# EDGAR Filing Document

**Accession Number:** 0001039667
**File Stem:** 0001580642-26-000745
**Filing Date:** 2026-2
**Character Count:** 96082
**Document Hash:** dae1ecb6eb76dce7391bc3b047120fba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000745.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001580642-26-000745

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**EFFECTIVENESS DATE**: 20260204

**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
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08231
- **FILM NUMBER:** 26597323

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

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

## Series and Classes Contracts Data

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

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

?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>November 30</u>

Date of reporting period: <u>November 30, 2025</u>

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 Energy Fund

# Class A Shares (SOAEX)

# Annual Shareholder Report - November 30, 2025
![Image](ie1750c9e6e2ed4f1db0297bd.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Energy Fund (the "Fund") for the period of December 1, 2024 through November 30, 2025. You can find additional information about the Fund at www.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 | $152 | 1.52% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ending November 30, 2025, the Fund outperformed its benchmark, the S&P Energy Select Sector Index, but underperformed the broader-based S&P 500 Index. The Fund capitalized on favorable conditions across key energy sectors. Positive contributors to performance included investments in power generation, electrical power equipment and manufacturing, refining and marketing, gas utilities, and diversified industrials. These sectors benefited from surging demand for reliable power infrastructure driven by AI data centers and increasing electricity demands, supporting policy shifts with the new administration, and operational efficiencies in equipment and services, delivering positive returns.

However, challenges and detractors from performance emerged in exploration and production as well as midstream oil and gas, which faced headwinds from volatile oil prices, production oversupply, and compressed margins in certain cyclical areas, contributing to weaker performance relative to other energy segments. In contrast, the S&P 500's broader diversification, including significant contributions from high performing technology and consumer sectors, allowed it to surpass energy-focused strategies like the Fund.

Despite this disparity, the Fund's strategic sector allocation and active investment decisions enabled it to navigate market volatility and outperform the S&P 500 Energy Select Sector Index. This demonstrates the benefits of a targeted approach to the energy market, while also highlighting the trade-offs of a more concentrated strategy compared to the broader market. These results reflect the Fund's resilience in addressing market challenges and its ability to align with prevailing trends in the energy sector.

## 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](i97d3a4d5765d82f8ff415ce0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Spirit of America Energy Fund - Class A Shares** | **Spirit of America Energy Fund - Class A Shares - with load** | **S&P 500<sup>®</sup> Index** | **S&P Energy Select Sector Index** |
| **11/30/15** | $10000 | $9429 | $10000 | $10000 |
| **11/30/16** | $10517 | $9916 | $10806 | $11263 |
| **11/30/17** | $10136 | $9558 | $13277 | $10834 |
| **11/30/18** | $9634 | $9084 | $14111 | $10657 |
| **11/30/19** | $9107 | $8587 | $16384 | $9815 |
| **11/30/20** | $6305 | $5945 | $19244 | $6611 |
| **11/30/21** | $8302 | $7828 | $24617 | $10354 |
| **11/30/22** | $11691 | $11024 | $22350 | $18223 |
| **11/30/23** | $12718 | $11992 | $25443 | $17456 |
| **11/30/24** | $16302 | $15372 | $34066 | $20382 |
| **11/30/25** | $16369 | $15434 | $39175 | $20013 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Spirit of America Energy Fund - Class A Shares |  |  |  |
| Without Load | 0.41% | 21.02% | 5.05% |
| With Load | -5.36% | 19.60% | 4.44% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 14.63% |
| S&P Energy Select Sector Index | -1.81% | 24.80% | 7.18% |

---

***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.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia84c061dd507f36aca773b0c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -3.0% |
| Gas Utilities | 0.3% |
| Diversified Industrials | 0.8% |
| Integrated Electric Utilities | 1.5% |
| Electrical Power Equipment | 2.0% |
| Money Market Funds | 3.2% |
| Oilfield Services & Equipment | 3.7% |
| Power Generation | 6.4% |
| Integrated Oils | 9.1% |
| Exploration & Production | 13.5% |
| Refining & Marketing | 16.6% |
| Midstream - Oil & Gas | 45.9% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $146759134 |
| Number of Portfolio Holdings | 71 |
| Advisory Fee | $1666734 |
| Portfolio Turnover | 6% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](ie1750c9e6e2ed4f1db0297bd.jpg)

# Spirit of America Energy Fund - Class A Shares (SOAEX)

# Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.funddocs.filepoint.com/soa/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-SOAEX

# Spirit of America Energy Fund

# Class C Shares (SACEX)

# Annual Shareholder Report - November 30, 2025
![Image](ie1750c9e6e2ed4f1db0297bd.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Energy Fund (the "Fund") for the period of December 1, 2024 through November 30, 2025. You can find additional information about the Fund at www.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 | $227 | 2.27% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ending November 30, 2025, the Fund outperformed its benchmark, the S&P Energy Select Sector Index, but underperformed the broader-based S&P 500 Index. The Fund capitalized on favorable conditions across key energy sectors. Positive contributors to performance included investments in power generation, electrical power equipment and manufacturing, refining and marketing, gas utilities, and diversified industrials. These sectors benefited from surging demand for reliable power infrastructure driven by AI data centers and increasing electricity demands, supporting policy shifts with the new administration, and operational efficiencies in equipment and services, delivering positive returns.

However, challenges and detractors from performance emerged in exploration and production as well as midstream oil and gas, which faced headwinds from volatile oil prices, production oversupply, and compressed margins in certain cyclical areas, contributing to weaker performance relative to other energy segments. In contrast, the S&P 500's broader diversification, including significant contributions from high performing technology and consumer sectors, allowed it to surpass energy-focused strategies like the Fund.

