fund perform during the reporting period?
The Fund's performance in 2025 reflected broader challenges across several REIT sectors amid mixed market conditions and sector-specific dynamics.

Key factors materially affecting performance included headwinds in residential and data center exposures. Residential REITs struggled with sector pressures leading to negative returns, while data center REITs delivered negative performance despite optimism around AI-driven demand. Other holdings, such as in health care and industrial properties, provided some resilience through demographic support and logistics strength, though overall results were tempered by broader REIT sentiment lows.

Looking ahead, the Fund will continue to focus on resilient assets and high-demand segments to navigate volatility, while maintaining a strategy emphasizing income and growth through equity REITs with strong track records.

## How has the Fund performed since inception?

### Total Return Based on $100,000 Investment
![Chart showing performance over last 10 years or since inception](ia57fe159df002b6f1172d58b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Spirit of America Real Estate Income and Growth Fund - Institutional Shares** | **MSCI US REIT Index** | **S&P 500<sup>®</sup> Index** |
| **May-2020** | $100000 | $100000 | $100000 |
| **Dec-2020** | $115516 | $121275 | $134279 |
| **Dec-2021** | $164485 | $173501 | $172824 |
| **Dec-2022** | $118004 | $130973 | $141524 |
| **Dec-2023** | $129535 | $148973 | $178728 |
| **Dec-2024** | $139889 | $162010 | $223445 |
| **Dec-2025** | $138796 | $166787 | $263397 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 1, 2020)** |
| Spirit of America Real Estate Income and Growth Fund - Institutional Shares | -0.78% | 3.74% | 5.95% |
| MSCI US REIT Index | 2.94% | 6.58% | 9.44% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 18.63% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i04e53db119a493277a4be05d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Energy | 0.6% |
| Communications | 0.8% |
| Financials | 0.9% |
| Industrials | 1.1% |
| Consumer Discretionary | 1.9% |
| Real Estate | 94.4% |

---

## **Fund Statistics** 
* Net Assets$65,079,432

* Number of Portfolio Holdings94

* Advisory Fee $692,931

* Portfolio Turnover8%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Real Estate Income and Growth Fund - Institutional Shares (SOIAX)

# Annual Shareholder Report - December 31, 2025

## 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

# Class A Shares (SOAUX)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A Shares | $164 | 1.53% |

---

#### How did the Fund perform during the reporting period?
The Fund, once again, delivered a strong return in 2025. The Fund's success was fueled by the increasing demand and need for electricity to power the rapid expansion of artificial intelligence (AI) technologies and data centers. As AI adoption continues to accelerate globally, utilities played a critical role in meeting the massive energy requirements of data-intensive operations. Investments in nuclear power assets were particularly impactful, as nuclear energy continues to be an option for large tech companies as a clean and reliable power source amid heightened focus on de-carbonization.

With growing energy demand driven by AI development, electrification trends, and increased reliance on renewable and nuclear energy, the Fund is well positioned to continue delivering value in 2026. Its active management approach ensures a focus on companies that lead in innovation and operational efficiency.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ia2e264efc09a947cef0dc38b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Spirit of America Utilities Fund - Class A Shares** | **Spirit of America Utilities Fund - Class A Shares - with load** | **S&P 500<sup>®</sup> Index** | **S&P Utilities Select Sector Index** |
| **Jan-2023** | $10000 | $9425 | $10000 | $10000 |
| **Dec-2023** | $9584 | $9033 | $11882 | $9481 |
| **Dec-2024** | $11762 | $11086 | $14855 | $11703 |
| **Dec-2025** | $13474 | $12700 | $17511 | $13580 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (January 31, 2023)** |
| Spirit of America Utilities Fund - Class A Shares |  |  |
| Without Load | 14.56% | 10.77% |
| With Load | 7.96% | 8.54% |
| S&P 500<sup>®</sup> Index | 17.88% | 21.19% |
| S&P Utilities Select Sector Index | 16.04% | 11.07% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iad4e51395fb7a69847797667.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.8% |
| Energy | 2.2% |
| Industrials | 2.5% |
| Utilities | 93.5% |

---

## **Fund Statistics** 
* Net Assets$50,428,941

* Number of Portfolio Holdings52

* Advisory Fee (net of waivers)$313,064

* Portfolio Turnover1%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Utilities Fund - Class A Shares (SOAUX)

# Annual Shareholder Report - December 31, 2025

## 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

TSR-AR 123125-SOAUX

# Spirit of America Utilities Fund

# Class C Shares (SOCUX)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C Shares | $244 | 2.29% |

---

#### How did the Fund perform during the reporting period?
The Fund, once again, delivered a strong return in 2025. The Fund's success was fueled by the increasing demand and need for electricity to power the rapid expansion of artificial intelligence (AI) technologies and data centers. As AI adoption continues to accelerate globally, utilities played a critical role in meeting the massive energy requirements of data-intensive operations. Investments in nuclear power assets were particularly impactful, as nuclear energy continues to be an option for large tech companies as a clean and reliable power source amid heightened focus on de-carbonization.

With growing energy demand driven by AI development, electrification trends, and increased reliance on renewable and nuclear energy, the Fund is well positioned to continue delivering value in 2026. Its active management approach ensures a focus on companies that lead in innovation and operational efficiency.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i3d7340070f27d5f8207a5785.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Spirit of America Utilities Fund - Class C Shares** | **S&P 500<sup>®</sup> Index** | **S&P Utilities Select Sector Index** |
| **Jan-2023** | $10000 | $10000 | $10000 |
| **Dec-2023** | $9515 | $11882 | $9481 |
| **Dec-2024** | $11587 | $14855 | $11703 |
| **Dec-2025** | $13176 | $17511 | $13580 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (January 31, 2023)** |
| Spirit of America Utilities Fund - Class C Shares |  |  |
| Without Load | 13.72% | 9.92% |
| With Load | 12.72% | 9.92% |
| S&P 500<sup>®</sup> Index | 17.88% | 21.19% |
| S&P Utilities Select Sector Index | 16.04% | 11.07% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iad4e51395fb7a69847797667.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.8% |
| Energy | 2.2% |
| Industrials | 2.5% |
| Utilities | 93.5% |

---

## **Fund Statistics** 
* Net Assets$50,428,941

* Number of Portfolio Holdings52

* Advisory Fee (net of waivers)$313,064

* Portfolio Turnover1%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Utilities Fund - Class C Shares (SOCUX)

# Annual Shareholder Report - December 31, 2025

## 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

TSR-AR 123125-SOCUX

# Spirit of America Utilities Fund

# Institutional Shares (SOIUX)

# Annual Shareholder Report - December 31, 2025
![Image](ic4a4fe5a5f1469060027500e.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. 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 year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $138 | 1.28% |

---

#### How did the Fund perform during the reporting period?
The Fund, once again, delivered a strong return in 2025. The Fund's success was fueled by the increasing demand and need for electricity to power the rapid expansion of artificial intelligence (AI) technologies and data centers. As AI adoption continues to accelerate globally, utilities played a critical role in meeting the massive energy requirements of data-intensive operations. Investments in nuclear power assets were particularly impactful, as nuclear energy continues to be an option for large tech companies as a clean and reliable power source amid heightened focus on de-carbonization.

With growing energy demand driven by AI development, electrification trends, and increased reliance on renewable and nuclear energy, the Fund is well positioned to continue delivering value in 2026. Its active management approach ensures a focus on companies that lead in innovation and operational efficiency.

## How has the Fund performed since inception?

### Total Return Based on $100,000 Investment
![Chart showing performance over last 10 years or since inception](i65e1389a35d64d1e84cac81b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Spirit of America Utilities Fund - Institutional Shares** | **S&P 500<sup>®</sup> Index** | **S&P Utilities Select Sector Index** |
| **Jan-2023** | $100000 | $100000 | $100000 |
| **Dec-2023** | $96001 | $118822 | $94814 |
| **Dec-2024** | $118126 | $148550 | $117028 |
| **Dec-2025** | $135664 | $175111 | $135804 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (January 31, 2023)** |
| Spirit of America Utilities Fund - Institutional Shares | 14.85% | 11.03% |
| S&P 500<sup>®</sup> Index | 17.88% | 21.19% |
| S&P Utilities Select Sector Index | 16.04% | 11.07% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call (516) 390-5565.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iad4e51395fb7a69847797667.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.8% |
| Energy | 2.2% |
| Industrials | 2.5% |
| Utilities | 93.5% |

---

## **Fund Statistics** 
* Net Assets$50,428,941

* Number of Portfolio Holdings52

* Advisory Fee (net of waivers)$313,064

* Portfolio Turnover1%

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

![Image](ic4a4fe5a5f1469060027500e.jpg)

# Spirit of America Utilities Fund - Institutional Shares (SOIUX)

# Annual Shareholder Report - December 31, 2025

## 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

TSR-AR 123125-SOIUX

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 19(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

**Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee.

(a)(2) John Desmond. is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees billed to the registrant by its principal accountants for the two most recent fiscal years:

Fiscal year ended 2025: $102,500

Fiscal year ended 2024: $102,500

&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees billed to the registrant by its principal accountants for the two most recent fiscal years:

Fiscal year ended 2025: $0

Fiscal year ended 2024: $0

Fees for 2025 and 2024 related to the agreed-upon review of items within the Management's Discussion of Fund Performance sections of the Funds' Form N-CSR filing. Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees billed to the registrant by its principal accountants for the two most recent fiscal years:

Fiscal year ended 2025: $18,500

Fiscal year ended 2024: $18,500

Fees for 2025 and 2024 related to the review of the registrant's tax returns. Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All other fees billed to the registrant by its principal accountants for the two most recent fiscal years:

Fiscal year ended 2025: $0

Fiscal year ended 2024: $0

Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X

<u>**Pre-Approval of Audit and Permitted Non-Audit Services Provided to the Company**</u>

*Pre-Approval Requirements*. The Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) to be provided to the Company by the Auditor, including the fees therefor. The Committee may delegate to one or more of its members the authority to grant pre-approvals. In connection with such delegation, the Committee shall establish pre-approval policies and procedures, including the requirement that the decisions of any member to whom authority is delegated under this section (B) shall be presented to the full Committee at each of its scheduled meetings.

*De Minimis Exception to Pre-Approval*: Pre-approval for a permitted non-audit service shall not be required if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the aggregate amount of all such non-audit
 services is not more than 5% of the total revenues paid by the Company to the Auditor in the fiscal year in which the non-audit services
 are provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. such services were not recognized by the Company at the
 time of the engagement to be non-audit services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. such services are promptly brought to the attention of
 the Committee and approved prior to the completion of the audit by the Committee or by one or more members of the Committee to whom authority
 to grant such approvals has been delegated by the Committee.

Additionally, the Committee shall pre-approve the Auditor's engagements for non-audit services with the Adviser and any affiliate of the Adviser that provides ongoing services to the Company in accordance with the foregoing, if the engagement relates directly to the operations and financial reporting of the Company, unless the aggregate amount of all services provided constitutes no more than 5% of the total amount of revenues paid to the Auditor by the Company, the Adviser and any affiliate of the Adviser that provides ongoing services to the Company during the fiscal year in which the services are provided that would have to be pre-approved by the Committee pursuant to this paragraph (without regard to this exception).

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's
 financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's
 full-time, permanent employees was 0%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
 and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the registrant for fiscal years ended December 31, 2025 and December 31, 2024 are $0
 and $0, respectively

&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit
 services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio
 management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common
 control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph
 (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

**Item 5. Audit Committee of Listed Companies.**

Certain series of the registrant that appear in the shareholder report included in Item 1 are listed issuers as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and have a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The audit committee consists of John Desmond, Allen Kaufman and Stanley S. Thune.

**Item 6. Investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ---

| | |
|:---|:---|
| ![](img_001.jpg) |  |
| **ANNUAL FINANCIAL STATEMENTS** | **ANNUAL FINANCIAL STATEMENTS** |
| **AND ADDITIONAL INFORMATION** |  |
| December 31, 2025 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit of America Real Estate Income and Growth Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit of America Large Cap Value Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit of America Municipal Tax Free Bond Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit of America Income Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit of America Utilities Fund |

---

---

| |
|:---|
| **SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS \| DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Common Stocks 97.81%**<br>**Communications 0.78%** | | |
| DigitalBridge Group, Inc. | 33000 | $506220 |
| **Consumer Discretionary 1.86%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 4750 | 1096395 |
| D.R. Horton, Inc. | 800 | 115224 |
|  |  | 1211619 |
| **Data Center REITs 9.78%** |  |  |
| Digital Realty Trust, Inc. | 20031 | 3098996 |
| Equinix, Inc. | 4260 | 3263842 |
|  |  | 6362838 |
| **Energy 0.54%** |  |  |
| Cheniere Energy Partners LP | 1613 | 86263 |
| Energy Transfer LP | 10000 | 164900 |
| Enterprise Products Partners LP | 1500 | 48090 |
| MPLX LP | 1000 | 53370 |
|  |  | 352623 |
| **Financials 0.93%** |  |  |
| Blackstone Group, Inc. (The), Class A | 2000 | 308280 |
| KKR & Co. LP | 2350 | 299578 |
|  |  | 607858 |
| **Gaming REITs 5.54%** |  |  |
| Gaming and Leisure Properties, Inc. | 28885 | 1290871 |
| VICI Properties, Inc. | 82297 | 2314191 |
|  |  | 3605062 |
| **Health Care REITs 17.52%** |  |  |
| American Healthcare REIT, Inc. | 1500 | 70590 |
| CareTrust REIT, Inc. | 5000 | 180800 |
| Healthcare Realty Trust, Inc. | 8000 | 135600 |
| Healthpeak Properties, Inc. | 18869 | 303413 |
| Omega Healthcare Investors, Inc. | 45000 | 1995300 |
| Ventas, Inc. | 28250 | 2185985 |
| Welltower, Inc. | 35175 | 6528832 |
|  |  | 11400520 |
| **Homebuilding 0.35%** |  |  |
| Lennar Corp., Class A | 925 | 95090 |
| Millrose Properties, Inc. | 462 | 13800 |
| Toll Brothers, Inc. | 875 | 118318 |
|  |  | 227208 |
| **Hotel REITs 1.36%** |  |  |
| Host Hotels & Resorts, Inc. | 39900 | 707427 |
| Park Hotels & Resorts, Inc. | 9250 | 96755 |
| Sunstone Hotel Investors, Inc. | 8700 | 77778 |
|  |  | 881960 |

---

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.) \|** **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Industrial REITs 10.22%** | | |
| Lineage, Inc. | 2100 | $73500 |
| LXP Industrial Trust | 540 | 26773 |
| Plymouth Industrial REIT, Inc. | 1500 | 32820 |
| Prologis, Inc. | 24301 | 3102266 |
| Rexford Industrial Realty, Inc. | 10500 | 406560 |
| STAG Industrial, Inc. | 38950 | 1431802 |
| Terreno Realty Corp. | 26875 | 1577831 |
|  |  | 6651552 |
| **Industrials 1.14%** |  |  |
| Vertiv Holdings Co., Class A | 4575 | 741196 |
| **Infrastructure REITs 1.30%** |  |  |
| American Tower Corp., Class A | 2970 | 521443 |
| Crown Castle International Corp. | 3690 | 327930 |
|  |  | 849373 |
| **Midstream - Oil & Gas 0.06%** |  |  |
| Plains All American Pipeline LP | 2000 | 35920 |
| **Mortgage Finance 0.19%** |  |  |
| Blackstone Mortgage Trust, Inc., Class A | 2200 | 42086 |
| Starwood Property Trust, Inc. | 4500 | 81045 |
|  |  | 123131 |
| **Multi Asset Class REITs 0.99%** |  |  |
| One Liberty Properties, Inc. | 2500 | 50725 |
| WP Carey, Inc. | 9200 | 592112 |
|  |  | 642837 |
| **Office REITs 2.11%** |  |  |
| Alexandria Real Estate Equities, Inc. | 3000 | 146820 |
| Boston Properties, Inc. | 6915 | 466624 |
| COPT Defense Properties | 12000 | 333600 |
| Cousins Properties, Inc. | 6500 | 167570 |
| Highwoods Properties, Inc. | 2000 | 51640 |
| Kilroy Realty Corp. | 4265 | 159383 |
| Net Lease Office Properties<sup>(a)</sup> | 1872 | 48279 |
|  |  | 1373916 |
| **Residential REITs 17.47%** |  |  |
| American Homes 4 Rent, Class A | 36300 | 1165230 |
| AvalonBay Communities, Inc. | 10890 | 1974466 |
| Camden Property Trust | 6300 | 693504 |
| Equity LifeStyle Properties, Inc. | 17050 | 1033400 |
| Equity Residential | 23615 | 1488690 |
| Essex Property Trust, Inc. | 6986 | 1828096 |
| Invitation Homes, Inc. | 6500 | 180635 |
| Mid-America Apartment Communities, Inc. | 5222 | 725388 |
| Sun Communities, Inc. | 7950 | 985085 |
| UDR, Inc. | 35350 | 1296638 |
|  |  | 11371132 |

