# EDGAR Filing Document

**Accession Number:** 0001039667
**File Stem:** 0001580642-25-005708
**Filing Date:** 2025-9
**Character Count:** 209651
**Document Hash:** b19002ad2ecd1d7398433531ae60c73a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005708.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001580642-25-005708

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08231
- **FILM NUMBER:** 251288106

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

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

## Series and Classes Contracts Data

### SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND (Series ID: S000001448)

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

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

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

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

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

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

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

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

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

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

**united states securities and exchange commission washington, d.c. 20549**

**form n-csr**

 **certified shareholder report of registered**

**management investment companies**

Investment Company Act file number: <u>811-08231</u>

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

(Exact name of registrant as specified in charter)

477 Jericho Turnpike

P.O. Box 9006

Syosset, NY 11791-9006

(Address of principal executive offices) (Zip code)

Mr. David Lerner

David Lerner Associates

477 Jericho Turnpike

P.O. Box 9006

Syosset, NY 11791-9006

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>1-516-390-5565</u>

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

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

**Item 1. Reports to Stockholders.**

# Spirit of America Income Fund

# Class A Shares (SOAIX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](if54a0457e29e1866edecbf10.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Income Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $58 | 1.15% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i23730dbf9217d11de7bbd7d1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| State | 2.6% |
| Midstream - Oil & Gas | 2.7% |
| Econ & Indust Development | 2.8% |
| Banks | 3.9% |
| Integrated Electric Utilities | 3.9% |
| Higher Education | 4.0% |
| Other | 4.4% |
| Hospitals | 5.2% |
| School District | 5.5% |
| Miscellaneous Tax | 5.7% |
| Electricity And Public Power | 6.5% |
| Local Authority | 7.2% |
| Tobacco | 7.3% |
| Life Insurance | 8.0% |
| Other Sectors | 29.6% |

---

## **Fund Statistics** 
* Net Assets$57,011,396

* Number of Portfolio Holdings144

* Advisory Fee (net of waivers)$129,116

* Portfolio Turnover0%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](if54a0457e29e1866edecbf10.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SOAIX

# Spirit of America Income Fund

# Class C Shares (SACTX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](ide5a53d064bacf69d09914d0.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Income Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $95 | 1.90% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i050a623e29ea2d6d3d68ff5c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| State | 2.6% |
| Midstream - Oil & Gas | 2.7% |
| Econ & Indust Development | 2.8% |
| Banks | 3.9% |
| Integrated Electric Utilities | 3.9% |
| Higher Education | 4.0% |
| Other | 4.4% |
| Hospitals | 5.2% |
| School District | 5.5% |
| Miscellaneous Tax | 5.7% |
| Electricity And Public Power | 6.5% |
| Local Authority | 7.2% |
| Tobacco | 7.3% |
| Life Insurance | 8.0% |
| Other Sectors | 29.6% |

---

## **Fund Statistics** 
* Net Assets$57,011,396

* Number of Portfolio Holdings144

* Advisory Fee (net of waivers)$129,116

* Portfolio Turnover0%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ide5a53d064bacf69d09914d0.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SACTX

# Spirit of America Income Fund

# Institutional Shares (SOITX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i1a8bf2b1795681d4079ff885.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Income Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $45 | 0.90% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if0fde5224981d78cb8c85fb5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.7% |
| State | 2.6% |
| Midstream - Oil & Gas | 2.7% |
| Econ & Indust Development | 2.8% |
| Banks | 3.9% |
| Integrated Electric Utilities | 3.9% |
| Higher Education | 4.0% |
| Other | 4.4% |
| Hospitals | 5.2% |
| School District | 5.5% |
| Miscellaneous Tax | 5.7% |
| Electricity And Public Power | 6.5% |
| Local Authority | 7.2% |
| Tobacco | 7.3% |
| Life Insurance | 8.0% |
| Other Sectors | 29.6% |