Despite this disparity, the Fund's strategic sector allocation and active investment decisions enabled it to navigate market volatility and outperform the S&P 500 Energy Select Sector Index. This demonstrates the benefits of a targeted approach to the energy market, while also highlighting the trade-offs of a more concentrated strategy compared to the broader market. These results reflect the Fund's resilience in addressing market challenges and its ability to align with prevailing trends in the energy sector.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ida65866136364364ce6c14c8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Spirit of America Energy Fund - Class C Shares** | **S&P 500<sup>®</sup> Index** | **S&P Energy Select Sector Index** |
| **Mar-2016** | $10000 | $10000 | $10000 |
| **Nov-2016** | $12158 | $11075 | $12118 |
| **Nov-2017** | $11608 | $13608 | $11658 |
| **Nov-2018** | $10958 | $14461 | $11467 |
| **Nov-2019** | $10289 | $16791 | $10561 |
| **Nov-2020** | $7062 | $19722 | $7113 |
| **Nov-2021** | $9229 | $25229 | $11141 |
| **Nov-2022** | $12908 | $22905 | $19608 |
| **Nov-2023** | $13934 | $26075 | $18782 |
| **Nov-2024** | $17729 | $34913 | $21930 |
| **Nov-2025** | $17671 | $40150 | $21533 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (March 15, 2016)** |
| Spirit of America Energy Fund - Class C Shares |  |  |  |
| Without Load | -0.32% | 20.13% | 6.04% |
| With Load | -1.17% | 20.13% | 6.04% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 15.39% |
| S&P Energy Select Sector Index | -1.81% | 24.80% | 8.22% |

---

***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.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia84c061dd507f36aca773b0c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -3.0% |
| Gas Utilities | 0.3% |
| Diversified Industrials | 0.8% |
| Integrated Electric Utilities | 1.5% |
| Electrical Power Equipment | 2.0% |
| Money Market Funds | 3.2% |
| Oilfield Services & Equipment | 3.7% |
| Power Generation | 6.4% |
| Integrated Oils | 9.1% |
| Exploration & Production | 13.5% |
| Refining & Marketing | 16.6% |
| Midstream - Oil & Gas | 45.9% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $146759134 |
| Number of Portfolio Holdings | 71 |
| Advisory Fee | $1666734 |
| Portfolio Turnover | 6% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](ie1750c9e6e2ed4f1db0297bd.jpg)

# Spirit of America Energy Fund - Class C Shares (SACEX)

# Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.funddocs.filepoint.com/soa/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-SACEX

# Spirit of America Energy Fund

# Institutional Shares (SAIEX)

# Annual Shareholder Report - November 30, 2025
![Image](ie1750c9e6e2ed4f1db0297bd.jpg)

## Fund Overview
This annual shareholder report contains important information about Spirit of America Energy Fund (the "Fund") for the period of December 1, 2024 through November 30, 2025. You can find additional information about the Fund at www.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 | $128 | 1.28% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ending November 30, 2025, the Fund outperformed its benchmark, the S&P Energy Select Sector Index, but underperformed the broader-based S&P 500 Index. The Fund capitalized on favorable conditions across key energy sectors. Positive contributors to performance included investments in power generation, electrical power equipment and manufacturing, refining and marketing, gas utilities, and diversified industrials. These sectors benefited from surging demand for reliable power infrastructure driven by AI data centers and increasing electricity demands, supporting policy shifts with the new administration, and operational efficiencies in equipment and services, delivering positive returns.

However, challenges and detractors from performance emerged in exploration and production as well as midstream oil and gas, which faced headwinds from volatile oil prices, production oversupply, and compressed margins in certain cyclical areas, contributing to weaker performance relative to other energy segments. In contrast, the S&P 500's broader diversification, including significant contributions from high performing technology and consumer sectors, allowed it to surpass energy-focused strategies like the Fund.

Despite this disparity, the Fund's strategic sector allocation and active investment decisions enabled it to navigate market volatility and outperform the S&P 500 Energy Select Sector Index. This demonstrates the benefits of a targeted approach to the energy market, while also highlighting the trade-offs of a more concentrated strategy compared to the broader market. These results reflect the Fund's resilience in addressing market challenges and its ability to align with prevailing trends in the energy sector.

## How has the Fund performed since inception?

### Total Return Based on $100,000 Investment
![Chart showing performance over last 10 years or since inception](idac7842019ccdbe706b93720.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Spirit of America Energy Fund - Institutional Shares** | **S&P 500<sup>®</sup> Index** | **S&P Energy Select Sector Index** |
| **May-2020** | $100000 | $100000 | $100000 |
| **Nov-2020** | $109545 | $129307 | $105021 |
| **Nov-2021** | $144558 | $165411 | $164487 |
| **Nov-2022** | $204298 | $150177 | $289488 |
| **Nov-2023** | $222706 | $170961 | $277305 |
| **Nov-2024** | $286016 | $228902 | $323781 |
| **Nov-2025** | $287973 | $263236 | $317916 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception (May 1, 2020)** |
| Spirit of America Energy Fund - Institutional Shares | 0.68% | 21.33% | 20.86% |
| S&P 500<sup>®</sup> Index | 15.00% | 15.28% | 18.93% |
| S&P Energy Select Sector Index | -1.81% | 24.80% | 23.02% |

---

***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.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia84c061dd507f36aca773b0c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -3.0% |
| Gas Utilities | 0.3% |
| Diversified Industrials | 0.8% |
| Integrated Electric Utilities | 1.5% |
| Electrical Power Equipment | 2.0% |
| Money Market Funds | 3.2% |
| Oilfield Services & Equipment | 3.7% |
| Power Generation | 6.4% |
| Integrated Oils | 9.1% |
| Exploration & Production | 13.5% |
| Refining & Marketing | 16.6% |
| Midstream - Oil & Gas | 45.9% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $146759134 |
| Number of Portfolio Holdings | 71 |
| Advisory Fee | $1666734 |
| Portfolio Turnover | 6% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](ie1750c9e6e2ed4f1db0297bd.jpg)

# Spirit of America Energy Fund - Institutional Shares (SAIEX)

# Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (www.funddocs.filepoint.com/soa/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-SAIEX

&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 12(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.**

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

Fiscal year ended 2025: $25,000

Fiscal year ended 2024: $25,000

(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.