---

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

2 SPIRIT OF AMERICA <br>

---

| |
|:---|
| **SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (CONT.) \| DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Retail REITs 14.87%** | | |
| Agree Realty Corp. | 8100 | $583443 |
| Brixmor Property Group, Inc. | 41475 | 1087474 |
| Federal Realty Investment Trust | 9700 | 977760 |
| Four Corners Property Trust, Inc. | 5000 | 115300 |
| Getty Realty Corp. | 1000 | 27370 |
| Kimco Realty Corp. | 24569 | 498014 |
| National Retail Properties, Inc. | 17750 | 703433 |
| Realty Income Corp. | 28585 | 1611336 |
| Regency Centers Corp. | 13400 | 925002 |
| Simon Property Group, Inc. | 14850 | 2748884 |
| Tanger Factory Outlet Centers, Inc. | 12000 | 400440 |
|  |  | 9678456 |
| **Self-Storage REITs 6.36%** |  |  |
| CubeSmart | 18450 | 665122 |
| Extra Space Storage, Inc. | 10880 | 1416794 |
| Public Storage | 7925 | 2056538 |
|  |  | 4138454 |
| **Specialty REITs 4.25%** |  |  |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 717 | 22535 |
| Iron Mountain, Inc. | 32500 | 2695875 |
| Postal Realty Trust, Inc., Class A | 3000 | 48420 |
|  |  | 2766830 |
| **Timber REITs 0.19%** |  |  |
| Weyerhaeuser Co. | 5300 | 125557 |
| **Total Commons Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,644,475) |  | **63654262** |
| **Preferred Stocks 1.91%** |  |  |
| **Data Center REITs 0.13%** |  |  |
| Digital Realty Trust, Inc., Series J, 5.25% | 4000 | 82840 |
| **Hotel REITs 1.20%** |  |  |
| Ashford Hospitality Trust, Inc., Series F, 7.38% | 6000 | 81960 |
| Pebblebrook Hotel Trust, Series F, 6.30% | 2500 | 47625 |
| Pebblebrook Hotel Trust, Series G, 6.38% | 4000 | 74800 |
| Pebblebrook Hotel Trust, Series H, 6.38% | 6000 | 106080 |
| Sotherly Hotels, Inc., Series B, 8.00% | 6000 | 101340 |
| Sotherly Hotels, Inc., Series C, 7.88% | 2000 | 34540 |
| Summit Hotel Properties, Inc., Series F, 5.88% | 10000 | 181000 |
| Sunstone Hotel Investors, Inc., Series H, 6.13% | 4000 | 79800 |
| Sunstone Hotel Investors, Inc., Series I, 5.70% | 4000 | 77160 |
|  |  | 784305 |
| **Mortgage Finance 0.06%** |  |  |
| New York Mortgage Trust Inc., Series G, 7.00% | 2000 | 38340 |
| **Multi Asset Class REITs** 0.07% |  |  |
| Vornado Realty Trust, Series M, 5.25% | 2500 | 42375 |

---

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

3.0 ---

| |
|:---|
| **SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND** |
| **SCHEDULE OF INVESTMENTS (CONT.) \|** **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Residential REITs 0.07%** | | |
| American Homes 4 Rent, Series G, 5.88% | 2000 | $46180 |
| **Retail REITs 0.26%** |  |  |
| CTO Realty Growth, Inc., Series A, 6.38% | 2000 | 41000 |
| Federal Realty Investment Trust, Series C, 5.00% | 6500 | 130650 |
|  |  | 171650 |
| **Self-Storage REITs 0.12%** |  |  |
| Public Storage, Series I, 4.88% | 1917 | 37017 |
| Public Storage, Series L, 4.63% | 2000 | 37000 |
|  |  | 74017 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,681,311) |  | **1239707** |
| **Money Market Funds 0.02%** |  |  |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 3.69%<sup>(b)</sup> | 13786 | 13786 |
| **Total Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,786) |  | **13786** |
| **Total Investments — 99.74%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $56,339,572) |  | 64907755 |
| **Other Assets in Excess of Liabilities** — 0.26% |  | 171677 |
| **NET ASSETS —** 100.00% |  | $**65079432** |

---

*(a)* *Non-income producing security.* 

*(b)* *Rate disclosed is the seven day effective yield as of December 31, 2025.* 

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

4 SPIRIT OF AMERICA <br>

---

| |
|:---|
| **SPIRIT OF AMERICA LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS \| DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Common Stocks 100.98%**<br>**Communications 10.64%** | | |
| Alphabet, Inc., Class A | 44400 | $13897200 |
| Alphabet, Inc., Class C | 3550 | 1113990 |
| AT&T, Inc. | 9500 | 235980 |
| DigitalBridge Group, Inc. | 13000 | 199420 |
| Meta Platforms, Inc., Class A | 2930 | 1934064 |
| Netflix, Inc.<sup>(a)</sup> | 21050 | 1973648 |
| Uber Technologies, Inc.<sup>(a)</sup> | 2300 | 187933 |
| Verizon Communications, Inc. | 26540 | 1080974 |
| Walt Disney Co. (The) | 14500 | 1649665 |
|  |  | 22272874 |
| **Consumer Discretionary 6.60%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 29750 | 6866895 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 7000 | 259000 |
| Home Depot, Inc. (The) | 5738 | 1974446 |
| Lowe's Companies, Inc. | 3200 | 771712 |
| Masco Corp. | 1000 | 63460 |
| McDonald's Corp. | 2580 | 788525 |
| NIKE, Inc., Class B | 1500 | 95565 |
| Starbucks Corp. | 3250 | 273683 |
| Tesla, Inc.<sup>(a)</sup> | 5625 | 2529675 |
| TKO Group Holdings, Inc. | 900 | 188100 |
|  |  | 13811061 |
| **Consumer Staples 5.64%** |  |  |
| Altria Group, Inc. | 12650 | 729399 |
| Coca-Cola Co. (The) | 7600 | 531316 |
| Costco Wholesale Corp. | 5706 | 4920512 |
| Kroger Co. (The) | 7500 | 468600 |
| PepsiCo, Inc. | 2200 | 315744 |
| Philip Morris International, Inc. | 4800 | 769920 |
| Procter & Gamble Co. (The) | 6015 | 862010 |
| Wal-Mart Stores, Inc. | 28802 | 3208831 |
|  |  | 11806332 |
| **Energy 3.02%** |  |  |
| Antero Midstream Corp. | 3000 | 53370 |
| Baker Hughes Co. | 4750 | 216315 |
| Cheniere Energy, Inc. | 4900 | 952511 |
| Chevron Corp. | 3060 | 466375 |
| ConocoPhillips | 527 | 49332 |
| Diamondback Energy, Inc. | 1550 | 233011 |
| EOG Resources, Inc. | 1750 | 183767 |
| Exxon Mobil Corp. | 4908 | 590629 |
| Kinder Morgan, Inc. | 7750 | 213047 |
| Marathon Petroleum Corp. | 550 | 89447 |
| Phillips 66 | 3900 | 503256 |
| Targa Resources Corp. | 3700 | 682650 |
| Valero Energy Corp. | 4615 | 751276 |
| Williams Companies, Inc. (The) | 22350 | 1343459 |
|  |  | 6328445 |

---

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

5.0 ---

| |
|:---|
| **SPIRIT OF AMERICA LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (CONT.) \|** **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Financials 10.37%** | | |
| American Express Co. | 5000 | $1849750 |
| Bank of America Corp. | 25350 | 1394250 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 4395 | 2209147 |
| Blackstone Group, Inc. (The), Class A | 14000 | 2157960 |
| Carlyle Group, Inc. (The) | 6050 | 357616 |
| Citigroup, Inc. | 20950 | 2444655 |
| CME Group, Inc. | 1404 | 383404 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | 750 | 169605 |
| Goldman Sachs Group, Inc. (The) | 2715 | 2386485 |
| JPMorgan Chase & Co. | 22592 | 7279594 |
| KKR & Co. LP | 2000 | 254960 |
| Morgan Stanley | 3000 | 532590 |
| Wells Fargo & Co. | 3000 | 279600 |
|  |  | 21699616 |
| **Health Care 7.64%** |  |  |
| Abbott Laboratories | 3100 | 388399 |
| AbbVie, Inc. | 20550 | 4695469 |
| Bristol-Myers Squibb Co. | 4500 | 242730 |
| Eli Lilly & Co. | 3065 | 3293894 |
| Humana, Inc. | 1150 | 294550 |
| McKesson Corp. | 4670 | 3830754 |
| Medtronic PLC | 7069 | 679048 |
| Merck & Co., Inc. | 9250 | 973655 |
| Quest Diagnostics, Inc. | 3800 | 659414 |
| Thermo Fisher Scientific, Inc. | 1090 | 631601 |
| UnitedHealth Group, Inc. | 750 | 247583 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 100 | 45336 |
|  |  | 15982433 |
| **Industrials 9.03%** |  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 300 | 72567 |
| Caterpillar, Inc. | 11090 | 6353128 |
| CSX Corp. | 34600 | 1254250 |
| Cummins, Inc. | 3550 | 1812097 |
| Deere & Co. | 5560 | 2588569 |
| FedEx Corp. | 1800 | 519948 |
| GE Vernova LLC | 2425 | 1584907 |
| Honeywell International, Inc. | 8850 | 1726547 |
| ITT, Inc. | 300 | 52053 |
| Johnson Controls International PLC | 8253 | 988297 |
| Lockheed Martin Corp., Class B | 1000 | 483670 |
| Raytheon Technologies Corp. | 2100 | 385140 |
| United Parcel Service, Inc., Class B | 2550 | 252935 |
| Vertiv Holdings Co., Class A | 3675 | 595387 |
| Waste Connections, Inc. | 1375 | 241120 |
|  |  | 18910615 |
| **Materials 1.22%** |  |  |
| CF Industries Holdings, Inc. | 6300 | 487242 |
| Corteva, Inc. | 7233 | 484828 |
| DuPont de Nemours, Inc. | 1100 | 44220 |
| Freeport-McMoRan, Inc. | 3500 | 177765 |
| MP Materials Corp.<sup>(a)</sup> | 1200 | 60624 |

---

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

6 SPIRIT OF AMERICA <br>

---

| |
|:---|
| **SPIRIT OF AMERICA LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (CONT.) \| DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Materials (cont.)** | | |
| New Linde PLC | 1400 | $596946 |
| Newmont Goldcorp Corp. | 4500 | 449325 |
| Nucor Corp. | 400 | 65244 |
| Qnity Electronics, Inc.<sup>(a)</sup> | 550 | 44907 |
| Ramaco Resources, Inc., Class A | 2100 | 37800 |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 2212 | 107459 |
|  |  | 2556360 |
| **Real Estate Investment Trusts (REITs) 1.71%** |  |  |
| Digital Realty Trust, Inc. | 2400 | 371304 |
| Equinix, Inc. | 900 | 689544 |
| Iron Mountain, Inc. | 5350 | 443782 |
| Prologis, Inc. | 5350 | 682981 |
| Sun Communities, Inc. | 1350 | 167278 |
| VICI Properties, Inc. | 2073 | 58293 |
| Welltower, Inc. | 6250 | 1160063 |
| Weyerhaeuser Co. | 500 | 11845 |
|  |  | 3585090 |
| **Technology 39.44%** |  |  |
| Accenture PLC, Class A | 3725 | 999417 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 9100 | 1948856 |
| Apple, Inc. | 35782 | 9727695 |
| Applied Materials, Inc. | 11920 | 3063321 |
| ARM Holdings PLC ADR<sup>(a)</sup> | 1300 | 142103 |
| Broadcom, Inc. | 5325 | 1842982 |
| Cisco Systems, Inc. | 17150 | 1321064 |
| Cognizant Technology Solutions Corp., Class A | 4600 | 381800 |
| CoreWeave, Inc., Class A<sup>(a)</sup> | 3400 | 243474 |
| Corning, Inc. | 8000 | 700480 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 4625 | 2168015 |
| Dell Technologies, Inc., Class C | 1624 | 204429 |
| D-Wave Quantum, Inc.<sup>(a)</sup> | 3500 | 91525 |
| Garmin Ltd. | 1150 | 233277 |
| HP, Inc. | 500 | 11140 |
| International Business Machines Corp. | 2668 | 790288 |
| MasterCard, Inc., Class A | 2450 | 1398656 |
| Microchip Technology, Inc. | 6450 | 410994 |
| Microsoft Corp. | 19299 | 9333382 |
| NetApp, Inc. | 2600 | 278434 |
| NortonLifeLock, Inc. | 24700 | 671593 |
| NVIDIA Corp. | 165920 | 30944080 |
| Oracle Corp. | 30475 | 5939882 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 6400 | 1137600 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 5750 | 1059150 |
| Paychex, Inc. | 2650 | 297277 |
| QUALCOMM, Inc. | 4050 | 692753 |
| ServiceNow, Inc.<sup>(a)</sup> | 5650 | 865524 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 1050 | 319085 |
| Texas Instruments, Inc. | 8100 | 1405269 |
| Visa, Inc., Class A | 7450 | 2612790 |
| Workday, Inc., Class A<sup>(a)</sup> | 4400 | 945032 |
| Zscaler, Inc.<sup>(a)</sup> | 1700 | 382364 |
|  |  | 82563731 |

---

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

7.0 ---

| |
|:---|
| **SPIRIT OF AMERICA LARGE CAP VALUE FUND** |
| **SCHEDULE OF INVESTMENTS (CONT.) \|** **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Utilities 5.67%** | | |
| AES Corp. | 3000 | $43020 |
| American Electric Power Company, Inc. | 2250 | 259447 |
| Constellation Energy Corp. | 7575 | 2676020 |
| Dominion Energy, Inc. | 10000 | 585900 |
| Duke Energy Corp. | 2250 | 263722 |
| Edison International | 2600 | 156052 |
| Entergy Corp. | 4650 | 429800 |
| IDACORP, Inc. | 700 | 88592 |
| NextEra Energy, Inc. | 23725 | 1904643 |
| NRG Energy, Inc. | 500 | 79620 |
| Oklo, Inc.<sup>(a)</sup> | 16150 | 1158924 |
| PPL Corp. | 2000 | 70040 |
| Sempra Energy | 250 | 22073 |
| Talen Energy Corp.<sup>(a)</sup> | 3250 | 1218230 |
| Vistra Energy Corp. | 11450 | 1847229 |
| WEC Energy Group, Inc. | 10100 | 1065146 |
|  |  | 11868458 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $83,284,676) |  | **211385015** |
| **Preferred Stocks 0.17%** |  |  |
| **Financials 0.17%** |  |  |
| Bank of America Corp., Series GG, 6.00% | 4000 | 100400 |
| Bank of America Corp., Series HH, 5.88% | 2000 | 49060 |
| Bank of America Corp., Series LL, 5.00% | 2000 | 41520 |
| Bank of America Corp., Series SS, 4.75% | 2000 | 39380 |
| JPMorgan Chase & Co., Series EE, 6.00% | 2000 | 50280 |
| Prudential Financial, Inc., 5.63% | 2000 | 47640 |
| RenaissanceRE Holdings Ltd., Series G, 4.20% | 150 | 2367 |
| U.S. Bancorp, Series O, 4.50% | 2000 | 36320 |
|  |  | 366967 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $403,750) |  | **366967** |
| **Total Investments — 101.15%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $83,688,426) |  | 211751982 |
| **Liabilities in Excess of Other Assets — (1.15)%** |  | (2409840) |
| **NET ASSETS — 100.00%** |  | $**209342142** |