---

## **Fund Statistics** 
* Net Assets$57,011,396

* Number of Portfolio Holdings144

* Advisory Fee (net of waivers)$129,116

* Portfolio Turnover0%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i1a8bf2b1795681d4079ff885.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SOITX

# Spirit of America Large Cap Value Fund

# Class A Shares (SOAVX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i4691bde5a089d2ed9420f0dd.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Large Cap Value Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $78 | 1.53% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i97d0d9858787f797da7126c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.6% |
| Money Market Funds | 0.9% |
| Materials | 1.2% |
| Real Estate Investment Trusts (REITs) | 2.2% |
| Energy | 4.2% |
| Utilities | 4.7% |
| Consumer Discretionary | 7.2% |
| Health Care | 7.5% |
| Communications | 7.7% |
| Consumer Staples | 8.2% |
| Industrials | 8.5% |
| Financials | 9.6% |
| Technology | 38.7% |

---

## **Fund Statistics** 
* Net Assets$197,475,596

* Number of Portfolio Holdings162

* Advisory Fee $891,810

* Portfolio Turnover4%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i4691bde5a089d2ed9420f0dd.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SOAVX

# Spirit of America Large Cap Value Fund

# Class C Shares (SACVX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](ib76a9e089d0329b8ff89af44.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Large Cap Value Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $114 | 2.23% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if971da86cdefa7a69c39cad4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.6% |
| Money Market Funds | 0.9% |
| Materials | 1.2% |
| Real Estate Investment Trusts (REITs) | 2.2% |
| Energy | 4.2% |
| Utilities | 4.7% |
| Consumer Discretionary | 7.2% |
| Health Care | 7.5% |
| Communications | 7.7% |
| Consumer Staples | 8.2% |
| Industrials | 8.5% |
| Financials | 9.6% |
| Technology | 38.7% |

---

## **Fund Statistics** 
* Net Assets$197,475,596

* Number of Portfolio Holdings162

* Advisory Fee $891,810

* Portfolio Turnover4%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ib76a9e089d0329b8ff89af44.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SACVX

# Spirit of America Large Cap Value Fund

# Institutional Shares (SOIVX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i51e6c296d8852e93ddae065b.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Large Cap Value Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $63 | 1.22% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i34a217176e6e3ff6385b3706.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.6% |
| Money Market Funds | 0.9% |
| Materials | 1.2% |
| Real Estate Investment Trusts (REITs) | 2.2% |
| Energy | 4.2% |
| Utilities | 4.7% |
| Consumer Discretionary | 7.2% |
| Health Care | 7.5% |
| Communications | 7.7% |
| Consumer Staples | 8.2% |
| Industrials | 8.5% |
| Financials | 9.6% |
| Technology | 38.7% |

---

## **Fund Statistics** 
* Net Assets$197,475,596

* Number of Portfolio Holdings162

* Advisory Fee $891,810

* Portfolio Turnover4%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i51e6c296d8852e93ddae065b.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SOIVX

# Spirit of America Municipal Tax Free Bond Fund

# Class A Shares (SOAMX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](ifb5e4e89423ddd78e1d96918.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $46 | 0.93% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ibc3bd23646d4bf498961b700.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Money Market Funds | 0.7% |
| Idr & Pcr | 1.8% |
| State | 2.3% |
| Local | 4.7% |
| Special Tax | 6.8% |
| Health Care | 9.2% |
| Education | 11.5% |
| Utilities | 14.8% |
| Lease | 15.2% |
| Transportation | 16.0% |
| Housing | 15.9% |

---

## **Fund Statistics** 
* Net Assets$27,663,681

* Number of Portfolio Holdings125

* Advisory Fee (net of waivers)$18,852

* Portfolio Turnover13%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ifb5e4e89423ddd78e1d96918.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SOAMX