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

Fiscal year ended 2025: $5,000

Fiscal year ended 2024: $5,000

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.

(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;&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;&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;&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.

(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%.

(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 November 30, 2024 and November 30, 2023 are $0 and $0, respectively

(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.

(i) Not applicable

(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.** 

(a) Not applicable.

(b) Not applicable.

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

(a) ---

| | |
|:---|:---|
| ![](img_001.jpg) |  |
| **ANNUAL FINANCIAL STATEMENTS**<br> **AND ADDITIONAL INFORMATION** | **ANNUAL FINANCIAL STATEMENTS**<br> **AND ADDITIONAL INFORMATION** |
| November 30, 2025 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Spirit of America Energy Fund** |

---

**SCHEDULE OF INVESTMENTS \| NOVEMBER 30, 2025**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Master Limited Partnerships — Partnership Shares 16.65%**<br>**Exploration & Production 0.37%** | | |
| Black Stone Minerals LP | 38999 | $547156 |
| **Gas Utilities 0.11%** |  |  |
| Suburban Propane Partners LP | 8000 | 156400 |
| **Midstream - Oil & Gas 15.75%** |  |  |
| Cheniere Energy Partners LP | 1380 | 75210 |
| Delek Logistics Partners LP | 2000 | 91680 |
| Energy Transfer LP | 313200 | 5233571 |
| Enterprise Products Partners LP | 158386 | 5185558 |
| MPLX LP | 92897 | 5047094 |
| Plains All American Pipeline LP | 197300 | 3434993 |
| Western Midstream Partners LP | 103150 | 4056890 |
|  |  | 23124996 |
| **Oilfield Services & Equipment 0.09%** |  |  |
| USA Compression Partners LP | 5284 | 133421 |
| **Refining & Marketing 0.33%** |  |  |
| Sunoco LP | 8500 | 477955 |
| **Total Master Limited Partnerships — Partnership Shares**<br> (Cost $13,072,584) |  | **24439928** |
| **Common Stocks 83.23%** |  |  |
| **Diversified Industrials 0.80%** |  |  |
| ITT, Inc. | 6350 | 1169416 |
| **Electrical Power Equipment 1.99%** |  |  |
| GE Vernova LLC | 3175 | 1904269 |
| Vertiv Holdings Co., Class A | 5650 | 1015475 |
|  |  | 2919744 |
| **Exploration & Production 13.14%** |  |  |
| Antero Resources Corp.<sup>(a)</sup> | 15500 | 564665 |
| Canadian Natural Resources Ltd. | 4000 | 135080 |
| Chesapeake Energy Corp. | 9050 | 1103467 |
| Chord Energy Corp. | 350 | 32851 |
| CNX Resources Corp.<sup>(a)</sup> | 11500 | 446660 |
| ConocoPhillips | 35577 | 3155324 |
| Coterra Energy, Inc. | 60500 | 1623820 |
| Devon Energy Corp. | 37450 | 1387897 |
| Diamondback Energy, Inc. | 12750 | 1945523 |
| EOG Resources, Inc. | 18750 | 2022188 |
| EQT Corp. | 23000 | 1399780 |
| Matador Resources Co. | 9000 | 381600 |
| Murphy Oil Corp. | 5000 | 160350 |
| Occidental Petroleum Corp. | 29100 | 1222200 |
| Ovintiv, Inc. | 9500 | 389120 |