---

*(a)* *Non-income producing security.* 

ADR — American Depositary Receipt

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

8 SPIRIT OF AMERICA <br>

---

| |
|:---|
| **SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND** |
| **SCHEDULE OF INVESTMENTS \| DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market Value** |
| <br>**Municipal Bonds 99.94%**<br>**California 3.68%** | | |
| California Health Facilities Financing, Callable 11/15/2027 @ 100, *5.00%, 11/15/2056* | $250000 | $251550 |
| Los Angeles Department of Water & Power, *5.00%, 7/1/2054* | 250000 | 257021 |
| Los Angeles Department of Water & Power, Callable 1/1/2027 @ 100, *5.00%, 7/1/2042* | 250000 | 252493 |
| Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds, Callable 5/15/2026 @ 100, *4.00%, 5/15/2037* | 15000 | 15020 |
| Southern California Public Power Authority, Callable 7/1/2034 @ 100, *5.00%, 7/1/2053* | 100000 | 104239 |
|  |  | 880323 |
| **Colorado 1.48%** |  |  |
| City & County of Denver CO Pledged Excise Tax, Callable 8/1/2026 @ 100, *5.00%, 8/1/2044* | 100000 | 100445 |
| Colorado Health Facilities Authority, Callable 5/15/2028 @ 100, *5.00%, 11/15/2048* | 250000 | 253076 |
|  |  | 353521 |
| **Connecticut 1.60%** |  |  |
| Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, Callable 11/15/2026 @ 100, *3.25%, 11/15/2036* | 250000 | 242817 |
| Connecticut Housing Finance Authority, Revenue Bonds, Callable 5/15/2027 @ 100, *3.40%, 11/15/2037* | 25000 | 24716 |
| Connecticut State Health & Educational Facility Authority, Revenue Bonds, *5.00%, 7/1/2034* | 100000 | 100107 |
| Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2026 @ 100, *5.00%, 7/1/2034* | 15000 | 15089 |
|  |  | 382729 |
| **Delaware 0.94%** |  |  |
| Delaware Transportation Authority, *5.00%, 6/1/2055* | 225000 | 225022 |
| **District of Columbia 1.30%** |  |  |
| District of Columbia Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (Fannie Mae), *4.45%, 6/15/2031* | 310000 | 311550 |
| **Florida 9.49%** |  |  |
| City of Orlando FL Public Improvements, Revenue Bonds, *5.00%, 10/1/2046* | 1000000 | 1001011 |
| City of Tampa FL, Callable 5/15/2026 @ 100, *5.00%, 11/15/2046* | 250000 | 250417 |
| Florida Keys Aqueduct Authority, *5.00%, 9/1/2049* | 150000 | 150036 |
| FSU Financial Assistance, Inc., State Single-Family Housing, Refunding Revenue Bonds, *5.00%, 10/1/2030* | 500000 | 500914 |
| Miami-Dade County Expressway Authority, *5.00%, 7/1/2040* | 350000 | 351537 |
| School Board of Miami-Dade County (The), Certificates of Participation, Callable 2/1/2026 @ 100, *4.00%, 2/1/2033* | 15000 | 15013 |
|  |  | 2268928 |
| **Georgia 3.38%** |  |  |
| Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2029 @ 100, *3.00%, 11/1/2037* | 325000 | 306078 |
| Main Street Natural Gas, Inc., Callable 5/15/2029 @ 100, *5.00%, 5/15/2043* | 250000 | 254518 |
| Municipal Electric Authority of Georgia, *5.00%, 7/1/2060* | 250000 | 247692 |
|  |  | 808288 |
| **Illinois 7.47%** |  |  |
| Chicago Transit Authority Sales Tax Receipts Fund, Callable 12/1/2026 @ 100, *5.00%, 12/1/2046* | 250000 | 250910 |
| Chicago Transit Authority Sales Tax Receipts Fund, Callable 12/1/2029 @ 100, *4.00%, 12/1/2055* | 250000 | 219602 |
| City of Chicago IL Waterworks Revenue, Callable 5/1/2033 @ 100, *5.25%, 11/1/2053* | 250000 | 258503 |
| Illinois Finance Authority, Callable 8/15/2032 @ 100, *5.00%, 8/15/2051* | 250000 | 251827 |

---

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

9.0 ---

| |
|:---|
| **SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (CONT.) \|** **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market Value** |
| <br>**Illinois (cont.)** | | |
| Illinois State Finance Authority, Revenue Bonds Series 2020 A, Callable 4/1/2030 @ 100, *4.00%, 4/1/2050* | $5000 | $4464 |
| Illinois State Toll Highway Authority, *5.00%, 1/1/2041* | 300000 | 301612 |
| Metropolitan Pier & Exposition Authority, *5.00%, 6/15/2050* | 500000 | 498217 |
|  |  | 1785135 |
| **Louisiana 1.63%** |  |  |
| City of New Orleans LA, Callable 12/1/2030 @ 100, *5.00%, 12/1/2050* | 250000 | 254423 |
| City of Shreveport LA Water & Sewer Revenue, Callable 12/1/2028 @ 100, *4.00%, 12/1/2049* | 150000 | 135487 |
|  |  | 389910 |
| **Maine 0.95%** |  |  |
| Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, *3.75%, 11/15/2044* | 100000 | 94020 |
| Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, *3.60%, 11/15/2036* | 90000 | 88865 |
| Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, *3.45%, 11/15/2032* | 45000 | 45004 |
|  |  | 227889 |
| **Maryland 1.05%** |  |  |
| City of Baltimore MD, Callable 1/1/2027 @ 100, *5.00%, 7/1/2046* | 250000 | 251350 |
| **Massachusetts 5.94%** |  |  |
| Massachusetts Development Finance Agency, *5.00%, 12/1/2046* | 300000 | 301439 |
| Massachusetts Housing Finance Agency, Revenue Bonds, *3.25%, 12/1/2036* | 575000 | 544124 |
| Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, *3.75%, 12/1/2037* | 250000 | 249957 |
| Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2027 @ 100, *3.25%, 12/1/2032* | 200000 | 200527 |
| Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, *3.55%, 12/1/2037* | 85000 | 84332 |
| Massachusetts Housing Finance Agency, Revenue Bonds, Callable 6/1/2026 @ 100, *3.15%, 12/1/2026* | 40000 | 40020 |
|  |  | 1420399 |
| **Michigan 4.14%** |  |  |
| Michigan Finance Authority Revenue, *5.00%, 11/1/2044* | 250000 | 250099 |
| Michigan Public Educational Facilities Authority, School Improvements, Refunding Revenue Bonds, *6.00%, 12/1/2035* | 500000 | 489034 |
| Michigan State Building Authority, Callable 10/15/2026 @ 100, *5.00%, 10/15/2051* | 250000 | 251203 |
|  |  | 990336 |
| **Minnesota 1.47%** |  |  |
| Southern Minnesota Municipal Power Agency Power Supply System, Revenue Bonds, Callable 1/1/2026 @ 100, *5.00%, 1/1/2041* | 350000 | 350000 |
| **Missouri 3.38%** |  |  |
| 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* | 500000 | 456146 |
| Health & Educational Facilities Authority of the State of Missouri, Healthcare, Hospital & Nursing Home Improvements, Revenue Bonds, (OID), *3.75%, 11/15/2039* | 100000 | 97342 |
| St. Louis Municipal Finance Corp., Callable 10/1/2030 @ 100, *5.00%, 10/1/2049* | 250000 | 254662 |
|  |  | 808150 |

---

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

10 SPIRIT OF AMERICA <br>

---

| |
|:---|
| **SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (CONT.) \| DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market Value** |
| <br>**Nebraska 2.89%** | | |
| Omaha Public Power District Nebraska City Station, Callable 2/1/2026 @ 100, *5.00%, 2/1/2049* | $125000 | $125063 |
| University of Nebraska Facilities Corp. (The), *4.00%, 7/15/2062* | 630000 | 564442 |
|  |  | 689505 |
| **Nevada 0.95%** |  |  |
| Las Vegas Convention & Visitors Authority, Callable 7/1/2028 @ 100, *4.00%, 7/1/2049* | 250000 | 226991 |
| **New Jersey 7.71%** |  |  |
| Borough of Seaside Heights NJ, General Obligation Unlimited, *4.00%, 4/1/2026* | 125000 | 125141 |
| New Jersey Health Care Facilities Financing Authority, Callable 7/1/2026 @ 100, *5.00%, 7/1/2043* | 250000 | 251123 |
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), *5.00%, 7/1/2027* | 5000 | 5009 |
| New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2026 @ 100, *3.50%, 11/1/2036* | 500000 | 499989 |
| New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2026 @ 100, *3.90%, 11/1/2050* | 175000 | 160638 |
| New Jersey Turnpike Authority, Callable 7/1/2035 @ 100, *4.75%, 1/1/2050* | 250000 | 257216 |
| Tobacco Settlement Financing Corp., *5.00%, 6/1/2046* | 400000 | 394292 |
| Tobacco Settlement Financing Corp., Callable 6/1/2028 @ 100, *5.25%, 6/1/2046* | 150000 | 149625 |
|  |  | 1843033 |
| **New Mexico 1.05%** |  |  |
| New Mexico Finance Authority, *5.25%, 6/1/2053* | 250000 | 250193 |
| **New York 13.69%** |  |  |
| City of New York NY, Callable 8/1/2031 @ 100, *5.00%, 8/1/2047* | 250000 | 255953 |
| Metropolitan Transportation Authority, Callable 5/15/2030 @ 100, *5.25%, 11/15/2055* | 250000 | 255193 |
| Metropolitan Transportation Authority, *5.00%, 11/15/2050* | 250000 | 253062 |
| New York City Housing Development Corp., Callable 5/1/2032 @ 100, *5.00%, 11/1/2060* | 250000 | 250159 |
| New York City Housing Development Corp., Callable 5/1/2032 @ 100, *5.05%, 11/1/2065* | 100000 | 100063 |
| New York City Housing Development Corp., Revenue Bonds, Callable 11/1/2026 @ 100, *3.60%, 11/1/2031* | 250000 | 250101 |
| New York City Housing Development Corp., Revenue Bonds, Callable 5/1/2026 @ 100, *3.10%, 11/1/2032* | 250000 | 249995 |
| New York City Housing Development Corp., Revenue Bonds, Callable 2/1/2026 @ 100, *3.50%, 11/1/2032* | 150000 | 150044 |
| New York State Dormitory Authority, Callable 7/1/2030 @ 100, *4.00%, 7/1/2052* | 230000 | 215124 |
| New York State Dormitory Authority, Refunding Revenue Bonds, (State Aid Withholding), *3.25%, 4/1/2031* | 280000 | 280027 |
| New York State Dormitory Authority, Revenue Bonds, *4.75%, 10/1/2040* | 5000 | 5003 |
| New York State Thruway Authority, Callable 1/1/2026 @ 100, *5.00%, 1/1/2046* | 250000 | 250067 |
| New York State Thruway Authority, Callable 1/1/2026 @ 100, *5.00%, 1/1/2051* | 250000 | 250041 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2030 @ 100, *5.00%, 11/15/2054* | 250000 | 255668 |
| TSASC, Inc./NY, Callable 6/1/2027 @ 100, *5.00%, 6/1/2041* | 250000 | 250631 |
|  |  | 3271131 |
| **North Carolina 2.17%** |  |  |
| North Carolina Turnpike Authority, Callable 1/1/2034 @ 100, *5.00%, 1/1/2058* | 300000 | 306607 |
| North Carolina Turnpike Authority, Callable 1/1/2030 @ 100, *5.00%, 1/1/2049* | 110000 | 111858 |
| University of North Carolina at Charlotte (The), Revenue Bonds, Callable 10/1/2027 @ 100, *4.00%, 10/1/2037* | 100000 | 100350 |
|  |  | 518815 |

---

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

11.0 ---

| |
|:---|
| **SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (CONT.) \|** **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market Value** |
| <br>**Ohio 2.12%** | | |
| Franklin County Convention Facilities Authority, Callable 12/1/2029 @ 100, *5.00%, 12/1/2046* | $250000 | $254208 |
| Port of Greater Cincinnati Development Authority, Callable 6/1/2034 @ 100, *5.00%, 12/1/2063* | 250000 | 251922 |
|  |  | 506130 |
| **Pennsylvania 6.64%** |  |  |
| City of Philadelphia PA Water & Wastewater Revenue, *5.00%, 10/1/2052* | 450000 | 454639 |
| Geisinger PA Authority Health System, *5.00%, 2/15/2045* | 145000 | 145904 |
| Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, Callable 8/15/2027 @ 100, *5.00%, 8/15/2047* | 250000 | 251856 |
| Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, *5.00%, 5/1/2037* | 100000 | 77287 |
| Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, *5.00%, 5/1/2042* | 100000 | 70105 |
| Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, (OID), *4.00%, 5/1/2032* | 100000 | 81815 |
| Pennsylvania Housing Finance Agency, Revenue Bonds, Callable 4/1/2033 @ 100, *5.45%, 4/1/2051* | 150000 | 156357 |
| Pennsylvania Housing Finance Agency, Revenue Bonds, Callable 4/1/2027 @ 100, *3.65%, 10/1/2042* | 100000 | 93642 |
| Philadelphia Gas Works Co., *5.00%, 8/1/2050* | 250000 | 256235 |
|  |  | 1587840 |
| **Rhode Island 1.09%** |  |  |
| Rhode Island Housing & Mortgage Finance Corp., Callable 10/1/2032 @ 100, *5.45%, 10/1/2053* | 250000 | 261093 |
| **South Carolina 0.85%** |  |  |
| South Carolina Public Service Authority, Callable 12/1/2026 @ 100, *5.00%, 12/1/2041* | 200000 | 201713 |
| **South Dakota 1.22%** |  |  |
| South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2026 @ 100, *2.45%, 5/1/2027* | 250000 | 247352 |
| South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2026 @ 100, *3.13%, 11/1/2036* | 45000 | 42934 |
|  |  | 290286 |
| **Tennessee 1.06%** |  |  |
| Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, *5.00%, 7/1/2026* | 200000 | 200353 |
| Tennessee Housing Development Agency, Revenue Bonds, Callable 1/1/2027 @ 100, *3.40%, 7/1/2037* | 55000 | 53871 |
|  |  | 254224 |
| **Texas 9.44%** |  |  |
| Austin TX Electric Utility System Revenue, Revenue Bonds Series 2019 B, Callable 11/15/2029 @ 100, *5.00%, 11/15/2049* | 15000 | 15343 |
| City of Austin TX Electric Utility Revenue, *5.00%, 11/15/2045* | 250000 | 250000 |
| City of Houston TX Combined Utility System, Callable 11/15/2026 @ 100, *5.00%, 11/15/2044* | 250000 | 250027 |
| Clifton Higher Education Finance Corp., School Improvements, Refunding Revenue Bonds, *4.00%, 8/15/2044* | 500000 | 475449 |
| Comal Independent School District, Unlimited Tax School Building Bonds, Callable 2/1/2026 @ 100, *4.00%, 2/1/2034* | 250000 | 250252 |
| Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, Callable 5/15/2026 @ 100, *4.00%, 11/15/2030* | 130000 | 130426 |
| North Texas Tollway Authority, Callable 1/1/2028 @ 100, *5.00%, 1/1/2048* | 250000 | 253210 |