# Spirit of America Municipal Tax Free Bond Fund

# Class C Shares (SACFX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i1c0307398a6f88ef8ddb19b3.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $88 | 1.78% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i3e200acfc4907d4d6c03cb34.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Money Market Funds | 0.7% |
| Idr & Pcr | 1.8% |
| State | 2.3% |
| Local | 4.7% |
| Special Tax | 6.8% |
| Health Care | 9.2% |
| Education | 11.5% |
| Utilities | 14.8% |
| Lease | 15.2% |
| Transportation | 16.0% |
| Housing | 15.9% |

---

## **Fund Statistics** 
* Net Assets$27,663,681

* Number of Portfolio Holdings125

* Advisory Fee (net of waivers)$18,852

* Portfolio Turnover13%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i1c0307398a6f88ef8ddb19b3.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SACFX

# Spirit of America Municipal Tax Free Bond Fund

# Institutional Shares (SOIMX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i3c34e52f52c8ec3ff3326ab4.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $39 | 0.79% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib9bba3efbb368923c4db79ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.1% |
| Money Market Funds | 0.7% |
| Idr & Pcr | 1.8% |
| State | 2.3% |
| Local | 4.7% |
| Special Tax | 6.8% |
| Health Care | 9.2% |
| Education | 11.5% |
| Utilities | 14.8% |
| Lease | 15.2% |
| Transportation | 16.0% |
| Housing | 15.9% |

---

## **Fund Statistics** 
* Net Assets$27,663,681

* Number of Portfolio Holdings125

* Advisory Fee (net of waivers)$18,852

* Portfolio Turnover13%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i3c34e52f52c8ec3ff3326ab4.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SOIMX

# Spirit of America Real Estate Income and Growth Fund

# Class A Shares (SOAAX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i43af86073724ef8bfa9389b0.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $79 | 1.60% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i95ec1a84dd7faf7c84af3872.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.2% |
| Communications | 0.5% |
| Industrials | 0.7% |
| Financials | 0.8% |
| Energy | 1.0% |
| Consumer Discretionary | 1.5% |
| Money Market Funds | 1.6% |
| Real Estate | 95.1% |

---

## **Fund Statistics** 
* Net Assets$72,936,308

* Number of Portfolio Holdings102

* Advisory Fee $348,324

* Portfolio Turnover2%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i43af86073724ef8bfa9389b0.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SOAAX

# Spirit of America Real Estate Income and Growth Fund

# Class C Shares (SACRX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i5d46b00572b6a7f2366243a0.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $113 | 2.30% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic52cc97aa262f600f2aa1673.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.2% |
| Communications | 0.5% |
| Industrials | 0.7% |
| Financials | 0.8% |
| Energy | 1.0% |
| Consumer Discretionary | 1.5% |
| Money Market Funds | 1.6% |
| Real Estate | 95.1% |

---

## **Fund Statistics** 
* Net Assets$72,936,308

* Number of Portfolio Holdings102

* Advisory Fee $348,324

* Portfolio Turnover2%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i5d46b00572b6a7f2366243a0.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SACRX

# Spirit of America Real Estate Income and Growth Fund

# Institutional Shares (SOIAX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](ia2337805334006f58e186b3e.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $64 | 1.30% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i72ed6cca7359ad12c25316ef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.2% |
| Communications | 0.5% |
| Industrials | 0.7% |
| Financials | 0.8% |
| Energy | 1.0% |
| Consumer Discretionary | 1.5% |
| Money Market Funds | 1.6% |
| Real Estate | 95.1% |

---

## **Fund Statistics** 
* Net Assets$72,936,308

* Number of Portfolio Holdings102

* Advisory Fee $348,324

* Portfolio Turnover2%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ia2337805334006f58e186b3e.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SOIAX

# Spirit of America Utilities Fund

# Class A Shares (SOAUX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i624021d6c6b9094d79ff5d07.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $79 | 1.53% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia38fbf449722602bc2ed726c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Industrials | 1.8% |
| Energy | 2.6% |
| Money Market Funds | 5.2% |
| Utilities | 91.4% |