---

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

ENERGY FUND 1 <br>

**SCHEDULE OF INVESTMENTS (CONT.) \| NOVEMBER 30, 2025**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Exploration & Production 13.14% (cont.)** | | |
| Permian Resources Corp. | 12000 | $173880 |
| Range Resources Corp. | 7000 | 276430 |
| Texas Pacific Land Corp. | 2115 | 1827973 |
| Viper Energy, Inc., Class A | 28100 | 1026493 |
|  |  | 19275301 |
| **Gas Utilities 0.22%** |  |  |
| UGI Corp. | 8000 | 316400 |
| **Integrated Electric Utilities 1.48%** |  |  |
| Dominion Energy, Inc. | 1500 | 94155 |
| Duke Energy Corp. | 1750 | 216895 |
| Entergy Corp. | 6600 | 643632 |
| IDACORP, Inc. | 950 | 125191 |
| NextEra Energy, Inc. | 1950 | 168266 |
| PPL Corp. | 25000 | 922500 |
|  |  | 2170639 |
| **Integrated Oils 9.08%** |  |  |
| BP PLC ADR | 61361 | 2215132 |
| Chevron Corp. | 36778 | 5558259 |
| Exxon Mobil Corp. | 45839 | 5313657 |
| Suncor Energy, Inc. | 4000 | 179120 |
| TotalEnergies SE ADR | 1000 | 65700 |
|  |  | 13331868 |
| **Midstream - Oil & Gas 30.16%** |  |  |
| Antero Midstream Corp. | 37500 | 675375 |
| Cheniere Energy, Inc. | 25400 | 5294884 |
| Enbridge, Inc. | 129527 | 6318327 |
| Hess Midstream LP, Class A | 121837 | 4103470 |
| Kinder Morgan, Inc. | 229244 | 6262946 |
| Kinetik Holdings, Inc. | 10000 | 346800 |
| ONEOK, Inc. | 54297 | 3953908 |
| Plains GP Holdings LP, Class A | 55000 | 1019700 |
| South Bow Corp. | 11765 | 324243 |
| Targa Resources Corp. | 33408 | 5856756 |
| TC Energy Corp. | 52578 | 2877068 |
| Williams Companies, Inc. (The) | 118482 | 7219108 |
|  |  | 44252585 |
| **Oilfield Services & Equipment 3.64%** |  |  |
| Baker Hughes Co. | 55250 | 2773550 |
| Halliburton Co. | 32000 | 839040 |
| Schlumberger Ltd. | 36400 | 1319136 |
| TechnipFMC PLC | 9000 | 407340 |
|  |  | 5339066 |
| **Power Generation 6.43%** |  |  |
| Constellation Energy Corp. | 6425 | 2341013 |
| Oklo, Inc.<sup>(a)</sup> | 26900 | 2458122 |
| Talen Energy Corp.<sup>(a)</sup> | 7000 | 2759890 |
| Vistra Energy Corp. | 10550 | 1886973 |
|  |  | 9445998 |

---

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

2 SPIRIT OF AMERICA <br>

**SCHEDULE OF INVESTMENTS (CONT.) \| NOVEMBER 30, 2025**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market Value** |
| <br>**Refining & Marketing 16.29%** | | |
| HF Sinclair Corp. | 27676 | $1464337 |
| Marathon Petroleum Corp. | 39025 | 7560314 |
| PBF Energy, Inc., Class A | 40250 | 1387820 |
| Phillips 66 | 45436 | 6222915 |
| Valero Energy Corp. | 41219 | 7285870 |
|  |  | 23921256 |
| **Total Common Stocks**<br> (Cost $90,357,147) |  | **122142273** |
| **Money Market Funds 3.15%** |  |  |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 3.90%<sup>(b)</sup> | 4620252 | 4620252 |
| **Total Money Market Funds**<br> (Cost $4,620,252) |  | **4620252** |
| **Total Investments — 103.03%**<br> (Cost $108,049,983) |  | 151202453 |
| **Liabilities in Excess of Other Assets — (3.03)%** |  | (4443319) |
| **NET ASSETS — 100.00%** |  | $**146759134** |

---

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

*(b)* *Rate disclosed is the seven day effective yield as of November 30, 2025.* 

*ADR – American Depositary Receipt*

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

ENERGY FUND 3 <br>

**STATEMENT OF ASSETS AND LIABILITIES \| NOVEMBER 30, 2025**

---

| | |
|:---|:---|
| **ASSETS** | |
| Investments in securities at value (cost $108,049,983) | $151202453 |
| Receivable for investments sold | 750490 |
| Dividends and interest receivable | 438339 |
| Income tax receivable | 116873 |
| Prepaid franchise tax | 44738 |
| Prepaid expenses | 27264 |
| **TOTAL ASSETS** | **152580157** |
| **LIABILITIES** |  |
| Payable for Fund shares redeemed | 180495 |
| Payable for distributions to shareholders | 5421577 |
| Payable for investment advisory fees | 117658 |
| Payable for distribution (12b-1) fees | 31655 |
| Payable for accounting and administration fees | 11240 |
| Payable for transfer agent fees | 4181 |
| Other accrued expenses | 54217 |
| **TOTAL LIABILITIES** | **5821023** |
| **NET ASSETS** | $**146759134** |
| **SOURCE OF NET ASSETS** |  |
| As of November 30, 2025, net assets consisted of: |  |
| Paid-in capital | $98802886 |
| Accumulated earnings | 47956248 |
| **NET ASSETS** | $**146759134** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | $145298907 |
| &nbsp;&nbsp;&nbsp;Class C Shares | $1409818 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $50409 |
| **SHARES OUTSTANDING ($0.001 par value, 500,000,000 authorized shares):** |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 13077368 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 162589 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 5333 |
| **NET ASSET VALUE AND REDEMPTION PRICE PER SHARE** |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | $11.11 |
| &nbsp;&nbsp;&nbsp;Class C Shares | $8.67 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $9.45 |
| **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 | $11.79 |
| **MAXIMUM SALES CHARGE:** |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 5.75% |

---

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

4 SPIRIT OF AMERICA <br>

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
| | **For the<br> Year Ended<br> November 30,<br> 2025** |
| <br>**INVESTMENT INCOME** | |
| Dividends (net of foreign taxes withheld of $92,812) | $7433869 |
| Interest | 19927 |
| **TOTAL INVESTMENT INCOME** | **7453796** |
| **EXPENSES** |  |
| Investment advisory | 1666734 |
| Distribution (12b-1) - Class A Shares | 434553 |
| Distribution (12b-1) - Class C Shares | 15759 |
| Accounting and Administration | 155914 |
| Printing | 52206 |
| Transfer agent | 47878 |
| Registration | 44268 |
| Insurance | 39977 |
| Sub transfer agent | 39774 |
| Directors | 36431 |
| Legal | 30387 |
| Auditing | 30315 |
| Custodian | 22897 |
| Chief Compliance Officer | 7343 |
| Interest | 5746 |
| Line of credit | 4716 |
| Other | 40828 |
| **TOTAL EXPENSES** | **2675726** |
| **NET INVESTMENT INCOME** | **4778070** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| Net realized gain from investment transactions | 24261607 |
| Net realized gain on foreign currency transactions | 65 |
| Net realized gain | 24261672 |
| Net change in unrealized depreciation of investments | (31944250) |
| Net change in unrealized depreciation of foreign currency transactions | (276) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | **(7682854)** |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**(2904784)** |