---

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

12 SPIRIT OF AMERICA <br>

---

| |
|:---|
| **SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND** |
| **SCHEDULE OF INVESTMENTS (CONT.) \| DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market Value** |
| <br>**Texas (cont.)** | | |
| San Antonio Public Facilities Corp., Public Improvements, Refunding Revenue Bonds, (OID), *4.00%, 9/15/2042* | $250000 | $238219 |
| Texas Public Finance Authority, Revenue Bonds, Callable 12/1/2026 @ 100, *4.00%, 12/1/2031* | 200000 | 201514 |
| White Oak Independent School District, Unlimited Tax School Building Bonds, Callable 2/15/2027 @ 100, *4.00%, 2/15/2029* | 190000 | 192632 |
|  |  | 2257072 |
| **Vermont 0.21%** |  |  |
| Vermont Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, *3.75%, 8/15/2037* | 50000 | 49999 |
| **Virginia 0.32%** |  |  |
| Virginia State Resource Authority Infrastructure, Revenue Bonds, Callable 11/1/2026 @ 100, *4.00%, 11/1/2033* | 75000 | 75047 |
| **Washington 0.63%** |  |  |
| Washington State Convention Center Public Facilities District, Callable 7/1/2028 @ 100, *5.00%, 7/1/2048* | 150000 | 150401 |
| **Total Municipal Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,090,667) |  | **23887003** |
|  | **Shares** |  |
| **Money Market Funds 0.87%** |  |  |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 3.69%<sup>(a)</sup> | 208712 | 208712 |
| **Total Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $208,712) |  | **208712** |
| **Total Investments — 100.81%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,299,379) |  | 24095715 |
| **Liabilities in Excess of Other Assets — (0.81)%** |  | (193289) |
| **NET ASSETS — 100.00%** |  | $**23902426** |

---

*(a)* *Rate disclosed is the seven day effective yield as of December 31, 2025.* 

OID — Original Issue Discount

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

13.0 ---

| |
|:---|
| **SPIRIT OF AMERICA INCOME FUND** |
| **SCHEDULE OF INVESTMENTS \|** **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Common Stocks 5.93%**<br>**Communications 0.65%** | | |
| Verizon Communications, Inc. | 7500 | $305475 |
| **Energy 3.13%** |  |  |
| Chevron Corp. | 2500 | 381025 |
| Enbridge, Inc. | 12500 | 597875 |
| South Bow Corp. | 3000 | 82410 |
| TC Energy Corp. | 7500 | 412575 |
|  |  | 1473885 |
| **Financials 0.47%** |  |  |
| Blackstone Mortgage Trust, Inc., Class A | 11565 | 221238 |
| **Real Estate 1.68%** |  |  |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 7000 | 220010 |
| Healthpeak Properties, Inc. | 1348 | 21676 |
| Realty Income Corp. | 3048 | 171816 |
| Simon Property Group, Inc. | 2000 | 370220 |
|  |  | 783722 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,234,702) |  | **2784320** |
| **Preferred Stocks 20.94%** |  |  |
| **Financials 13.42%** |  |  |
| Affiliated Managers Group, Inc., 4.20% | 15000 | 230550 |
| Affiliated Managers Group, Inc., 4.75% | 10000 | 169600 |
| Allstate Corp. (The), Series I, 4.75% | 10000 | 193800 |
| American Financial Group, Inc., 5.13% | 15000 | 284850 |
| American Financial Group, Inc., 5.63% | 20000 | 414600 |
| Athene Holding Ltd., Series D, 4.88% | 20000 | 340600 |
| Bank of America Corp., Series HH, 5.88% | 8000 | 196240 |
| Bank of America Corp., Series PP, 4.13% | 16667 | 286173 |
| Bank of America Corp., Series QQ, 4.25% | 10000 | 176400 |
| Brighthouse Financial, Inc., Series C, 5.38% | 20000 | 249600 |
| Capital One Financial Corp., Series J, 4.80% | 10000 | 180900 |
| Capital One Financial Corp., Series K, 4.63% | 18500 | 324120 |
| CNO Financial Group, Inc., 5.13% | 2000 | 38000 |
| Equitable Holdings, Inc., Series C, 4.30% | 20000 | 325400 |
| Fulton Financial Corp., Series A, 5.13% | 6000 | 112980 |
| Huntington Bancshares, Inc., Series H, 4.50% | 10000 | 170900 |
| KeyCorp, Series G, 5.63% | 15000 | 318900 |
| MetLife, Inc., Series F, 4.75% | 10000 | 197300 |
| Northern Trust Corp., Series E, 4.70% | 10000 | 194200 |
| Prudential Financial, Inc., 5.63% | 10000 | 238200 |
| RenaissanceRE Holdings Ltd., Series G, 4.20% | 850 | 13413 |
| Selective Insurance Group, Inc., Series B, 4.60% | 1000 | 16720 |
| State Street Corp., 5.35% | 1000 | 22450 |
| U.S. Bancorp, Series L, 3.75% | 20000 | 306600 |
| U.S. Bancorp, Series M, 4.00% | 10000 | 163400 |
| W.R. Berkley Corp., 5.10% | 20000 | 392400 |
| Washington Federal, Inc., Series A, 4.88% | 10000 | 167600 |

---

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

14 SPIRIT OF AMERICA <br>

---

| |
|:---|
| **SPIRIT OF AMERICA INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (CONT.) \| DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Financials (cont.)** | | |
| Wells Fargo & Co., Series AA, 4.70% | 10000 | $193500 |
| Wells Fargo & Co., Series CC, 4.38% | 10000 | 181200 |
| Wells Fargo & Co., Series Z, 4.75% | 10000 | 194900 |
|  |  | 6295496 |
| **Real Estate 2.91%** |  |  |
| Brookfield Property Partners LP, Series A, 5.75% | 7500 | 99750 |
| Diversified Healthcare Trust, 5.63% | 26660 | 426826 |
| Federal Realty Investment Trust, Series C, 5.00% | 7500 | 150750 |
| Public Storage, Series N, 3.88% | 20000 | 308600 |
| Public Storage, Series S, 4.10% | 10000 | 162600 |
| Vornado Realty Trust, 5.40% | 12298 | 217306 |
|  |  | 1365832 |
| **Utilities 4.61%** |  |  |
| BIP Bermuda Holdings I Ltd., 5.13% | 10000 | 165300 |
| Brookfield Infrastructure Partners LP, 5.00% | 10000 | 163800 |
| Brookfield Infrastructure Partners LP, 5.13% | 25000 | 418750 |
| DTE Energy Co., Series G, 4.38% | 15000 | 255750 |
| Entergy Arkansas, Inc., 4.88% | 10000 | 207000 |
| Entergy Louisiana LLC, 4.88% | 10000 | 204500 |
| Entergy Mississippi, Inc., 4.90% | 15000 | 308100 |
| Southern Co., 4.95% | 10000 | 202400 |
| Southern Co., 5.25% | 6000 | 129660 |
| Southern Co., Series C, 4.20% | 6000 | 106440 |
|  |  | 2161700 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,597,409) |  | **9823028** |
|  | **Principal<br> Amount** |  |
| **Collateralized Mortgage Obligations 0.09%** |  |  |
| CHL Mortgage Pass-Through Trust, Series 2005-21, Class A7, *5.50%, 10/25/2035* | $16101 | 8503 |
| CHL Mortgage Pass-Through Trust, Series 2005-21, Class A27, *5.50%, 10/25/2035* | 14893 | 7866 |
| Citicorp Mortgage Securities, Inc., Class 1A12, *5.00%, 2/25/2035* | 26657 | 25851 |
| **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $44,570) |  | **42220** |
| **Corporate Bonds 16.15%** |  |  |
| Bank of New York Mellon Corp. (The), *4.63%, 12/20/2049* | 500000 | 497123 |
| Bank of New York Mellon Corp. (The), *3.70%, 3/20/2169* | 100000 | 99759 |
| Entergy Texas, Inc., *5.15%, 6/1/2045* | 100000 | 95283 |
| Exelon Generation Co. LLC, *5.60%, 6/15/2042*<sup>(a)</sup> | 400000 | 403015 |
| Fifth Third Bancorp, *8.25%, 3/1/2038* | 250000 | 308386 |
| Goldman Sachs Group, Inc. (The), *6.45%, 5/1/2036* | 500000 | 550600 |
| Goldman Sachs Group, Inc. (The), *6.75%, 10/1/2037* | 850000 | 951846 |
| Kinder Morgan Energy Partners LP, *6.50%, 2/1/2037* | 250000 | 273339 |
| MetLife, Inc., *9.25%, 4/8/2038*<sup>(a)</sup> | 1500000 | 1806369 |
| MetLife, Inc., *10.75%, 8/1/2039* | 1000000 | 1338131 |

---

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

15.0 ---

| |
|:---|
| **SPIRIT OF AMERICA INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (CONT.) \|** **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market Value** |
| <br>**Corporate Bonds (cont.)** | | |
| PECO Energy Capital Trust IV, *5.75%, 6/15/2033* | $1000000 | $990914 |
| Valero Energy Corp., *8.75%, 6/15/2030* | 224000 | 262391 |
| **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,594,518) |  | **7577156** |
| **Municipal Bonds 57.96%** |  |  |
| **Alabama 4.06%** |  |  |
| Health Care Authority for Baptist Health (The), Refunding Revenue Bonds, *5.50%, 11/15/2043* | 2000000 | 1906175 |
| **Arizona 0.37%** |  |  |
| Phoenix Arizona Civic Improvement Corp. Excise Tax Revenue, Revenue Bonds, Callable 7/1/2030 @ 100, *2.70%, 7/1/2045* | 250000 | 174514 |
| **California 2.90%** |  |  |
| Alhambra Unified School District, University & College Improvements, General Obligation Unlimited, *6.70%, 2/1/2026* | 465000 | 466101 |
| California State University, Revenue Bonds Series 2020 B, Callable 5/1/2030 @ 100, *3.07%, 11/1/2042* | 100000 | 78605 |
| Peralta Community College District, Refunding Revenue Bonds, *7.31%, 8/1/2031* | 310000 | 331996 |
| San Bernardino City Unified School District, School Improvements, Certificates of Participation, (AGM) (OID), *8.25%, 2/1/2026* | 255000 | 255736 |
| University of California Revenues, Revenue Bonds, *4.13%, 5/15/2045* | 250000 | 229840 |
|  |  | 1362278 |
| **Colorado 1.00%** |  |  |
| Colorado Mesa University, *6.75%, 5/15/2042* | 425000 | 467268 |
| **Florida 2.67%** |  |  |
| City of Miami Gardens FL Public Improvements, Build America Bonds, Certificates of Participation, *7.17%, 6/1/2026* | 230000 | 232775 |
| County of Miami-Dade FL, Port, Airport & Marina Improvements, Build America Revenue Bonds, (AGM) (OID), *7.50%, 4/1/2040* | 750000 | 880698 |
| Town of Miami Lakes FL, Public Improvements, Build America Revenue Bonds, *7.59%, 12/1/2030* | 125000 | 135139 |
|  |  | 1248612 |
| **Georgia 4.07%** |  |  |
| Cobb Marietta Georgia Coliseum, Revenue Bonds, Callable 1/1/2026 @ 100, *4.50%, 1/1/2047* | 100000 | 91857 |
| Municipal Electric Authority of Georgia, Electric Lights & Power Improvements, Build America Revenue Bonds, *7.06%, 4/1/2057* | 1371000 | 1539622 |
| State of Georgia, Public Improvements, General Obligation Unlimited, *3.84%, 2/1/2032* | 280000 | 276839 |
|  |  | 1908318 |
| **Hawaii 1.04%** |  |  |
| State of Hawaii, General Obligation Unlimited, Callable 10/1/2026 @ 100, *4.05%, 10/1/2032* | 495000 | 489662 |
| **Illinois 0.61%** |  |  |
| City of Chicago IL Waterworks Revenue, Water Utility Improvements, Build America Revenue Bonds, *6.74%, 11/1/2040* | 250000 | 270376 |
| Village of Glenwood IL, Public Improvements, Build America Bonds, General Obligation Unlimited, (AGM), *7.03%, 12/1/2028* | 15000 | 15659 |
|  |  | 286035 |

---

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

16 SPIRIT OF AMERICA <br>

---

| |
|:---|
| **SPIRIT OF AMERICA INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (CONT.) \| DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market <br> Value** |
| <br>**Kansas 0.81%** | | |
| 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* | $500000 | $378011 |
| **Massachusetts 0.61%** |  |  |
| Massachusetts Health & Educational Facilities Authority, Refunding Revenue Bonds, *6.43%, 10/1/2035* | 250000 | 270973 |
| University of Massachusetts Building Authority, University & College Improvements, Build America Revenue Bonds, *6.57%, 5/1/2039* | 15000 | 15015 |
|  |  | 285988 |
| **Michigan 0.22%** |  |  |
| Onsted Community Schools, School Improvements, General Obligation Unlimited, *5.90%, 5/1/2027* | 100000 | 100839 |
| St. Johns Public Schools, General Obligation Unlimited, *6.65%, 5/1/2040* | 5000 | 5013 |
|  |  | 105852 |
| **Missouri 6.46%** |  |  |
| City of Kansas City MO, Revenue Bonds, *7.83%, 4/1/2040* | 2090000 | 2462005 |
| Missouri Joint Municipal Electric Utility Commission, Electric Lights & Power Improvements, Build America Revenue Bonds, *7.73%, 1/1/2039* | 475000 | 568479 |
|  |  | 3030484 |
| **Nevada 2.42%** |  |  |
| County of Washoe NV, Public Improvements, Build America Revenue Bonds, *7.97%, 2/1/2040* | 690000 | 818192 |
| County of Washoe NV, Public Improvements, Build America Revenue Bonds, *7.88%, 2/1/2040* | 250000 | 319874 |
|  |  | 1138066 |
| **New Jersey 0.91%** |  |  |
| New Jersey Educational Facilities Authority, University & College Improvements, Build America Revenue Bonds, *6.19%, 7/1/2040* | 500000 | 426118 |
| **New York 2.93%** |  |  |
| Long Island Power Authority, Revenue Bonds, (OID), *5.85%, 5/1/2041* | 195000 | 198007 |
| New York City Industrial Development Agency, Recreational Facilities Improvements Revenue Bonds, (NATL-RE), *5.90%, 3/1/2046* | 500000 | 504319 |
| New York City Transitional Finance Authority Building Aid Revenue, School Improvements, Build America Revenue Bonds, (State Aid Withholding), *6.83%, 7/15/2040* | 465000 | 511840 |
| Western Nassau County Water Authority, Build America Revenue Bonds, *6.70%, 4/1/2040* | 150000 | 164239 |
|  |  | 1378405 |
| **North Carolina 0.41%** |  |  |
| County of Cabarrus NC, School Improvements, Revenue Bonds, *5.50%, 4/1/2026* | 190000 | 190608 |
| **Ohio 5.00%** |  |  |
| American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, *7.50%, 2/15/2050* | 490000 | 569714 |
| American Municipal Power, Inc., Revenue Bonds, *6.27%, 2/15/2050* | 445000 | 460061 |
| County of Cuyahoga OH, Hospital Improvements, Build America Revenue Bonds, *8.22%, 2/15/2040* | 1000000 | 1116712 |
| Springfield Local School District/Summit County, School Improvements, Build America Bonds, General Obligation Unlimited (School District Credit Program), *5.65%, 9/1/2031* | 200000 | 200142 |
|  |  | 2346629 |

---

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

17.0 ---

| |
|:---|
| **SPIRIT OF AMERICA INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (CONT.) \|** **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market Value** |
| <br>**Pennsylvania 4.21%** | | |
| Pennsylvania Turnpike Commission Turnpike Revenue, Revenue Bonds, Callable 12/1/2029 @ 100, *3.58%, 12/1/2043* | $390000 | $316548 |
| Pennsylvania Turnpike Commission, Build America Revenue Bonds, *6.38%, 12/1/2037* | 520000 | 566561 |
| Philadelphia Municipal Authority, Public Improvements, Revenue Bonds, *5.09%, 3/15/2028* | 15000 | 15125 |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County, Recreational Facilities Improvements, Revenue Bonds, *7.04%, 11/1/2039* | 1000000 | 1077414 |
|  |  | 1975648 |
| **Rhode Island 0.81%** |  |  |
| Narragansett Bay Commission, Revenue Bonds Series 2020 A, Callable 9/1/2030 @ 100, *2.92%, 9/1/2043* | 500000 | 377932 |
| **Texas 2.71%** |  |  |
| Frisco Economic Development Corp., Public Improvements, Revenue Bonds, *4.20%, 2/15/2034* | 1000000 | 988021 |
| Midland County Hospital District, Health, Hospital & Nursing Home Improvements, Build America Bonds, General Obligation Limited, *6.44%, 5/15/2039* | 260000 | 279927 |
|  |  | 1267948 |
| **Virgin Islands 3.29%** |  |  |
| Virgin Islands Water & Power Authority - Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), *6.85%, 7/1/2035* | 1000000 | 1086382 |
| Virgin Islands Water & Power Authority - Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), *6.65%, 7/1/2028* | 445000 | 455059 |
|  |  | 1541441 |
| **Virginia 8.93%** |  |  |
| Tobacco Settlement Financing Corp., Refunding Revenue Bonds, (OID), Callable 6/1/2026 @ 100, *6.71%, 6/1/2046* | 5245000 | 4189444 |
| **Washington 1.52%** |  |  |
| Douglas County Public Utility District No. 1, Electric Lights & Power Improvements, Revenue Bonds, *5.35%, 9/1/2030* | 168214 | 174894 |
| Public Utility District No. 1 of Cowlitz County, WA, Electric Lights & Power Improvements, Build America Revenue Bonds, *6.88%, 9/1/2032* | 500000 | 541753 |
|  |  | 716647 |
| **Total Municipal Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $28,028,094) |  | **27192083** |
| **Total Investments — 101.07%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $51,499,293) |  | 47418807 |
| **Liabilities in Excess of Other Assets —** (1.07)% |  | (503675) |
| **NET ASSETS — 100.00%** |  | $**46915132** |

---

*(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.