---

## **Fund Statistics** 
* Net Assets$37,380,252

* Number of Portfolio Holdings49

* Advisory Fee (net of waivers)$122,198

* Portfolio Turnover0%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i624021d6c6b9094d79ff5d07.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SOAUX

# Spirit of America Utilities Fund

# Class C Shares (SOCUX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i3509c5b3a1f677c027279a62.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $118 | 2.29% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i0d9e2c95e052e7cf4c037aef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Industrials | 1.8% |
| Energy | 2.6% |
| Money Market Funds | 5.2% |
| Utilities | 91.4% |

---

## **Fund Statistics** 
* Net Assets$37,380,252

* Number of Portfolio Holdings49

* Advisory Fee (net of waivers)$122,198

* Portfolio Turnover0%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i3509c5b3a1f677c027279a62.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SOCUX

# Spirit of America Utilities Fund

# Institutional Shares (SOIUX)

# Semi-Annual Shareholder Report - June 30, 2025
![Image](i9ff6ae409c88243e4d8c2ba5.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2025 through June 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 six months?

### (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 | $67 | 1.29% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](id1d010f36306090986092010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Industrials | 1.8% |
| Energy | 2.6% |
| Money Market Funds | 5.2% |
| Utilities | 91.4% |

---

## **Fund Statistics** 
* Net Assets$37,380,252

* Number of Portfolio Holdings49

* Advisory Fee (net of waivers)$122,198

* Portfolio Turnover0%

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i9ff6ae409c88243e4d8c2ba5.jpg)

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

# Semi-Annual Shareholder Report - June 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-SAR 063025-SOIUX

**Item 2. Code of Ethics.**

Not applicable to semiannual reports.

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

Not applicable to semiannual reports.

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

Not applicable to semiannual reports.

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

Not applicable.

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

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

(a) ![](img_001.jpg)

**SEMI-ANNUAL FINANCIAL STATEMENTS**

**AND ADDITIONAL INFORMATION**

June 30, 2025

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Spirit of America Real Estate Income and Growth Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Spirit of America Large Cap Value Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Spirit of America Municipal Tax Free Bond Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Spirit of America Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Spirit of America Utilities Fund** |

---

**SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND**

**SCHEDULE OF INVESTMENTS \| JUNE 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market<br> Value** |
| <br>**Common Stocks 97.55%**<br>**Communications 0.47%** |  |  |
| DigitalBridge Group, Inc. | 33000 | $341550 |
| **Consumer Discretionary 1.50%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 4400 | 965316 |
| D.R. Horton, Inc. | 1000 | 128920 |
|  |  | 1094236 |
| **Data Center REITs 12.68%** |  |  |
| Digital Realty Trust, Inc. | 25181 | 4389804 |
| Equinix, Inc. | 6110 | 4860321 |
|  |  | 9250125 |
| **Energy** 0.99% |  |  |
| Cheniere Energy Partners LP | 1613 | 90409 |
| Energy Transfer LP | 16000 | 290080 |
| Enterprise Products Partners LP | 6000 | 186060 |
| MPLX LP | 3000 | 154530 |
|  |  | 721079 |
| **Financials** 0.76% |  |  |
| Blackstone Group, Inc. (The), Class A | 1800 | 269244 |
| KKR & Co. LP | 2150 | 286015 |
|  |  | 555259 |
| **Gaming REITs** 5.57% |  |  |
| Gaming and Leisure Properties, Inc. | 28885 | 1348352 |
| VICI Properties, Inc. | 83297 | 2715482 |
|  |  | 4063834 |
| **Health Care REITs** 11.76% |  |  |
| American Healthcare REIT, Inc. | 1000 | 36740 |
| CareTrust REIT, Inc. | 5000 | 153000 |
| Global Medical REIT, Inc. | 15000 | 103950 |
| Healthcare Realty Trust, Inc. | 8000 | 126880 |
| Healthpeak Properties, Inc. | 16869 | 295376 |
| Omega Healthcare Investors, Inc. | 39500 | 1447675 |
| Ventas, Inc. | 15950 | 1007242 |
| Welltower, Inc. | 35175 | 5407453 |
|  |  | 8578316 |
| **Homebuilding** 0.34% |  |  |
| Lennar Corp., Class A | 925 | 102314 |
| Millrose Properties, Inc.<sup>(a)</sup> | 462 | 13172 |
| Toll Brothers, Inc. | 1175 | 134103 |
|  |  | 249589 |
| **Hotel REITs** 1.28% |  |  |
| Apple Hospitality REIT, Inc. | 6860 | 80056 |
| Host Hotels & Resorts, Inc. | 39900 | 612864 |
| Park Hotels & Resorts, Inc. | 9250 | 94628 |
| Summit Hotel Properties, Inc. | 6000 | 30540 |
| Sunstone Hotel Investors, Inc. | 13700 | 118916 |
|  |  | 937004 |