---

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

ENERGY FUND 5 <br>

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> November 30,<br> 2025** | **For the<br> Year Ended<br> November 30,<br> 2024** |
| <br>**OPERATIONS** | | |
| Net investment income | $4778070 | $6994790 |
| Net realized gain on investment transactions | 24261672 | 29062844 |
| Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions | (31944526) | 17470098 |
| Net increase (decrease) in net assets resulting from operations | (2904784) | 53527732 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| From return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (14884076) | (45016315) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (163002) | (502972) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (5232) | (10691) |
| Total distributions to shareholders from return of capital | (15052310) | (45529978) |
| From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (5802150) | (3797090) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (63422) | (42548) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (2036) | (904) |
| Total distributions to shareholders from distributable earnings | (5867608) | (3840542) |
| Total distributions to shareholders | (20919918) | (49370520) |
| **CAPITAL TRANSACTIONS** |  |  |
| Class A Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 13532891 | 16773963 |
| &nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 8843458 | 19324230 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (62807691) | (48707720) |
| &nbsp;&nbsp;&nbsp;Total Class A Shares | (40431342) | (12609527) |
| Class C Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 72516 | 122310 |
| &nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 99208 | 230719 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (457411) | (549881) |
| &nbsp;&nbsp;&nbsp;Total Class C Shares | (285687) | (196852) |
| Institutional Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 7268 | 11595 |
| &nbsp;&nbsp;&nbsp;Total Institutional Shares | 7268 | 11595 |
| Decrease in net assets derived from capital share transactions | (40709761) | (12794784) |
| Total decrease in Net Assets | (64534463) | (8637572) |
| **NET ASSETS** |  |  |
| Beginning of year | 211293597 | 219931169 |
| End of year | $146759134 | $211293597 |

---

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

6 SPIRIT OF AMERICA <br>

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

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> November 30,<br> 2025** | **For the<br> Year Ended<br> November 30,<br> 2024** |
| <br>**SHARE TRANSACTIONS** | | |
| Class A Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1155599 | 1291574 |
| &nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 806696 | 1544214 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5458383) | (3800935) |
| &nbsp;&nbsp;&nbsp;Total Class A Shares | (3496088) | (965147) |
| Class C Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 8178 | 10913 |
| &nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 11490 | 22528 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (48794) | (50873) |
| &nbsp;&nbsp;&nbsp;Total Class C Shares | (29126) | (17432) |
| Institutional Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 774 | 1057 |
| &nbsp;&nbsp;&nbsp;Total Institutional Shares | 774 | 1057 |
| Total decrease in shares outstanding | (3524440) | (981522) |

---

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

ENERGY FUND 7 <br>

**FINANCIAL HIGHLIGHTS — CLASS A SHARES**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $12.63 | $12.41 | $14.50 | $12.77 | $12.18 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.32 | 0.42 | 0.12 | 0.19 | 0.22 |
| Return of capital<sup>(a)</sup> |  |  | 0.43 | 0.47 | 0.52 |
| Net realized and unrealized gain (loss) on investments | (0.34) | 2.86 | 0.42 | 4.13 | 2.91 |
| Total from investment operations | (0.02) | 3.28 | 0.97 | 4.79 | 3.65 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from return of capital | (1.08) | (2.82) | (1.19) | (2.55) | (3.06) |
| Distributions from earnings | (0.42) | (0.24) | (1.87) | (0.51) |  |
| Total distributions | (1.50) | (3.06) | (3.06) | (3.06) | (3.06) |
| **Net Asset Value, End of Year** | $11.11 | $12.63 | $12.41 | $14.50 | $12.77 |
| **Total Return<sup>(b)</sup>** | 0.41% | 28.18% | 8.79% | 40.82% | 31.67% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $145299 | $209288 | $217691 | $225704 | $176105 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| Before expense waivers or recoupments and deferred tax benefit | 1.52 %<sup>(c)</sup> | 1.48 %<sup>(c)</sup> | 1.52% | 1.50% | 1.53% |
| Net of expense waivers or recoupments and before deferred tax benefit | 1.52 %<sup>(c)</sup> | 1.48 %<sup>(c)</sup> | 1.52% | 1.50% | 1.53% |
| Deferred tax expense | — <sup>(c)</sup> | — <sup>(c)</sup> | 0.00% | 0.00% | 0.00% |
| Total net expenses | 1.52% | 1.48% | 1.52% | 1.50% | 1.53% |
| Ratio of net investment income to average net assets: |  |  |  |  |  |
| Before expense waivers or recoupments and deferred tax benefit | 2.73 %<sup>(c)</sup> | 3.27 %<sup>(c)</sup> | 0.91% | 1.33% | 1.62% |
| Net of expense waivers or recoupments and before deferred tax benefit | 2.73 %<sup>(c)</sup> | 3.27 %<sup>(c)</sup> | 0.91% | 1.33% | 1.62% |
| Deferred tax benefit (loss) | — <sup>(c)</sup> | — <sup>(c)</sup> | 0.00% | 0.00% | 0.00% |
| Net investment income | 2.73% | 3.27% | 0.91% | 1.33% | 1.62% |
| Portfolio turnover rate | 6% | 13% | 15% | 11% | 6% |