18 SPIRIT OF AMERICA <br>

---

| |
|:---|
| **SPIRIT OF AMERICA UTILITIES FUND** |
| **SCHEDULE OF INVESTMENTS \| DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Common Stocks 98.21%**<br>**Energy 2.24%** | | |
| Kinder Morgan, Inc. | 8000 | $219920 |
| ONEOK, Inc. | 3275 | 240712 |
| Targa Resources Corp. | 1725 | 318263 |
| Williams Companies, Inc. (The) | 5800 | 348638 |
|  |  | 1127533 |
| **Industrials 2.44%** |  |  |
| NuScale Power Corp.<sup>(a)</sup> | 4500 | 63765 |
| Republic Services, Inc. | 2200 | 466246 |
| Waste Management, Inc. | 3200 | 703072 |
|  |  | 1233083 |
| **Utilities 93.53%** |  |  |
| AES Corp. | 31500 | 451710 |
| Alliant Energy Corp. | 7000 | 455070 |
| Ameren Corp. | 15400 | 1537844 |
| American Electric Power Company, Inc. | 14600 | 1683526 |
| American Water Works Company, Inc. | 2250 | 293625 |
| Atmos Energy Corp. | 5600 | 938728 |
| Brookfield Renewable Corp., Class A | 5900 | 226206 |
| California Water Service Group | 6500 | 281645 |
| CenterPoint Energy, Inc. | 24800 | 950832 |
| Chesapeake Utilities Corp. | 4500 | 561420 |
| Clearway Energy, Inc., Class C | 23800 | 791588 |
| CMS Energy Corp. | 21700 | 1517481 |
| Constellation Energy Corp. | 6800 | 2402236 |
| Dominion Energy, Inc. | 7600 | 445284 |
| DTE Energy Co. | 14900 | 1921802 |
| Duke Energy Corp. | 18050 | 2115640 |
| Edison International | 10858 | 651697 |
| Entergy Corp. | 23450 | 2167483 |
| Essential Utilities, Inc. | 34350 | 1317666 |
| Evergy, Inc. | 16750 | 1214207 |
| Eversource Energy | 20050 | 1349967 |
| Exelon Corp. | 29550 | 1288085 |
| FirstEnergy Corp. | 33800 | 1513226 |
| IDACORP, Inc. | 4850 | 613816 |
| National Fuel Gas Co. | 4300 | 344258 |
| New Jersey Resources Corp. | 11650 | 537298 |
| NextEra Energy, Inc. | 34150 | 2741562 |
| Nisource, Inc. | 35500 | 1482480 |
| Northwest Natural Holdings Co. | 11950 | 558543 |
| NorthWestern Corp. | 8700 | 561498 |
| NRG Energy, Inc. | 6450 | 1027098 |
| Oklo, Inc.<sup>(a)</sup> | 1500 | 107640 |
| Pinnacle West Capital Corp. | 4000 | 354800 |
| PNM Resources, Inc. | 5600 | 329728 |
| Portland General Electric Co. | 16900 | 811031 |
| PPL Corp. | 55450 | 1941859 |
| Public Service Enterprise Group, Inc. | 19500 | 1565850 |
| Sempra Energy | 18300 | 1615707 |
| Southern Co. | 11300 | 985360 |

---

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

19.0 ---

| |
|:---|
| **SPIRIT OF AMERICA UTILITIES FUND** |
| **SCHEDULE OF INVESTMENTS (CONT.) \|** **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Utilities (cont.)** | | |
| Southwest Gas Corp. | 4200 | $336084 |
| Talen Energy Corp.<sup>(a)</sup> | 1550 | 581002 |
| Vistra Energy Corp. | 11450 | 1847229 |
| WEC Energy Group, Inc. | 9650 | 1017689 |
| Xcel Energy, Inc. | 23400 | 1728324 |
|  |  | 47165824 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $43,081,609) |  | **49526440** |
| **Money Market Funds 1.79%** |  |  |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 3.69%<sup>(b)</sup> | 900121 | 900121 |
| **Total Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $900,121) |  | **900121** |
| **Total Investments — 100.00%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $43,981,730) |  | 50426561 |
| **Other Assets in Excess of Liabilities — 0.00%** |  | 2380 |
| **NET ASSETS — 100.00%** |  | $**50428941** |

---

*(a)* *Non-income producing security.* 

*(b)* *Rate disclosed is the seven day effective yield as of December 31, 2025.* 

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

20 SPIRIT OF AMERICA <br>

**STATEMENTS OF ASSETS AND LIABILITIES**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Spirit of America<br> Real Estate Income<br> and Growth Fund** | **Spirit of America<br> Large Cap Value<br> Fund** | **Spirit of America<br> Municipal Tax Free<br> Bond Fund** | **Spirit of America**<br> **Income Fund** | **Spirit of America**<br> **Utilities Fund** |
| <br>**ASSETS** | | | | | |
| Investments in securities at fair value (cost $56,339,572, $83,688,426, $24,299,379, $51,499,293, and $43,981,730, respectively) | $64907755 | $211751982 | $24095715 | $47418807 | $50426561 |
| Cash | 24342 | 5404 |  |  |  |
| Receivable for investments sold |  | 302645 |  |  |  |
| Receivable for Fund shares sold |  | 38002 |  |  |  |
| Receivable for distribution reinvestment |  | 1854 |  |  |  |
| Dividends and interest receivable | 260077 | 88813 | 278848 | 624415 | 81062 |
| Prepaid expenses | 15298 | 21702 | 16298 | 17089 | 25753 |
| **TOTAL ASSETS** | 65207472 | 212210402 | 24390861 | 48060311 | 50533376 |
| **LIABILITIES** |  |  |  |  |  |
| Line of credit payable |  | 2531321 |  | 956664 |  |
| Payable for Fund shares redeemed | 9793 | 32129 | 69236 | 116624 | 21366 |
| Payable for investments purchased |  |  | 350565 |  |  |
| Payable for distributions to shareholders |  |  | 22020 |  |  |
| Payable for investment advisory fees | 55026 | 175859 | 1883 | 13974 | 32428 |
| Payable for distribution (12b-1) fees | 17214 | 53921 | 3544 | 11544 | 10262 |
| Payable for accounting and administration fees | 6625 | 16971 | 3391 | 5361 | 5260 |
| Payable for Chief Compliance Officer fees | 248 | 747 | 92 | 187 | 182 |
| Payable for transfer agent fees | 1325 | 2264 | 404 | 1557 | 469 |
| Other accrued expenses | 37809 | 55048 | 37300 | 39268 | 34468 |
| **TOTAL LIABILITIES** | 128040 | 2868260 | 488435 | 1145179 | 104435 |
| **NET ASSETS** | $65079432 | $209342142 | $23902426 | $46915132 | $50428941 |
| **SOURCE OF NET ASSETS** |  |  |  |  |  |
| As of December 31, 2025, net assets consisted of: |  |  |  |  |  |
| Paid-in capital | $56559444 | $78967774 | $34426317 | $49961731 | $43897328 |
| Accumulated earnings (deficit) | 8519988 | 130374368 | (10523891) | (3046599) | 6531613 |
| **NET ASSETS** | $65079432 | $209342142 | $23902426 | $46915132 | $50428941 |
| **NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | $65008599 | $208922371 | $23768039 | $46526654 | $50387698 |
| &nbsp;&nbsp;&nbsp;Class C Shares | $56950 | $391379 | $124776 | $375077 | $27680 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $13883 | $28392 | $9611 | $13401 | $13563 |
| **SHARES OUTSTANDING ($0.001 par value, 500,000,000 authorized shares):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 8137624 | 5884332 | 2760198 | 4625330 | 2427424 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 7279 | 11032 | 14531 | 37272 | 1322 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 1798 | 800 | 1119 | 1328 | 653 |
| **NET ASSET VALUE AND REDEMPTION PRICE PER SHARE** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares<sup>(a)</sup> | $7.99 | $35.50 | $8.61 | $10.06 | $20.76 |
| &nbsp;&nbsp;&nbsp;Class C Shares<sup>(b)</sup> | $7.82 | $35.48 | $8.59 | $10.06 | $20.94 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $7.72 | $35.50 <sup>(c)</sup> | $8.59 | $10.09 | $20.78 <sup>(c)</sup> |
| **OFFERING PRICE PER SHARE (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | $8.43 | $37.47 | $9.04 | $10.56 | $22.03 |
| **MAXIMUM SALES CHARGE:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;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.

21.0 **STATEMENTS OF OPERATIONS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Spirit of America<br> Real Estate Income<br> and Growth Fund** | **Spirit of America<br> Large Cap Value<br> Fund** | **Spirit of America<br> Municipal Tax Free<br> Bond Fund** | **Spirit of America<br> Income Fund** | **Spirit of America<br> Utilities Fund** |
| <br>**INVESTMENT INCOME** | | | | | |
| Dividends | $2266112 | $2459914 | $4520 | $861566 | $1217594 |
| Foreign dividend taxes withheld |  | (2605) |  | (10877) |  |
| Interest |  |  | 1103101 | 2553944 |  |
| **TOTAL INVESTMENT INCOME** | **2266112** | **2457309** | **1107621** | **3404633** | **1217594** |
| **EXPENSES** |  |  |  |  |  |
| Investment advisory | 692931 | 1914477 | 164162 | 341053 | 374442 |
| Distribution (12b-1) - Class A Shares | 214079 | 590910 | 40832 | 140974 | 96415 |
| Distribution (12b-1) - Class C Shares | 626 | 3739 | 1300 | 4390 | 231 |
| Accounting and Administration | 69538 | 178254 | 29307 | 55199 | 40920 |
| Registration | 34369 | 33929 | 39837 | 40925 | 43352 |
| Auditing | 24514 | 24515 | 24515 | 24515 | 24514 |
| Printing | 19754 | 38191 | 9611 | 20558 | 11753 |
| Transfer agent | 16273 | 27297 | 4996 | 19258 | 5230 |
| Directors | 15137 | 39502 | 5774 | 12224 | 7336 |
| Sub transfer agent | 14031 | 37235 | 4766 | 10595 | 8579 |
| Insurance | 13591 | 35662 | 5877 | 12075 | 5505 |
| Legal | 10924 | 28436 | 4075 | 8578 | 5602 |
| Custodian | 5537 | 22580 | 4820 | 5019 | 8448 |
| Chief Compliance Officer | 3100 | 8441 | 1149 | 2426 | 1719 |
| Pricing | 1946 | 3090 | 23161 | 16028 | 964 |
| Line of credit | 1902 | 4825 | 734 | 1538 | 934 |
| Interest | 1188 | 8803 | 6258 | 23914 |  |
| Other | 20354 | 29748 | 20027 | 25902 | 17179 |
| **TOTAL EXPENSES** | **1159794** | **3029634** | **391201** | **765171** | **653123** |
| Fees waived by Adviser |  |  | (137034) | (111683) | (61378) |
| **NET EXPENSES** | **1159794** | **3029634** | **254167** | **653488** | **591745** |
| **NET INVESTMENT INCOME (LOSS)** | **1106318** | **(572325)** | **853454** | **2751145** | **625849** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |
| Net realized gain (loss) from investment transactions | 3611330 | 16976259 | (203761) | 1610795 | 1458 |
| Net realized gain on foreign currency transactions |  |  |  | 123 |  |
| Net realized gain on written options transactions | 1220 |  |  |  |  |
| Net change in unrealized appreciation (depreciation) of investments | (5314929) | 16000534 | 320152 | (778758) | 3884185 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **(1702379)** | **32976793** | **116391** | **832160** | **3885643** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**(596061)** | $**32404468** | $**969845** | $**3583305** | $**4511492** |

---

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

22 SPIRIT OF AMERICA <br>

[THIS PAGE INTENTIONALLY LEFT BLANK]

23.0 **STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Spirit of America<br> Real Estate Income and Growth Fund** | **Spirit of America<br> Real Estate Income and Growth Fund** | **Spirit of America<br> Large Cap Value Fund** | **Spirit of America<br> Large Cap Value Fund** |
| | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| <br>**OPERATIONS** | | | | |
| Net investment income (loss) | $1106318 | $1311866 | $(572325) | $(107206) |
| Net realized gain (loss) from investment and foreign currency transactions | 3612550 | 3791441 | 16976259 | 14780051 |
| Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions | (5314929) | (52036) | 16000534 | 35298172 |
| Net increase (decrease) in net assets resulting from operations | (596061) | 5051271 | 32404468 | 49971017 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** |  |  |  |  |
| Earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (4723792) | (5063845) | (17114704) | (10679301) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (4069) | (5037) | (33111) | (20045) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (1002) | (995) | (2270) | (1315) |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (2177684) | (1563718) | (1321532) | (1243336) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (1583) | (1261) |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (451) | (321) | (251) | (218) |
| Total distributions to shareholders | (6908581) | (6635177) | (18471868) | (11944215) |
| **CAPITAL TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 11427315 | 8924037 | 33066000 | 28266905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 4558172 | 4509125 | 13455132 | 8683190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (16004714) | (15773853) | (41627154) | (34474904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Class A Shares | (19227) | (2340691) | 4893978 | 2475191 |
| &nbsp;&nbsp;&nbsp;Class C Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 500 | 12500 | 12237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 1319 | 2094 | 9261 | 5267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (11713) | (106882) | (15239) | (35441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Class C Shares | (10394) | (104288) | 6522 | (17937) |
| &nbsp;&nbsp;&nbsp;Institutional Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 1453 | 1316 | 2521 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Institutional Shares | 1453 | 1316 | 2521 | 1533 |
| Increase (decrease) in net assets derived from capital share transactions | (28168) | (2443663) | 4903021 | 2458787 |
| Total increase (decrease) in Net Assets | (7532810) | (4027569) | 18835621 | 40485589 |
| **NET ASSETS** |  |  |  |  |
| Beginning of year | 72612242 | 76639811 | 190506521 | 150020932 |
| End of year | $65079432 | $72612242 | $209342142 | $190506521 |
| **SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1314960 | 961462 | 954534 | 901915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 553487 | 516090 | 379061 | 264360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1861822) | (1732939) | (1212060) | (1080628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Class A Shares | 6625 | (255387) | 121535 | 85647 |
| &nbsp;&nbsp;&nbsp;Class C Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 55 | 456 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 164 | 244 | 261 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1312) | (12067) | (474) | (1332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Class C Shares | (1148) | (11768) | 243 | (797) |
| &nbsp;&nbsp;&nbsp;Institutional Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 183 | 155 | 71 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Institutional Shares | 183 | 155 | 71 | 47 |