---

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

**SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market<br> Value** |
| <br>**Industrial REITs 9.36%** |  |  |
| Lineage, Inc.<sup>(a)</sup> | 2100 | $91392 |
| Plymouth Industrial REIT, Inc. | 1500 | 24090 |
| Prologis, Inc. | 25051 | 2633361 |
| Rexford Industrial Realty, Inc. | 10500 | 373485 |
| STAG Industrial, Inc. | 41950 | 1521946 |
| Terreno Realty Corp. | 38900 | 2181123 |
|  |  | 6825397 |
| **Industrials** 0.76% |  |  |
| Vertiv Holdings Co. | 4300 | 552163 |
| **Infrastructure REITs 1.18%** |  |  |
| American Tower Corp., Class A | 2170 | 479613 |
| Crown Castle International Corp. | 3690 | 379074 |
|  |  | 858687 |
| **Midstream - Oil & Gas** 0.05% |  |  |
| Plains All American Pipeline LP | 2000 | 36640 |
| **Mortgage Finance 0.18%** |  |  |
| Blackstone Mortgage Trust, Inc., Class A | 2200 | 42350 |
| Starwood Property Trust, Inc. | 4500 | 90315 |
|  |  | 132665 |
| **Multi Asset Class REITs** 0.90% |  |  |
| Lexington Realty Trust | 2700 | 22302 |
| One Liberty Properties, Inc. | 2500 | 59650 |
| WP Carey, Inc. | 9200 | 573896 |
|  |  | 655848 |
| **Office REITs 2.18%** |  |  |
| Alexandria Real Estate Equities, Inc. | 4350 | 315940 |
| Boston Properties, Inc. | 6915 | 466555 |
| COPT Defense Properties | 12000 | 330960 |
| Cousins Properties, Inc. | 6500 | 195195 |
| Empire State Realty Trust, Inc. | 1000 | 8090 |
| Highwoods Properties, Inc. | 2000 | 62180 |
| Kilroy Realty Corp. | 4265 | 146332 |
| Net Lease Office Properties<sup>(a)</sup> | 1872 | 60934 |
|  |  | 1586186 |
| **Residential REITs 22.76%** |  |  |
| American Homes 4 Rent, Class A | 36300 | 1309341 |
| AvalonBay Communities, Inc. | 17040 | 3467640 |
| Camden Property Trust | 10000 | 1126900 |
| Equity LifeStyle Properties, Inc. | 17550 | 1082308 |
| Equity Residential | 36515 | 2464397 |
| Essex Property Trust, Inc. | 9636 | 2730842 |
| Invitation Homes, Inc. | 6000 | 196800 |
| Mid-America Apartment Communities, Inc. | 7872 | 1165135 |
| Sun Communities, Inc. | 8400 | 1062516 |
| UDR, Inc. | 48850 | 1994546 |
|  |  | 16600425 |