---

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

*<sup>(b)</sup>* *Calculation does not reflect sales load.*

*<sup>(c)</sup>* *Deferred tax benefit (expense) not applicable for the period.*

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

8 SPIRIT OF AMERICA <br>

**FINANCIAL HIGHLIGHTS — CLASS C SHARES**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $10.20 | $10.52 | $12.85 | $11.67 | $11.42 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.19 | 0.27 | 0.02 | 0.07 | 0.11 |
| Return of capital<sup>(a)</sup> |  |  | 0.38 | 0.42 | 0.48 |
| Net realized and unrealized gain (loss) on investments | (0.29) | 2.39 | 0.33 | 3.75 | 2.72 |
| Total from investment operations | (0.10) | 2.66 | 0.73 | 4.24 | 3.31 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from return of capital | (1.03) | (2.75) | (1.19) | (2.55) | (3.06) |
| Distributions from earnings | (0.40) | (0.23) | (1.87) | (0.51) |  |
| Total distributions | (1.43) | (2.98) | (3.06) | (3.06) | (3.06) |
| **Net Asset Value, End of Year** | $8.67 | $10.20 | $10.52 | $12.85 | $11.67 |
| **Total Return<sup>(b)</sup>** | (0.32)% | 27.23% | 7.95% | 39.86% | 30.68% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $1410 | $1956 | $2201 | $2398 | $1763 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| Before expense waivers or recoupments and deferred tax benefit | 2.27 %<sup>(c)</sup> | 2.23 %<sup>(c)</sup> | 2.27% | 2.25% | 2.28% |
| Net of expense waivers or recoupments and before deferred tax benefit | 2.27 %<sup>(c)</sup> | 2.23 %<sup>(c)</sup> | 2.27% | 2.25% | 2.28% |
| Deferred tax expense | — <sup>(c)</sup> | — <sup>(c)</sup> | 0.00% | 0.00% | 0.00% |
| Total net expenses | 2.27% | 2.23% | 2.27% | 2.25% | 2.28% |
| Ratio of net investment income to average net assets: |  |  |  |  |  |
| Before expense waivers or recoupments and deferred tax benefit | 1.99 %<sup>(c)</sup> | 2.51 %<sup>(c)</sup> | 0.16% | 0.58% | 0.87% |
| Net of expense waivers or recoupments and before deferred tax benefit | 1.99 %<sup>(c)</sup> | 2.51 %<sup>(c)</sup> | 0.16% | 0.58% | 0.87% |
| Deferred tax benefit (loss) | — <sup>(c)</sup> | — <sup>(c)</sup> | 0.00% | 0.00% | 0.00% |
| Net investment income | 1.99% | 2.51% | 0.16% | 0.58% | 0.87% |
| Portfolio turnover rate | 6% | 13% | 15% | 11% | 6% |

---

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

*<sup>(b)</sup>* *Calculation does not reflect sales load.*

*<sup>(c)</sup>* *Deferred tax benefit (expense) not applicable for the period.*

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

ENERGY FUND 9 <br>

**FINANCIAL HIGHLIGHTS — INSTITUTIONAL SHARES**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** | **For the Year Ended November 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $10.98 | $11.13 | $13.30 | $11.88 | $11.48 |
| **From Investment Operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.31 | 0.41 | 0.14 | 0.21 | 0.24 |
| Return of capital<sup>(a)</sup> |  |  | 0.39 | 0.43 | 0.49 |
| Net realized and unrealized gain (loss) on investments | (0.31) | 2.53 | 0.36 | 3.84 | 2.73 |
| Total from investment operations |  | 2.94 | 0.89 | 4.48 | 3.46 |
| **Less Distributions:** |  |  |  |  |  |
| Distributions from return of capital | (1.10) | (2.85) | (1.19) | (2.55) | (3.06) |
| Distributions from earnings | (0.43) | (0.24) | (1.87) | (0.51) |  |
| Total distributions | (1.53) | (3.09) | (3.06) | (3.06) | (3.06) |
| **Net Asset Value, End of Year** | $9.45 | $10.98 | $11.13 | $13.30 | $11.88 |
| **Total Return** | 0.68% | 28.43% | 9.01% | 41.33% | 31.96% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of year (000) | $50 | $50 | $39 | $36 | $25 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| Before expense waivers or recoupments and deferred tax benefit | 1.28 %<sup>(b)</sup> | 1.23 %<sup>(b)</sup> | 1.27% | 1.25% | 1.28% |
| Net of expense waivers or recoupments and before deferred tax benefit | 1.28 %<sup>(b)</sup> | 1.23 %<sup>(b)</sup> | 1.27% | 1.25% | 1.28% |
| Deferred tax expense | — <sup>(b)</sup> | — <sup>(b)</sup> | 0.00% | 0.00% | 0.00% |
| Total net expenses | 1.28% | 1.23% | 1.27% | 1.25% | 1.28% |
| Ratio of net investment income to average net assets: |  |  |  |  |  |
| Before expense waivers or recoupments and deferred tax benefit | 3.03 %<sup>(b)</sup> | 3.54 %<sup>(b)</sup> | 1.17% | 1.59% | 1.88% |
| Net of expense waivers or recoupments and before deferred tax benefit | 3.03 %<sup>(b)</sup> | 3.54 %<sup>(b)</sup> | 1.17% | 1.59% | 1.88% |
| Deferred tax benefit (loss) | — <sup>(b)</sup> | — <sup>(b)</sup> | 0.00% | 0.00% | 0.00% |
| Net investment income | 3.03% | 3.54% | 1.17% | 1.59% | 1.88% |
| Portfolio turnover rate | 6% | 13% | 15% | 11% | 6% |

---

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

*<sup>(b)</sup>* *Deferred tax benefit (expense) not applicable for the period.*

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

10 SPIRIT OF AMERICA <br>

**NOTES TO FINANCIAL STATEMENTS \| NOVEMBER 30, 2025**

**Note 1 – Organization**

Spirit of America Energy Fund (the "Fund"), a series of Spirit of America Investment Fund, Inc. (the "Company"), is an open-end mutual fund 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 six separate series, or mutual funds (the "Spirit of America Funds"), each with its own investment objective and strategy. The Fund commenced operations on July 10, 2014. The investment objective of the Fund is to provide investors with long-term capital appreciation and current income.