---

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

24 SPIRIT OF AMERICA <br>

**STATEMENTS OF CHANGES IN NET ASSETS (CONT.)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Spirit of America<br> Municipal Tax Free<br> Bond Fund** | **Spirit of America<br> Municipal Tax Free<br> Bond Fund** | **Spirit of America<br> Income Fund** | **Spirit of America<br> Income Fund** | **Spirit of America<br> Utilities Fund** | **Spirit of America<br> Utilities Fund** |
| **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Year Ended<br> December 31,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| $853454 | $903989 | $2751145 | $3280000 | $625849 | $367374 |
| (203761) | (222321) | 1610918 | (70363) | 1458 |  |
| 320152 | (108436) | (778758) | 364488 | 3884185 | 3089506 |
| 969845 | 573232 | 3583305 | 3574125 | 4511492 | 3456880 |
| (850149) | (901222) | (3463729) | (3564150) | (582575) | (313265) |
| (2997) | (2502) | (23931) | (22056) | (325) | (141) |
| (308) | (265) | (877) | (688) | (177) | (161) |
|  |  |  |  | (2925010) | (1588180) |
|  |  |  |  | (1633) | (713) |
|  |  |  |  | (894) | (819) |
| (853454) | (903989) | (3488537) | (3586894) | (3510614) | (1903279) |
| 1258041 | 1865065 | 4339586 | 7613286 | 23525956 | 11796385 |
| 566010 | 570558 | 1976542 | 1996364 | 2331069 | 1265549 |
| (8387549) | (6869914) | (22539551) | (18268193) | (3464120) | (2066285) |
| (6563498) | (4434291) | (16223423) | (8658543) | 22392905 | 10995649 |
| 1320 | 1320 |  | 25000 | 12500 |  |
| 2875 | 2246 | 17758 | 18314 | 1958 | 854 |
| (10172) | (4475) | (128168) | (250) |  |  |
| (5977) | (909) | (110410) | 43064 | 14458 | 854 |
| 308 | 264 | 877 | 688 | 1071 | 980 |
| 308 | 264 | 877 | 688 | 1071 | 980 |
| (6569167) | (4434936) | (16332956) | (8614791) | 22408434 | 10997483 |
| (6452776) | (4765693) | (16238188) | (8627560) | 23409312 | 12551084 |
| 30355202 | 35120895 | 63153320 | 71780880 | 27019629 | 14468545 |
| $23902426 | $30355202 | $46915132 | $63153320 | $50428941 | $27019629 |
| 148230 | 217409 | 427705 | 739626 | 1104960 | 589297 |
| 66489 | 66559 | 195270 | 195562 | 112453 | 66674 |
| (987972) | (800803) | (2215245) | (1784255) | (164365) | (108379) |
| (773253) | (516835) | (1592270) | (849067) | 1053048 | 547592 |
| 156 | 154 |  | 2475 | 643 |  |
| 338 | 263 | 1754 | 1794 | 94 | 45 |
| (1184) | (521) | (12670) | (25) |  |  |
| (690) | (104) | (10916) | 4244 | 737 | 45 |
| 37 | 31 | 86 | 68 | 52 | 52 |
| 37 | 31 | 86 | 68 | 52 | 52 |

---

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

25.0 **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 year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $8.92 | $9.12 | $9.12 | $13.90 | $10.45 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.14 | 0.16 | 0.16 | 0.14 | 0.08 |
| Net realized and unrealized gain (loss) on investments | (0.22) | 0.49 | 0.69 | (4.07) | 4.22 |
| Total from investment operations | (0.08) | 0.65 | 0.85 | (3.93) | 4.30 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (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 | (0.85) | (0.85) | (0.85) | (0.85) | (0.85) |
| **Net Asset Value, End of Year** | $7.99 | $8.92 | $9.12 | $9.12 | $13.90 |
| **Total Return**<sup>2</sup> | (0.94)% | 7.55% | 9.53% | (28.46)% | 42.03% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $65009 | $72525 | $76446 | $90567 | $133371 |
| Ratio of net expenses to average net assets | 1.62% | 1.60%<sup>3</sup> | 1.60%<sup>4</sup> | 1.54% | 1.52% |
| Ratio of net investment income to average net assets | 1.55% | 1.79% | 1.76% | 1.28% | 0.68% |
| Portfolio turnover rate | 8% | 8% | 4% | 16% | 17% |

---

*<sup>1</sup>* *Calculated based on the average number of shares outstanding during the period.*

*<sup>2</sup>* *Calculation does not reflect sales load.*

*<sup>3</sup>* *Includes interest expense of 0.01%.*

*<sup>4</sup>* *Includes interest expense of 0.02%.*

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

26 SPIRIT OF AMERICA <br>

**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 year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $8.75 | $8.94 | $8.96 | $13.68 | $10.26 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.07 | 0.08 | 0.10 | 0.07 | 0.01 |
| Net realized and unrealized gain (loss) on investments | (0.21) | 0.50 | 0.67 | (4.01) | 4.14 |
| Total from investment operations | (0.14) | 0.58 | 0.77 | (3.94) | 4.15 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (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 | (0.79) | (0.77) | (0.79) | (0.78) | (0.73) |
| **Net Asset Value, End of Year** | $7.82 | $8.75 | $8.94 | $8.96 | $13.68 |
| **Total Return**<sup>2</sup> | (1.66)% | 6.81% | 8.75% | (28.98)% | 41.07% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $57 | $74 | $181 | $178 | $216 |
| Ratio of net expenses to average net assets | 2.32% | 2.30%<sup>3</sup> | 2.30%<sup>4</sup> | 2.25% | 2.22% |
| Ratio of net investment income to average net assets | 0.80% | 0.93% | 1.12% | 0.62% | 0.06% |
| Portfolio turnover rate | 8% | 8% | 4% | 16% | 17% |

---

*<sup>1</sup>* *Calculated based on the average number of shares outstanding during the period.*

*<sup>2</sup>* *Calculation does not reflect contingent deferred sales charge.*

*<sup>3</sup>* *Includes interest expense of 0.01%.*

*<sup>4</sup>* *Includes interest expense of 0.02%.*

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

27.0 **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 year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $8.66 | $8.87 | $8.90 | $13.60 | $10.24 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.15 | 0.19 | 0.19 | 0.17 | 0.11 |
| Net realized and unrealized gain (loss) on investments | (0.21) | 0.48 | 0.66 | (3.99) | 4.14 |
| Total from investment operations | (0.06) | 0.67 | 0.85 | (3.82) | 4.25 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (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 | (0.88) | (0.88) | (0.88) | (0.88) | (0.89) |
| **Net Asset Value, End of Year** | $7.72 | $8.66 | $8.87 | $8.90 | $13.60 |
| **Total Return** | (0.78)% | 7.99% | 9.77% | (28.26)% | 42.39% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $14 | $14 | $13 | $12 | $16 |
| Ratio of net expenses to average net assets | 1.32% | 1.30%<sup>2</sup> | 1.30%<sup>3</sup> | 1.24% | 1.22% |
| Ratio of net investment income to average net assets | 1.81% | 2.10% | 2.13% | 1.59% | 0.89% |
| Portfolio turnover rate | 8% | 8% | 4% | 16% | 17% |

---

*<sup>1</sup>* *Calculated based on the average number of shares outstanding during the period.*

*<sup>2</sup>* *Includes interest expense of 0.01%.*

*<sup>3</sup>* *Includes interest expense of 0.02%.*

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

28 SPIRIT OF AMERICA <br>

**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 year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $32.99 | $26.37 | $22.14 | $29.57 | $24.47 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | (0.10) | (0.02) | 0.12 | 0.12 | 0.02 |
| Net realized and unrealized gain (loss) on investments | 5.91 | 8.76 | 5.51 | (5.38) | 7.05 |
| Total from investment operations | 5.81 | 8.74 | 5.63 | (5.26) | 7.07 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income |  |  | (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 | (3.30) | (2.12) | (1.40) | (2.17) | (1.97) |
| **Net Asset Value, End of Year** | $35.50 | $32.99 | $26.37 | $22.14 | $29.57 |
| **Total Return**<sup>2</sup> | 17.77% | 33.29% | 25.67% | (17.70)% | 29.27% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $208922 | $190127 | $149697 | $122333 | $157478 |
| Ratio of net expenses to average net assets | 1.53% | 1.52%<sup>3</sup> | 1.53%<sup>3</sup> | 1.51% | 1.50% |
| Ratio of net investment income (loss) to average net assets | (0.29)% | (0.06)% | 0.51% | 0.48% | 0.06% |
| Portfolio turnover rate | 10% | 7% | 5% | 10% | 11% |

---

*<sup>1</sup>* *Calculated based on the average number of shares outstanding during the period.*

*<sup>2</sup>* *Calculation does not reflect sales load.*

*<sup>3</sup>* *Includes interest expense of 0.01%.*

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

29.0 **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 year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $32.99 | $26.38 | $22.17 | $29.56 | $24.48 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment loss<sup>1</sup> | (0.34) | (0.24) | (0.05) | (0.06) | (0.18) |
| Net realized and unrealized gain (loss) on investments | 5.89 | 8.75 | 5.50 | (5.36) | 7.05 |
| Total from investment operations | 5.55 | 8.51 | 5.45 | (5.42) | 6.87 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income |  |  | (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 | (3.06) | (1.90) | (1.24) | (1.97) | (1.79) |
| **Net Asset Value, End of Year** | $35.48 | $32.99 | $26.38 | $22.17 | $29.56 |
| **Total Return**<sup>2</sup> | 16.95% | 32.37% | 24.80% | (18.29)% | 28.37% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $391 | $356 | $306 | $194 | $308 |
| Ratio of net expenses to average net assets | 2.23% | 2.22%<sup>3</sup> | 2.23%<sup>3</sup> | 2.21% | 2.20% |
| Ratio of net investment loss to average net assets | (0.99)% | (0.76)% | (0.18)% | (0.24)% | (0.64)% |
| Portfolio turnover rate | 10% | 7% | 5% | 10% | 11% |

---

*<sup>1</sup>* *Calculated based on the average number of shares outstanding during the period.*

*<sup>2</sup>* *Calculation does not reflect contingent deferred sales charge.*

*<sup>3</sup>* *Includes interest expense of 0.01%.*

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

30 SPIRIT OF AMERICA <br>

**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 year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $32.98 | $26.35 | $22.12 | $29.56 | $24.46 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> |  | 0.08 | 0.20 | 0.20 | 0.10 |
| Net realized and unrealized gain (loss) on investments | 5.92 | 8.77 | 5.50 | (5.39) | 7.06 |
| Total from investment operations | 5.92 | 8.85 | 5.70 | (5.19) | 7.16 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income |  |  | (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 | (3.40) | (2.22) | (1.47) | (2.25) | (2.06) |
| **Net Asset Value, End of Year** | $35.50 | $32.98 | $26.35 | $22.12 | $29.56 |
| **Total Return** | 18.13% | 33.73% | 26.05% | (17.48)% | 29.64% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $28 | $24 | $18 | $14 | $17 |
| Ratio of net expenses to average net assets | 1.23% | 1.22%<sup>2</sup> | 1.23%<sup>2</sup> | 1.21% | 1.20% |
| Ratio of net investment income to average net assets | 0.01% | 0.24% | 0.80% | 0.78% | 0.36% |
| Portfolio turnover rate | 10% | 7% | 5% | 10% | 11% |

---

*<sup>1</sup>* *Calculated based on the average number of shares outstanding during the period.*

*<sup>2</sup>* *Includes interest expense of 0.01%.*

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

31.0 **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 year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $8.55 | $8.64 | $8.44 | $9.44 | $9.54 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.27 | 0.24 | 0.17 | 0.17 | 0.18 |
| Net realized and unrealized gain (loss) on investments | 0.06 | (0.09) | 0.20 | (1.00) | (0.10) |
| Total from investment operations | 0.33 | 0.15 | 0.37 | (0.83) | 0.08 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.27) | (0.24) | (0.17) | (0.17) | (0.18) |
| Total distributions | (0.27) | (0.24) | (0.17) | (0.17) | (0.18) |
| **Net Asset Value, End of Year** | $8.61 | $8.55 | $8.64 | $8.44 | $9.44 |
| **Total Return**<sup>1</sup> | 3.91% | 1.71% | 4.48% | (8.87)% | 0.88% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $23768 | $30216 | $34980 | $39309 | $62397 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 1.43%<sup>2</sup> | 1.34%<sup>3</sup> | 1.26%<sup>2</sup> | 1.19% | 1.10% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 0.93%<sup>2</sup> | 0.92%<sup>3</sup> | 0.92%<sup>2</sup> | 0.92% | 0.90% |
| Ratio of net investment income to average net assets | 3.13% | 2.74% | 2.03% | 1.90% | 1.94% |
| Portfolio turnover rate | 26% | 4% | 24% | —% | 11% |

---

*<sup>1</sup>* *Calculation does not reflect sales load.*

*<sup>2</sup>* *Includes interest expense of 0.02%.*

*<sup>3</sup>* *Includes interest expense of 0.01%.*

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

32 SPIRIT OF AMERICA <br>

**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 year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $8.53 | $8.61 | $8.42 | $9.42 | $9.52 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.20 | 0.16 | 0.10 | 0.09 | 0.10 |
| Net realized and unrealized gain (loss) on investments | 0.06 | (0.08) | 0.19 | (1.00) | (0.10) |
| Total from investment operations | 0.26 | 0.08 | 0.29 | (0.91) |  |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.20) | (0.16) | (0.10) | (0.09) | (0.10) |
| Total distributions | (0.20) | (0.16) | (0.10) | (0.09) | (0.10) |
| **Net Asset Value, End of Year** | $8.59 | $8.53 | $8.61 | $8.42 | $9.42 |
| **Total Return**<sup>1</sup> | 3.05% | 0.97% | 3.49% | (9.66)% | 0.03% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $125 | $130 | $132 | $139 | $153 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 2.28%<sup>2</sup> | 2.19%<sup>3</sup> | 2.11%<sup>2</sup> | 2.04% | 1.95% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 1.78%<sup>2</sup> | 1.77%<sup>3</sup> | 1.77%<sup>2</sup> | 1.77% | 1.75% |
| Ratio of net investment income to average net assets | 2.31% | 1.89% | 1.19% | 1.06% | 1.11% |
| Portfolio turnover rate | 26% | 4% | 24% | —% | 11% |

---

*<sup>1</sup>* *Calculation does not reflect contingent deferred sales charge.*

*<sup>2</sup>* *Includes interest expense of 0.02%.*

*<sup>3</sup>* *Includes interest expense of 0.01%.*

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

33.0 **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 year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $8.53 | $8.62 | $8.42 | $9.42 | $9.52 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.28 | 0.25 | 0.19 | 0.18 | 0.20 |
| Net realized and unrealized gain (loss) on investments | 0.06 | (0.09) | 0.20 | (1.00) | (0.10) |
| Total from investment operations | 0.34 | 0.16 | 0.39 | (0.82) | 0.10 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (0.28) | (0.25) | (0.19) | (0.18) | (0.20) |
| Total distributions | (0.28) | (0.25) | (0.19) | (0.18) | (0.20) |
| **Net Asset Value, End of Year** | $8.59 | $8.53 | $8.62 | $8.42 | $9.42 |
| **Total Return** | 4.08% | 1.87% | 4.64% | (8.75)% | 1.03% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $10 | $9 | $9 | $9 | $9 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 1.28%<sup>1</sup> | 1.19%<sup>2</sup> | 1.11%<sup>1</sup> | 1.04% | 0.95% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 0.77%<sup>1</sup> | 0.77%<sup>2</sup> | 0.77%<sup>1</sup> | 0.77% | 0.75% |
| Ratio of net investment income to average net assets | 3.31% | 2.89% | 2.19% | 2.06% | 2.08% |
| Portfolio turnover rate | 26% | 4% | 24% | —% | 11% |