---

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

2 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market<br> Value** |
| <br>**Retail REITs 12.62%** | | |
| Agree Realty Corp. | 8100 | $591786 |
| Brixmor Property Group, Inc. | 41475 | 1080009 |
| Federal Realty Investment Trust | 9700 | 921403 |
| Four Corners Property Trust, Inc. | 5000 | 134550 |
| Getty Realty Corp. | 1000 | 27640 |
| Kimco Realty Corp. | 25569 | 537460 |
| National Retail Properties, Inc. | 17750 | 766445 |
| Realty Income Corp. | 27085 | 1560367 |
| Regency Centers Corp. | 13400 | 954482 |
| Simon Property Group, Inc. | 14100 | 2266716 |
| Tanger Factory Outlet Centers, Inc. | 12000 | 366960 |
|  |  | 9207818 |
| **Self-Storage REITs** 6.74% |  |  |
| CubeSmart | 19450 | 826625 |
| Extra Space Storage, Inc. | 11980 | 1766331 |
| Public Storage | 7925 | 2325354 |
|  |  | 4918310 |
| **Specialty REITs** 5.28% |  |  |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 717 | 19259 |
| Iron Mountain, Inc. | 36900 | 3784833 |
| Postal Realty Trust, Inc., Class A | 3000 | 44190 |
|  |  | 3848282 |
| **Timber REITs** 0.19% |  |  |
| Weyerhaeuser Co. | 5300 | 136157 |
| **Total Common Stocks**<br> (Cost $58,365,382) |  | **71149570** |
| **Preferred Stocks 2.09%** |  |  |
| **Data Center REITs 0.12%** |  |  |
| Digital Realty Trust, Inc., Series J, 5.25% | 4000 | 84240 |
| **Hotel REITs 1.03%** |  |  |
| Ashford Hospitality Trust, Inc., Series F, 7.38% | 6000 | 79020 |
| Pebblebrook Hotel Trust, Series F, 6.30% | 2500 | 43875 |
| Pebblebrook Hotel Trust, Series G, 6.38% | 4000 | 70200 |
| Pebblebrook Hotel Trust, Series H, 6.38% | 6000 | 98220 |
| Sotherly Hotels, Inc., Series B, 8.00% | 6000 | 98760 |
| Sotherly Hotels, Inc., Series C, 7.88% | 2000 | 32800 |
| Summit Hotel Properties, Inc., Series F, 5.88% | 10000 | 177600 |
| Sunstone Hotel Investors, Inc., Series H, 6.13% | 4000 | 80480 |
| Sunstone Hotel Investors, Inc., Series I, 5.70% | 4000 | 74560 |
|  |  | 755515 |
| **Mortgage Finance** 0.05% |  |  |
| New York Mortgage Trust Inc., Series G, 7.00% | 2000 | 37540 |
| **Multi Asset Class REITs 0.06%** |  |  |
| Vornado Realty Trust, Series M, 5.25% | 2500 | 41375 |

---

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

3.0 **SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market<br> Value** |
| <br>**Office REITs 0.08%** |  |  |
| Hudson Pacific Properties Inc., Series C, 4.75% | 4000 | $59440 |
| **Residential REITs 0.06%** |  |  |
| American Homes 4 Rent, Series G, 5.88% | 2000 | 45660 |
| **Retail REITs 0.24%** |  |  |
| CTO Realty Growth, Inc., Series A, 6.38% | 2000 | 40260 |
| Federal Realty Investment Trust, Series C, 5.00% | 6500 | 130260 |
|  |  | 170520 |
| **Self-Storage REITs** 0.45% |  |  |
| Public Storage, Series I, 4.88% | 1917 | 36653 |
| Public Storage, Series K, 4.75% | 4000 | 75680 |
| Public Storage, Series L, 4.63% | 2000 | 36520 |
| Public Storage, Series M, 4.13% | 1167 | 19349 |
| Public Storage, Series S, 4.10% | 10000 | 162200 |
|  |  | 330402 |
| **Total Preferred Stocks**<br> (Cost $2,166,326) |  | **1524692** |
| **Money Market Funds 1.58%** |  |  |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 4.23%<sup>(b)</sup> | 1152158 | 1152158 |
| **Total Money Market Funds**<br> (Cost $1,152,158) |  | **1152158** |
| **Total Investments — 101.22%<br> (Cost $61,683,866)** |  | 73826420 |
| **Liabilities in Excess of Other Assets — (1.22)%** |  | (890112) |
| **NET ASSETS — 100.00%** |  | $**72936308** |