The Fund currently offers Class A Shares, Class C Shares and Institutional Shares. Each class of shares for the 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 Fund 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 5.75% as a percentage of the original purchase price. A Contingent Deferred Sales Charge ("CDSC") of 1.00% may be imposed on redemptions of Class A Shares that were purchased within one year of the redemption date where an indirect commission was paid. A CDSC of 1.00% on Class C Shares applies to shares sold within 13 months of purchase.

The Fund has 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 the 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 Fund. The Fund operates as a single operating segment. The 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 Fund, using the information presented in the financial statements and financial highlights.

**Note 2 – Significant Accounting Policies**

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

**New Accounting Pronouncement:** In December 2023, FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**A. Security Valuation:** The offering price and NAV per share for the Fund 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. The 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 asked prices is used. Securities traded over-the-counter are priced at the mean of the latest bid and asked 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 asked 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 designed

ENERGY FUND 11 <br>

**NOTES TO FINANCIAL STATEMENTS (CONT.) \| NOVEMBER 30, 2025**

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 Fund 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 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the
 Fund has the ability to access at the measurement 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 the Fund's own assumptions used in determining the fair value of investments).

The summary of inputs used to value the Fund's investments as of November 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Master Limited Partnerships - Common Stocks<sup>1</sup> | $24439928 | $— | $— | $24439928 |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | 122142273 |  |  | 122142273 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 4620252 |  |  | 4620252 |
| &nbsp;&nbsp;&nbsp;Total | $**151202453** | $**—** | $**—** | $**151202453** |

---

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

The Fund did not hold any investments at any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

**C. Security Transactions and Related Income:** The Fund follows industry practice and records security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized using the effective interest method, if applicable.

**D. Federal Income Taxes:** The Fund intends 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 Board has set a distribution policy in which the Fund pays fixed rate distributions to shareholders in two payments; one in May and one in November, all or a portion of which is expected to be characterized as return of capital. Return of capital distributions will generally not be taxable to the shareholders for U.S. federal income tax purposes. The final determination of the amount of the Fund's return of capital distributions for the period will be made after the end of each calendar year.

12 SPIRIT OF AMERICA <br>

**NOTES TO FINANCIAL STATEMENTS (CONT.) \| NOVEMBER 30, 2025**

**G. Allocation of Income, Expenses, Gains and Losses:** 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 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 the Fund to equity price risk.

The Fund did not hold any derivatives at November 30, 2025.

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

Purchases and proceeds from the sales of securities for the fiscal year ended November 30, 2025, excluding short-term investments, were $10,196,736 and $66,603,855, respectively.

There were no purchases or sales of long-term U.S. Government Obligations during the fiscal year ended November 30, 2025.

**Note 5 – Investment Management Fee and Other Transactions with Affiliates+**

Spirit of America Management Corp. (the "Adviser") has been retained to act as the Fund'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. Under the Advisory Agreement, the Fund pays the Adviser a monthly fee of 1/12 of 0.95% of the Fund's average daily net assets. Investment advisory fees for the fiscal year ended November 30, 2025 were $1,666,734.

The Fund has adopted a Plan of Distribution (the "12b-1 Plan") pursuant to Rule 12b-1 under the 1940 Act. The 12b-1 Plan permits the Fund or share class, as applicable, to pay David Lerner Associates, Inc. (the "Distributor") from its own assets for the Distributor's services and expenses in distributing shares of the Fund ("12b-1 fees") and providing personal services and/or maintaining shareholder accounts ("service fees"). The Fund's Class A Shares pay a 12b-1 fee at the annual rate of 0.25% of average daily net assets. With respect to Class C Shares, the fee paid to the Distributor by the Fund is 1.00% of the average daily net assets of the Class C Shares. Of this amount, 0.75% represents distribution fees and 0.25% represents shareholder servicing fees paid to the Distributor or to institutions that have agreements with the Distributor to provide such services. Each class of shares of the Fund has exclusive voting rights with respect to its 12b-1 Plan. Since 12b-1 fees are paid out of the assets of the respective share class of the Fund on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. The Fund's Institutional Class Shares do not have a 12b-1 Plan. For the fiscal year ended November 30, 2025, fees paid to the Distributor under the 12b-1 Plan were $434,553 for Class A Shares and $15,759 for Class C Shares.

The 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. For the fiscal year ended November 30, 2025, sales charges received by the Distributor were $489,292. CDSC fees collected for the fiscal year ended November 30, 2025 were $18 for Class A Shares and $6 for Class C Shares.

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 directly for the services they provide. There are no Directors' fees paid to affiliated Directors of the Company. For the fiscal year ended November 30, 2025, the Fund was allocated $7,343 of the Chief Compliance Officer's salary.

ENERGY FUND 13 <br>

**NOTES TO FINANCIAL STATEMENTS (CONT.) \| NOVEMBER 30, 2025**

A Director Emeritus (formerly an independent Director) of the Company is associated with the insurance agency utilized by the Fund. During the fiscal year ended November 30, 2025, the Fund paid such insurance agency $39,977 of insurance premiums.