---

*<sup>1</sup>* *Includes interest expense of 0.02%.*

*<sup>2</sup>* *Includes interest expense of 0.01%.*

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

34 SPIRIT OF AMERICA <br>

**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 year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $10.08 | $10.09 | $10.03 | $12.39 | $12.44 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment income | 0.51 | 0.50 | 0.52 | 0.44 | 0.50 |
| Net realized and unrealized gain (loss) on investments | 0.13 | 0.03 | 0.16 | (1.99) | 0.06 |
| Total from investment operations | 0.64 | 0.53 | 0.68 | (1.55) | 0.56 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (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 | (0.66) | (0.54) | (0.62) | (0.81) | (0.61) |
| **Net Asset Value, End of Year** | $10.06 | $10.08 | $10.09 | $10.03 | $12.39 |
| **Total Return**<sup>1</sup> | 6.50% | 5.37% | 6.94% | (12.69)% | 4.59% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $46527 | $62655 | $71325 | $77767 | $119137 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 1.34%<sup>2</sup> | 1.26%<sup>3</sup> | 1.24%<sup>3</sup> | 1.18% | 1.14%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 1.14%<sup>2</sup> | 1.13%<sup>3</sup> | 1.14%<sup>3</sup> | 1.12% | 1.11%<sup>4</sup> |
| Ratio of net investment income to average net assets | 4.85% | 4.80% | 5.10% | 3.83% | 3.98% |
| Portfolio turnover rate | —% | —% | 2% | 1% | 4% |

---

*<sup>1</sup>* *Calculation does not reflect sales load.*

*<sup>2</sup>* *Includes interest expense of 0.04%.*

*<sup>3</sup>* *Includes interest expense of 0.03%.*

*<sup>4</sup>* *Includes interest expense of 0.01%.*

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

35.0 **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 year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $10.08 | $10.10 | $10.03 | $12.39 | $12.45 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.43 | 0.42 | 0.44 | 0.35 | 0.40 |
| Net realized and unrealized gain (loss) on investments | 0.14 | 0.03 | 0.18 | (1.98) | 0.06 |
| Total from investment operations | 0.57 | 0.45 | 0.62 | (1.63) | 0.46 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (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 | (0.59) | (0.47) | (0.55) | (0.73) | (0.52) |
| **Net Asset Value, End of Year** | $10.06 | $10.08 | $10.10 | $10.03 | $12.39 |
| **Total Return**<sup>1</sup> | 5.71% | 4.48% | 6.25% | (13.34)% | 3.72% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $375 | $486 | $444 | $398 | $437 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 2.09%<sup>2</sup> | 2.01%<sup>3</sup> | 1.99%<sup>3</sup> | 1.93% | 1.89%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 1.89%<sup>2</sup> | 1.88%<sup>3</sup> | 1.89%<sup>3</sup> | 1.87% | 1.86%<sup>4</sup> |
| Ratio of net investment income to average net assets | 4.10% | 4.07% | 4.36% | 3.12% | 3.23% |
| Portfolio turnover rate | —% | —% | 2% | 1% | 4% |

---

*<sup>1</sup>* *Calculation does not reflect contingent deferred sales charge.*

*<sup>2</sup>* *Includes interest expense of 0.04%.*

*<sup>3</sup>* *Includes interest expense of 0.03%.*

*<sup>4</sup>* *Includes interest expense of 0.01%.*

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

36 SPIRIT OF AMERICA <br>

**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 year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $10.11 | $10.13 | $10.06 | $12.43 | $12.48 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.52 | 0.52 | 0.54 | 0.46 | 0.53 |
| Net realized and unrealized gain (loss) on investments | 0.15 | 0.03 | 0.18 | (1.99) | 0.07 |
| Total from investment operations | 0.67 | 0.55 | 0.72 | (1.53) | 0.59 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from net investment income | (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 | (0.69) | (0.57) | (0.65) | (0.84) | (0.65) |
| **Net Asset Value, End of Year** | $10.09 | $10.11 | $10.13 | $10.06 | $12.43 |
| **Total Return** | 6.74% | 5.51% | 7.30% | (12.51)% | 4.83% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $13 | $13 | $12 | $11 | $13 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 1.09%<sup>1</sup> | 1.01%<sup>2</sup> | 0.99%<sup>2</sup> | 0.93% | 0.89%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 0.90%<sup>1</sup> | 0.88%<sup>2</sup> | 0.89%<sup>2</sup> | 0.87% | 0.86%<sup>3</sup> |
| Ratio of net investment income to average net assets | 5.11% | 5.05% | 5.34% | 4.10% | 4.21% |
| Portfolio turnover rate | —% | —% | 2% | 1% | 4% |

---

*<sup>1</sup>* *Includes interest expense of 0.04%.*

*<sup>2</sup>* *Includes interest expense of 0.03%.*

*<sup>3</sup>* *Includes interest expense of 0.01%.*

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

37.0 **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<br> Year Ended** | **For the<br> Year Ended** | |
|  | **December 31** | **December 31** | **For the<br> Period Ended**<br>**December 31,** |
|  | **2025** | **2024** | **2023<sup>1</sup>** |
| **Net Asset Value, Beginning of Period** | $19.64 | $17.48 | $20.00 |
| **From Investment Operations:** |  |  |  |
| Net investment income<sup>2</sup> | 0.34 | 0.37 | 0.39 |
| Net realized and unrealized gain (loss) on investments | 2.48 | 3.49 | (1.21) |
| Total from investment operations | 2.82 | 3.86 | (0.82) |
| **Less Distributions:** |  |  |  |
| Distributions from net investment income | (0.28) | (0.28) | (0.24) |
| Distributions from return of capital | (1.42) | (1.42) | (1.46) |
| Total distributions | (1.70) | (1.70) | (1.70) |
| **Net Asset Value, End of Period** | $20.76 | $19.64 | $17.48 |
| **Total Return**<sup>3</sup> | 14.56% | 22.72% | (4.16)%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (000) | $50388 | $26996 | $14449 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 1.69% | 1.90% | 2.56%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 1.53% | 1.53% | 1.53%<sup>5</sup> |
| Ratio of net investment income to average net assets | 1.62% | 1.92% | 2.29%<sup>5</sup> |
| Portfolio turnover rate | 1% | —% | —%<sup>4</sup> |

---

*<sup>1</sup>* *For the period January 31, 2023 (commencement of operations) to December 31, 2023.*

*<sup>2</sup>* *Calculated based on the average number of shares outstanding during the period.*

*<sup>3</sup>* *Calculation does not reflect sales load.*

*<sup>4</sup>* *Not annualized.*

*<sup>5</sup>* *Annualized.*

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

38 SPIRIT OF AMERICA <br>

**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<br> Year Ended** | **For the<br> Year Ended** | |
|  | **December 31** | **December 31** | **For the<br> Period Ended**<br>**December 31,** |
|  | **2025** | **2024** | **2023<sup>1</sup>** |
| **Net Asset Value, Beginning of Period** | $19.82 | $17.63 | $20.00 |
| **From Investment Operations:** |  |  |  |
| Net investment income<sup>2</sup> | 0.18 | 0.23 | 0.29 |
| Net realized and unrealized gain (loss) on investments | 2.50 | 3.51 | (1.25) |
| Total from investment operations | 2.68 | 3.74 | (0.96) |
| **Less Distributions:** |  |  |  |
| Distributions from net investment income | (0.26) | (0.26) | (0.20) |
| Distributions from return of capital | (1.30) | (1.29) | (1.21) |
| Total distributions | (1.56) | (1.55) | (1.41) |
| **Net Asset Value, End of Period** | $20.94 | $19.82 | $17.63 |
| **Total Return**<sup>3</sup> | 13.72% | 21.78% | (4.85)%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (000) | $28 | $12 | $10 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 2.43% | 2.65% | 4.90%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 2.29% | 2.28% | 2.28%<sup>5</sup> |
| Ratio of net investment income to average net assets | 0.85% | 1.17% | 1.71%<sup>5</sup> |
| Portfolio turnover rate | 1% | —% | —%<sup>4</sup> |

---

*<sup>1</sup>* *For the period January 31, 2023 (commencement of operations) to December 31, 2023.*

*<sup>2</sup>* *Calculated based on the average number of shares outstanding during the period.*

*<sup>3</sup>* *Calculation does not reflect contingent deferred sales charge.*

*<sup>4</sup>* *Not annualized.*

*<sup>5</sup>* *Annualized.*

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

39.0 **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<br> Year Ended** | **For the<br> Year Ended** | |
|  | **December 31** | **December 31** | **For the<br> Period Ended**<br>**December 31,** |
|  | **2025** | **2024** | **2023<sup>1</sup>** |
| **Net Asset Value, Beginning of Period** | $19.65 | $17.48 | $20.00 |
| **From Investment Operations:** |  |  |  |
| Net investment income<sup>2</sup> | 0.40 | 0.42 | 0.47 |
| Net realized and unrealized gain (loss) on investments | 2.48 | 3.50 | (1.26) |
| Total from investment operations | 2.88 | 3.92 | (0.79) |
| **Less Distributions:** |  |  |  |
| Distributions from net investment income | (0.29) | (0.29) | (0.25) |
| Distributions from return of capital | (1.46) | (1.46) | (1.48) |
| Total distributions | (1.75) | (1.75) | (1.73) |
| **Net Asset Value, End of Period** | $20.78 | $19.65 | $17.48 |
| **Total Return** | 14.85% | 23.05% | (4.00)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (000) | $14 | $12 | $10 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 1.43% | 1.67% | 3.90%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 1.28% | 1.28% | 1.28%<sup>4</sup> |
| Ratio of net investment income to average net assets | 1.87% | 2.17% | 2.71%<sup>4</sup> |
| Portfolio turnover rate | 1% | —% | —%<sup>3</sup> |

---

*<sup>1</sup>* *For the period January 31, 2023 (commencement of operations) to December 31, 2023.*

*<sup>2</sup>* *Calculated based on the average number of shares outstanding during the period.*

*<sup>3</sup>* *Not annualized.*

*<sup>4</sup>* *Annualized.*

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

40 SPIRIT OF AMERICA <br>

**NOTES TO FINANCIAL STATEMENTS \| DECEMBER 31, 2025**

**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 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.

41.0 **NOTES TO FINANCIAL STATEMENTS (CONT.) \| DECEMBER 31, 2025** 

**Note 2 – Significant Accounting Policies**

Each Fund is an investment company and follows accounting and reporting guidance under FASB Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies". The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP") for investment companies.

**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:

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● 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 December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Real Estate Income and Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $63654262 | $— | $— | $63654262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks<sup>1</sup> | 1065487 | 174220 |  | 1239707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 13786 |  |  | 13786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**64733535** | $**174220** | $**—** | $**64907755** |

---

42 SPIRIT OF AMERICA <br>

**NOTES TO FINANCIAL STATEMENTS (CONT.) \| DECEMBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Large Cap Value Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $211385015 | $— | $— | $211385015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks<sup>1</sup> | 366967 |  |  | 366967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**211751982** | $**—** | $**—** | $**211751982** |
| **Municipal Tax Free Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | $— | $23887003 | $— | $23887003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 208712 |  |  | 208712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**208712** | $**23887003** | $**—** | $**24095715** |
| **Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $2784320 | $— | $— | $2784320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks<sup>1</sup> | 9823028 |  |  | 9823028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 42220 |  | 42220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 7577156 |  | 7577156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds |  | 27192083 |  | 27192083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**12607348** | $**34811459** | $— | $**47418807** |
| **Utilities Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $49526440 | $— | $— | $49526440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 900121 |  | **—** | 900121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $50426561 | $**—** | $**—** | $50426561 |

---

*<sup>1</sup>* *Refer to Schedule of Investments for sector/industry classification.*

In the absence of a listed price quote, or a supplied price quote which is deemed to be unrepresentative of the actual market price, Spirit of America Management Corp. shall use any or all of the following criteria to value Level 3 securities:

● Last sales price

● Price given by pricing service

● Last quoted bid & asked price

● Third party bid & asked price

● Indicated opening range

The significant unobservable inputs that may be used in the fair value measurement of a Fund's investments in common stock, corporate bonds and convertible corporate bonds for which market quotations are not readily available include: broker quotes, discounts from the most recent trade or "stale price" and estimates from trustees (in bankruptcies) on disbursements. A change in the assumption used for each of the inputs listed above may indicate a directionally similar change in the fair value of the investment.

The following table presents changes in assets classified as Level 3 of the fair value hierarchy during the fiscal year ended December 31, 2025 attributable to the following:

---

| | |
|:---|:---|
| **Income Fund** | **Corporate<br> Bonds** |
| Transfers out of Level 3 | $(403015) |
| Transfers into Level 2 | 403015 |

---

Transfers between Level 3 and Level 2 are due to market quotations becoming available from an approved pricing vendor beginning on November 14, 2025.

43.0 **NOTES TO FINANCIAL STATEMENTS (CONT.) \| DECEMBER 31, 2025**

**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 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' use of derivatives for the fiscal year ended December 31, 2025 was limited to written options.

44 SPIRIT OF AMERICA <br>

**NOTES TO FINANCIAL STATEMENTS (CONT.) \| DECEMBER 31, 2025**

The following table is a summary of how these derivatives are treated in the financial statements and their impact on the Funds. The month-end average notional amount for the fiscal year ended December 31, 2025 was $13,374 for Real Estate Income and Growth Fund. The Funds did not hold any derivatives at December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Statements of Operations** | **Statements of Operations** | **Statements of Operations** |
| <br>**Fund/Financial Instrument Type** | **Location of Gain<br> (Loss) on Derivatives<br> Recognized** | **Amount of<br> Realized Gain** | **Amount of<br> Unrealized Gain (Loss)** |
| Real Estate Income and Growth Fund Written Call Options (Equity Contracts) | Net realized gain on written options transactions | $1220 |  |
|  | Net change in unrealized appreciation (depreciation) on written options transactions |  | $— |

---

**Note 4 – Purchases and Sales of Securities**

Purchases and proceeds from the sales of securities for the fiscal year ended December 31, 2025, excluding short-term investments and U.S. government obligations, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Real Estate Income and Growth Fund | $5514171 | $10799923 |
| Large Cap Value Fund | 19536330 | 32092266 |
| Municipal Tax Free Bond Fund | 6823622 | 13145183 |
| Income Fund | 134340 | 16228781 |
| Utilities Fund | 19688229 | 188804 |

---

There were no purchases or sales of long-term U.S. Government Obligations during the fiscal year ended December 31, 2025.