---

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

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

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

4 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS \| JUNE 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market<br> Value** |
| <br>**Common Stocks 99.53%**<br>**Communications 7.71%** |  |  |
| Alphabet, Inc., Class A | 44400 | $7824612 |
| Alphabet, Inc., Class C | 3050 | 541039 |
| AT&T, Inc. | 9500 | 274930 |
| DigitalBridge Group, Inc. | 13000 | 134550 |
| Meta Platforms, Inc., Class A | 1650 | 1217849 |
| Netflix, Inc.<sup>(a)</sup> | 1600 | 2142608 |
| Uber Technologies, Inc.<sup>(a)</sup> | 1500 | 139950 |
| Verizon Communications, Inc. | 26540 | 1148386 |
| Walt Disney Co. (The) | 14500 | 1798145 |
|  |  | 15222069 |
| **Consumer Discretionary** 7.22% |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 26850 | 5890621 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 43700 | 2453755 |
| Home Depot, Inc. (The) | 6138 | 2250436 |
| Lowe's Companies, Inc. | 3200 | 709984 |
| Masco Corp. | 8500 | 547060 |
| McDonald's Corp. | 2580 | 753799 |
| NIKE, Inc., Class B | 1500 | 106560 |
| Starbucks Corp. | 1750 | 160353 |
| Tesla, Inc.<sup>(a)</sup> | 3825 | 1215050 |
| TKO Group Holdings, Inc.<sup>(a)</sup> | 900 | 163755 |
|  |  | 14251373 |
| **Consumer Staples** 8.14% |  |  |
| Altria Group, Inc. | 12650 | 741669 |
| Coca-Cola Co. (The) | 7600 | 537700 |
| Conagra Brands, Inc. | 1100 | 22517 |
| Costco Wholesale Corp. | 6756 | 6688035 |
| Kroger Co. (The) | 9000 | 645570 |
| PepsiCo, Inc. | 2200 | 290488 |
| Philip Morris International, Inc. | 4800 | 874224 |
| Procter & Gamble Co. (The) | 6015 | 958310 |
| Target Corp. | 9830 | 969729 |
| Wal-Mart Stores, Inc. | 44452 | 4346517 |
|  |  | 16074759 |
| **Energy** 4.16% |  |  |
| Antero Midstream Corp. | 3000 | 56850 |
| Baker Hughes Co. | 4750 | 182115 |
| Cheniere Energy, Inc. | 6100 | 1485472 |
| Chevron Corp. | 4510 | 645787 |
| ConocoPhillips | 2027 | 181903 |
| Diamondback Energy, Inc. | 2650 | 364110 |
| EOG Resources, Inc. | 2900 | 346869 |
| Exxon Mobil Corp. | 7458 | 803972 |
| Kinder Morgan, Inc. | 7750 | 227850 |
| Marathon Petroleum Corp. | 550 | 91360 |
| Occidental Petroleum Corp. | 1000 | 42010 |
| ONEOK, Inc. | 1050 | 85712 |
| Phillips 66 | 4300 | 512990 |
| Targa Resources Corp. | 4200 | 731136 |
| Valero Energy Corp. | 5765 | 774931 |