**Note 6 – Concentration and Other Risks**

The Fund concentrates its investments in securities and other assets of energy and energy related companies. A fund that invests primarily in a particular sector could experience greater volatility than funds investing in a broader range of industries. Due to the fact the Fund normally invests at least 80% of its assets in the securities of companies principally engaged in activities in the energy industry, the Fund's performance largely depends on the overall condition of the energy industry. The energy industry could be adversely affected by energy prices, supply-and-demand for energy resources, and various political, regulatory, and economic factors. Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's right to require unit holders to sell their common units at an undesirable time or price. The Fund's prospectus contains this and other information about the Fund and should be read carefully before investing.

**Note 7 – Federal Income Taxes**

At November 30, 2025, the adjusted cost basis of investment and gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $60092352 |
| Gross unrealized depreciation | (4690662) |
| Net unrealized appreciation on investments | $55401690 |
| Cost basis of investments | $95800763 |

---

The tax character of distributions paid for the fiscal year ended November 30, 2025, was as follows:

---

| | |
|:---|:---|
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $5867608 |
| &nbsp;&nbsp;&nbsp;Return of capital | 15052310 |
| Total distributions paid | $20919918 |

---

The tax character of distributions paid for the fiscal year ended November 30, 2024, was as follows:

---

| | |
|:---|:---|
| Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $3840542 |
| &nbsp;&nbsp;&nbsp;Return of capital | 45529978 |
| Total distributions paid | $49370520 |

---

At November 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Accumulated capital and other losses | $(7445727) |
| Unrealized appreciation on investments and foreign currency | 55401975 |
| Total accumulated earnings (deficit) | $47956248 |

---

During the fiscal year ended November 30, 2025, the Fund utilized $25,933,659 of available short-term capital loss carryforwards and $53,943,966 of available short-term capital loss carryforwards expired.

At November 30, 2025, for federal income tax purposes and the treatment of distributions payable, the Fund had $7,445,727 of short-term capital loss carryforwards available to offset future gains, to the extent provided by the Treasury regulations.

14 SPIRIT OF AMERICA <br>

**NOTES TO FINANCIAL STATEMENTS (CONT.) \| NOVEMBER 30, 2025**

Management of the Fund has 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 8 – Reclassification**

Permanent differences, incurred during the fiscal year ended November 30, 2025, resulting from differences in book and tax accounting have been reclassified at year end to accumulated earnings and paid-in capital as follows:

---

| | |
|:---|:---|
| **Accumulated Earnings** | **Paid-In Capital** |
| $46585624 | $(46585624) |

---

**Note 9 – Line of Credit**

The Company participates in a short-term credit agreement ("Line of Credit") with The Huntington National Bank, the custodian of the Fund's 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 $5,000,000 or 10% of the Fund's daily market value. During the fiscal year ended November 30, 2025, the Fund's borrowing activity was as follows:

---

| | |
|:---|:---|
| Total bank line of credit as of November 30, 2025 | $5000000.0 |
| Average borrowings during period | $165300.0 |
| Number of days outstanding<sup>1</sup> | 72.0 |
| Average interest rate during period | 5.936% |
| Highest balance drawn during period | $979579.0 |
| Highest balance interest rate | 6.235% |
| Interest expense incurred | $5746.0 |
| Interest rate at November 30, 2025 | 5.588% |

---

<sup>*1*</sup> *Number of days outstanding represents the total days during the fiscal year ended November 30, 2025 the Fund utilized the Line of Credit.*

**Note 10 – Subsequent Events**

Management of the Fund 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 the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

---

| | |
|:---|:---|
| **Qualified Dividend<br> Income** | **Dividends Received<br> Deduction** |
| 80.19% | 68.21% |

---

ENERGY FUND 15 <br>

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Directors and Shareholders**

**of Spirit of America Energy Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Spirit of America Energy Fund (the "Fund"), a series of Spirit of America Investment Fund, Inc., including the schedule of investments, as of November 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, 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 Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund's auditor since 1998.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's internal control over financial reporting. Accordingly, we express no such opinion.

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 November 30, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

---

| | |
|:---|:---|
|  | **TAIT, WELLER & BAKER LLP** |
| **Philadelphia, Pennsylvania** |  |
| **January 28, 2026** |  |

---

16 SPIRIT OF AMERICA <br>

**ADDITIONAL INFORMATION \| NOVEMBER 30, 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<br> 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.

ENERGY FUND 17 <br>

---

| | |
|:---|:---|
| **Proxy Voting Information**<br>The Fund's Statement of Additional Information containing a description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, along with the Fund's 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 Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at www.sec.gov and on the Fund's website www.soafunds.com. | **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 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 Spirit of America Energy Fund, call (800) 452-4892 or (516) 390-5565.

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus which includes details regarding the 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) The
 Spirit of America Funds, Inc.

---

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

---

Date <u> 2/2/2026</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> 2/2/2026</u>

---

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

---

Date <u> 2/2/2026</u>

## Ex-99.Cert

**Exhibit 99.CERT**

<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.

---

| | |
|:---|:---|
| 2/2/2026 | /s/ David Lerner |
| Date | David Lerner |
|  | Principal Executive Officer |

---

<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.

---

| | |
|:---|:---|
| 2/2/2026 | /s/ Alan P. Chodosh |
| Date | Alan P. Chodosh |
|  | Principal Financial 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 November 30, 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>2/2/2026</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 November 30, 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>2/2/2026</u> <br> Date

---

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

---

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

## 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