**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<br> Fees Earned** |
| Real Estate Income and Growth Fund | 0.97% | $692931 |
| Large Cap Value Fund | 0.97% | 1914477 |
| Municipal Tax Free Bond Fund | 0.60% | 164162 |
| Income Fund | 0.60% | 341053 |
| Utilities Fund | 0.97% | 374442 |

---

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, 2026, 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

45.0 **NOTES TO FINANCIAL STATEMENTS (CONT.) \| DECEMBER 31, 2025**

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 fiscal year ended December 31, 2025, the Adviser waived advisory fees, as indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A Shares** | **Class C Shares** | **Institutional<br> Shares** | **Fees Recouped<br> (Waived)** |
| Municipal Tax Free Bond Fund | 0.90% | 1.75% | 0.75% | $(137034) |
| Income Fund | 1.10% | 1.85% | 0.85% | (111683) |
| Utilities Fund | 1.53% | 2.28% | 1.28% | (61378) |

---

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<br> Tax Free<br> Bond Fund** | **Income<br> Fund** | **Utilities<br> Fund** |
| December 31, 2026 | $121624 | $81736 | $93577 |
| December 31, 2027 | 140209 | 86000 | 69476 |
| December 31, 2028 | 137034 | 111683 | 61378 |

---

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 services and expenses in distributing shares of each Fund and providing personal services and/or maintaining shareholder accounts. For the fiscal year ended December 31, 2025, the annual fee rate and the fees paid to the Distributor under the Plan were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Shares** | **Class A Shares** | **Class C Shares** | **Class C Shares** |
| <br>**Fund** | **Annual Rate** | **Fees Paid** | **Annual Rate** | **Fees Paid** |
| Real Estate Income and Growth Fund | 0.30% | $214079 | 1.00% | $626 |
| Large Cap Value Fund | 0.30% | 590910 | 1.00% | 3739 |
| Municipal Tax Free Bond Fund | 0.15% | 40832 | 1.00% | 1300 |
| Income Fund | 0.25% | 140974 | 1.00% | 4390 |
| Utilities Fund | 0.25% | 96415 | 1.00% | 231 |

---

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 fiscal year ended December 31, 2025, sales charges received by the Distributor from each of the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Front-End Sales<br> Charges<br> Received by<br> Distributor** | **CDSC Fees<br> Received by<br> Distributor** |
| Real Estate Income and Growth Fund | $504850 | $— |
| Large Cap Value Fund | 1473753 |  |
| Municipal Tax Free Bond Fund | 53737 |  |
| Income Fund | 189097 |  |
| Utilities Fund | 948411 |  |

---

46 SPIRIT OF AMERICA <br>

**NOTES TO FINANCIAL STATEMENTS (CONT.) \| DECEMBER 31, 2025**

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 fiscal year ended December 31, 2025, the Funds were allocated $16,835 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 fiscal year ended December 31, 2025, the Funds paid such insurance agency $72,710 of 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 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,

47.0 **NOTES TO FINANCIAL STATEMENTS (CONT.) \| DECEMBER 31, 2025**

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 December 31, 2025, the Income Fund held illiquid restricted securities representing 4.71% of net assets, as listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description<br> Corporate Bonds** | **Acquisition<br> Date** | **Principal<br> Amount** | **Cost** | **Value** |
| Exelon Generation Co. LLC, 5.60%, 6/15/2042 | 7/12/2012 | $400000 | $416588 | $403015 |
| MetLife Inc., 9.25%, 4/8/2038 | 6/4/2013 | 1500000 | 2093314 | 1806369 |

---

**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 December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)<sup>1</sup>** | **Cost Basis of**<br> **Investments** |
| Real Estate Income and Growth Fund | $14048962 | $(5528974) | $8519988 | $56387767 |
| Large Cap Value Fund | 129659394 | (1397982) | 128261412 | 83490570 |
| Municipal Tax Free Bond Fund | 124717 | (328381) | (203664) | 24299379 |
| Income Fund | 2195725 | (6301098) | (4105373) | 51524180 |
| Utilities Fund | 7161970 | (630357) | 6531613 | 43894948 |

---

*<sup>1</sup>* *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, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Tax-Exempt<br> Income** | **Net Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions** |
| Real Estate Income and Growth Fund | $1200438 | $— | $3528424 | $2179719 | $6908581 |
| Large Cap Value Fund |  |  | 17150085 | 1321783 | 18471868 |
| Municipal Tax Free Bond Fund | 6043 | 847411 |  |  | 853454 |
| Income Fund | 2801831 |  | 686706 |  | 3488537 |
| Utilities Fund | 583077 |  |  | 2927537 | 3510614 |

---

The tax character of distributions paid by each of the Funds for the fiscal year ended December 31, 2024, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Tax-Exempt<br> Income** | **Net Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions** |
| Real Estate Income and Growth Fund | $1212212 | $— | $3857665 | $1565300 | $6635177 |
| Large Cap Value Fund |  |  | 10700661 | 1243554 | 11944215 |
| Municipal Tax Free Bond Fund | 10248 | 893741 |  |  | 903989 |
| Income Fund | 3261852 |  | 325042 |  | 3586894 |
| Utilities Fund | 313567 |  |  | 1589712 | 1903279 |

---

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.

48 SPIRIT OF AMERICA <br>

**NOTES TO FINANCIAL STATEMENTS (CONT.) \| DECEMBER 31, 2025**

At December 31, 2025, the components of accumulated distributable earnings for each Fund on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Tax-Exempt**<br> **Income** | **Undistributed**<br> **Ordinary**<br> **Income** | **Undistributed**<br> **Long-Term**<br> **Capital Gains** | **Accumulated**<br> **Capital and**<br> **Other Losses** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Total<br> Accumulated<br> Earnings<br> (Losses)** |
| Real Estate Income and Growth Fund | $— | $— | $— | $— | $8519988 | $8519988 |
| Large Cap Value Fund |  |  | 2112956 |  | 128261412 | 130374368 |
| Municipal Tax Free Bond Fund | 3 |  |  | (10320230) | (203664) | (10523891) |
| Income Fund |  | 8120 | 1050654 |  | (4105373) | (3046599) |
| Utilities Fund |  |  |  |  | 6531613 | 6531613 |

---

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** | **No Expiration** | |
| <br>**Fund** | **Short-Term** | **Long-Term** |<br>**Total** |
| Municipal Tax Free Bond Fund | $2785908 | $7534322 | $10320230 |

---

During the fiscal year ended December 31, 2025, the Utilities Fund utilized $1,393 of available short-term capital loss carryforwards.

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 – Reclassification**

Permanent differences, incurred during the fiscal year ended December 31, 2025, resulting from differences in book and tax accounting have been reclassified at year end to accumulated earnings (deficit) and paid-in capital as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Accumulated<br> Earnings<br> (Deficit)** | **Paid-In Capital** |
| Real Estate Income and Growth Fund | $284 | $(284) |
| Large Cap Value Fund | 649519 | (649519) |
| Utilities Fund | (34669) | 34669 |

---

**Note 10 – Line of Credit**

The Company participates in a short-term credit agreement ("Line of Credit) with The Huntington National Bank, the custodian of the Funds' investments, expiring on May 13, 2026. 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

49.0 **NOTES TO FINANCIAL STATEMENTS (CONT.) \| DECEMBER 31, 2025**

$5,000,000 or 10% of the Funds' daily market value. At December 31, 2025, Large Cap Value Fund had outstanding borrowings of $2,531,321 and Income Fund had outstanding borrowings of $956,664. During the fiscal year ended December 31, 2025, each Fund's borrowing activity was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Real Estate<br> Income and<br> Growth Fund** | **Large Cap<br> Value Fund** | **Municipal Tax<br> Free Bond Fund** | **Income Fund** | **Utilities Fund** |
| Total bank line of credit as of December 31, 2025 | $5000000 | $2468679 | $2390243 | $3734849 | $5000000 |
| Average borrowings during period | $82135 | $200012 | $53009 | $94477 | $— |
| Number of days outstanding<sup>1</sup> | 43 | 83 | 71 | 128 |  |
| Average interest rate during period | 5.879% | 5.900% | 5.863% | 5.840% |  |
| Highest balance drawn during period | $258221 | $2531321 | $328702 | $450048 | $— |
| Highest balance interest rate | 6.000% | 6.000% | 6.000% | 6.000% | 6.000% |
| Interest expense incurred | $1188 | $8803 | $6258 | $23914 | $— |
| Interest rate at December 31, 2025 | 5.359% | 5.359% | 5.359% | 5.359% | 5.359% |

---

*<sup>1</sup>* *Number of days outstanding represents the total days during the fiscal year ended December 31, 2025 each Fund utilized the Line of Credit.* 

**Note 11 – 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 12 – Subsequent Events**

Management of the Funds has evaluated the need for disclosures resulting from subsequent events through the date these financial statements were issued. Management has determined that there were no additional items requiring additional disclosure.

**Tax Information (Unaudited)**

All designations are based on financial information available as of the date of this report and, accordingly, are subject to change. For each item, it is the intention of each Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Qualified<br> Dividend<br> Income** | **Dividends<br> Received<br> Deduction** | **Qualified<br> Business<br> Income** | **Long-Term<br> Capital Gain<br> Dividends** | **Tax-Exempt**<br> **Distributions** |
| Real Estate Income and Growth Fund | 10.36% | 12.05% | 89.64% | $3528424 | $— |
| Large Cap Value Fund | 0.00% | 0.00% | 0.00% | 17150085 |  |
| Municipal Tax Free Bond Fund | 0.00% | 0.00% | 0.00% |  | 847411 |
| Income Fund | 21.70% | 25.72% | 0.00% | 686706 |  |
| Utilities Fund | 100.00% | 100.00% | 0.00% |  |  |

---

50 SPIRIT OF AMERICA <br>

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders and Board of Directors**

**of Spirit of America Investment Fund, Inc.**

**Syosset, New York**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Spirit of America Real Estate Income & Growth Fund, Spirit of America Large Cap Value Fund, Spirit of America Municipal Tax Free Bond Fund, Spirit of America Income Fund, and Spirit of America Utilities Fund (the "Funds"), a series of shares of beneficial interest in Spirit of America Investment Fund, Inc., including the schedule of investments, as of December 31, 2025, the related statements of operations, the statements of changes in net assets, and financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations, the changes in their net assets, and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds<br> Constituting<br> Spirit of America<br> Investment Fund, Inc.** | **Statement Of Operations** | **Statements Of Changes<br> In Net Assets** | **Financial Highlights** |
| Spirit of America Real Estate Income & Growth Fund, Spirit of America Large Cap Value Fund, Spirit of America Municipal Tax Free Bond Fund, Spirit of America Income Fund | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the five years in the period ended December 31, 2025 |
| Spirit of America Utilities Fund | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 and the period January 31, 2023 (commencement of operations) to December 31, 2023 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Funds' auditor since 1998.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

51.0 **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (CONT.)**

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

---

| | |
|:---|:---|
|  | **TAIT, WELLER & BAKER LLP** |
| **Philadelphia, Pennsylvania** |  |
| **February 27, 2026** |  |

---

52 SPIRIT OF AMERICA <br>

**ADDITIONAL INFORMATION \| DECEMBER 31, 2025 (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**

At a Special Shareholder Meeting held on July 30, 2025, Fund shareholders of record as of the close of business on May 1, 2025 voted to approve the following proposal:

Proposal 1: To elect three directors, John Desmond, Phillip R. Thune and David Feinblatt to the Board of Directors to serve until their successors are duly qualified and elected.

The Proposal applies on a Company-wide basis, and all Funds and all classes of the Funds voted together as a single group for purposes of electing the directors.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares Voted For<br> (Percentage Voted For)** | **Shares Withheld<br> (Percentage Withheld)**  | **Shares Need to Approve\*** |
| John Desmond | 13,755,532 (98.53%) | 205,310 (1.47%) | Plurality (greater than 50%) |
| Phillip R. Thune | 13,799,399 (98.84%) | 161,439 (1.16%) | Plurality (greater than 50%) |
| David Feinblatt | 13,791,717 (98.79%) | 169,123 (1.21%) | Plurality (greater than 50%) |

---

*\** *as a percentage of the total voting securities of the Company voted at the Meeting at which quorum was present.*

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

53.0 ---

| | |
|:---|:---|
| **Proxy Voting Information**<br>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.<br>**Portfolio Disclosure**<br>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.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment Adviser**<br> Spirit of America Management Corp.<br> 477 Jericho Turnpike<br> P.O. Box 9006<br> Syosset, NY 11791-9006<br>**Distributor**<br> David Lerner Associates, Inc.<br> 477 Jericho Turnpike<br> P.O. Box 9006<br> Syosset, NY 11791-9006<br>**Shareholder Services**<br> Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246<br>**Custodian**<br> The Huntington National Bank<br> 7 Easton Oval<br> Columbus, OH 43219<br>**Independent Registered**<br> **Public Accounting Firm**<br> Tait, Weller & Baker LLP<br> Two Liberty Place<br> 50 South 16th Street, Suite 2900<br> Philadelphia, PA 19102-2529<br>**Counsel**<br> Blank Rome LLP<br> 1271 Avenue of the Americas<br> New York, NY 10020 |

---

![](img_001.jpg)

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.

<sup>©</sup>Copyright 2025 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.** 

Not applicable

**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.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics attached hereto.](soa_ex99codeeth.htm)

(a)(2) Not applicable

---

| | |
|:---|:---|
| (a)(3) | [Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.](soa_ex99cert.htm) |

---

(a)(4) Not applicable

(a)(5) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) are filed herewith.](soa_ex99-906cert.htm)

**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 |

---

Date <u> 3/17/2026</u>

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 |

---

Date <u> 3/17/2026</u>

---

| | |
|:---|:---|
| By | /s/ Alan P. Chodosh |
|  | Alan P. Chodosh, Principal Financial Officer |

---

Date <u> 3/17/2026</u>

## Ex-99.Cert

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, Alan P. Chodosh, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| 3/17/2026 | /s/ Alan P. Chodosh |
| Date | Alan P. Chodosh |
|  | Principal Financial Officer |

---

**<u>CERTIFICATIONS</u>**

I, David Lerner, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| 3/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;/s/ David Lerner |
| Date | David Lerner |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025 of Spirit of America Investment Fund, Inc. (the "Registrant").

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

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

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

<u>3/17/2026</u> <br> Date

---

| |
|:---|
| /s/ David Lerner |
| David Lerner |
| Principal Executive Officer |

---

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

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025 of Spirit of America Investment Fund, Inc. (the "Registrant").

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

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

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

<u>3/17/2026</u> <br> Date

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Alan P. Chodosh |
| Alan P. Chodosh |
| Principal Financial Officer |

---

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

## Ex-99.Code

**EX-99.CODE ETH**

APPENDIX A

**SPIRIT OF AMERICA INVESTMENT FUND, INC.**

FINANCIAL OFFICER CODE OF ETHICS

**Purposes of the Code**

The reputation and integrity of the Spirit of America Investment Fund, Inc. (the "Fund") are valuable assets that are vital to the Fund's success. Each officer and employee of the Fund, including each of the Fund's senior financial officers ("SFOs"), is responsible for conducting the Fund's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, principal accounting officer, and any person who performs a similar function.

The Fund has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940. The Fund's Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or directors know about present or future Fund transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Fund has chosen to adopt a financial officer code of ethics to encourage its SFOs to act ethically and to question potentially unethical or illegal practices, and to strive to ensure that the Fund's financial disclosures are complete, accurate, and understandable. This Code of Ethics should be read in conjunction with the Fund's other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.

**Principles for Handling of Financial Information**

The Fund has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, principal accounting officer, and any Fund officer or employee who performs a similar function or who participates in the preparation of any part of the Fund's financial statements. Specifically, persons subject to this Code shall:

● Act with honesty and integrity

● Avoid actual or apparent conflicts of interest with the Fund in personal and professional relationships

● Provide information to the Fund's employees and service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable

● Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Fund's periodic reports

● Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code

● Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

● Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

● Record (or participate in the recording of) entries in the Fund's books and records that are accurate

● Refrain from using confidential information for personal advantage

**Violations of the Code**

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a *per se* violation of this Code, regardless of whether this Code refers to that particular conduct.

A violation of this Code may result in disciplinary action, up to and including termination of employment. The Fund must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

**<u>Enforcement of the Code</u>**

***Violations***

All persons subject to this Code who observe, learn of, or in good faith, suspect a current or threatened violation of the Code <u>must</u> immediately report the violation in writing to the Compliance Officer, another member of the Fund's senior management, or to the Audit Committee of the Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

***Disclosures***

All persons subject to this Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Fund within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the Compliance Officer, or if it is not possible to disclose the matter to the Compliance Officer, then the Disclosure Letter shall be submitted to another member of the Fund's senior management or to the Audit Committee of the Board.

An executive officer of the Fund or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the Compliance Officer or other appropriate officers of the Fund.

***Outside Service Providers***

Because service providers to the Fund, such as the Administrator, outside accounting firm, and custodian, provide much of the work relating to the Fund's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Fund SFOs or employees.

***Non-Retaliation Policy***

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

***Annual Certification***

SFOs will receive training on the contents and importance of this Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.

**<u>Questions about the Code</u>**

The Fund's Board of Directors has designated Joseph Pickard to be the Compliance Officer for purposes of implementing and administering this Code. Any questions about this Code should be directed to the Compliance Officer.

Adopted: December 10, 2003 <br> Amended: February 29, 2008 <br> Amended: December 31, 2008