---

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

5.0 **SPIRIT OF AMERICA LARGE CAP VALUE FUND**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market<br> Value** |
| <br>**Energy (cont.)** | | |
| Williams Companies, Inc. (The) | 26750 | $1680168 |
|  |  | 8213235 |
| **Financials** 9.40% |  |  |
| American Express Co. | 5000 | 1594900 |
| Bank of America Corp. | 24850 | 1175902 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 4120 | 2001372 |
| Blackstone Group, Inc. (The), Class A | 14000 | 2094120 |
| Carlyle Group, Inc. (The) | 6050 | 310970 |
| Citigroup, Inc. | 20350 | 1732192 |
| CME Group, Inc. | 1404 | 386970 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | 450 | 157721 |
| Goldman Sachs Group, Inc. (The) | 2715 | 1921541 |
| JPMorgan Chase & Co. | 21892 | 6346710 |
| KKR & Co. LP | 2000 | 266060 |
| Morgan Stanley | 3000 | 422580 |
| Wells Fargo & Co. | 2000 | 160240 |
|  |  | 18571278 |
| **Health Care** 7.51% |  |  |
| Abbott Laboratories | 3100 | 421631 |
| AbbVie, Inc. | 21300 | 3953706 |
| Bristol-Myers Squibb Co. | 4500 | 208305 |
| Centene Corp.<sup>(a)</sup> | 7300 | 396244 |
| Eli Lilly & Co. | 3465 | 2701071 |
| Humana, Inc. | 1350 | 330048 |
| McKesson Corp. | 4720 | 3458722 |
| Medtronic PLC | 7069 | 616205 |
| Merck & Co., Inc. | 13250 | 1048870 |
| Novo Nordisk A/S ADR | 500 | 34510 |
| Quest Diagnostics, Inc. | 3800 | 682594 |
| Thermo Fisher Scientific, Inc. | 1090 | 441951 |
| UnitedHealth Group, Inc. | 1550 | 483554 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 100 | 44520 |
|  |  | 14821931 |
| **Industrials** 8.53% |  |  |
| AeroVironment, Inc.<sup>(a)</sup> | 300 | 85485 |
| Caterpillar, Inc. | 11090 | 4305249 |
| CSX Corp. | 36600 | 1194258 |
| Cummins, Inc. | 3550 | 1162625 |
| Deere & Co. | 5660 | 2878053 |
| FedEx Corp. | 1800 | 409158 |
| GE Vernova LLC | 600 | 317490 |
| Honeywell International, Inc. | 8850 | 2060988 |
| ITT, Inc. | 300 | 47049 |
| Johnson Controls International PLC | 8253 | 871682 |
| Lockheed Martin Corp., Class B | 1000 | 463140 |
| Raytheon Technologies Corp. | 2100 | 306642 |
| United Parcel Service, Inc., Class B | 2550 | 257397 |
| Vertiv Holdings Co. | 3000 | 385230 |
| Waste Connections, Inc. | 11275 | 2105268 |
|  |  | 16849714 |
| **Materials** 1.22% |  |  |
| CF Industries Holdings, Inc. | 7200 | 662400 |

---

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

6 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA LARGE CAP VALUE FUND**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market<br> Value** |
| <br>**Materials (cont.)** | | |
| Corteva, Inc. | 7233 | $539075 |
| Dow, Inc. | 4083 | 108118 |
| DuPont de Nemours, Inc. | 6500 | 445835 |
| New Linde PLC | 1300 | 609934 |
| Nucor Corp. | 400 | 51816 |
|  |  | 2417178 |
| **Real Estate Investment Trusts (REITs)** 2.19% |  |  |
| AvalonBay Communities, Inc. | 250 | 50875 |
| Digital Realty Trust, Inc. | 4250 | 740902 |
| Equinix, Inc. | 1600 | 1272752 |
| Iron Mountain, Inc. | 6350 | 651319 |
| Mid-America Apartment Communities, Inc. | 250 | 37003 |
| Prologis, Inc. | 5350 | 562392 |
| Sun Communities, Inc. | 1600 | 202384 |
| Terreno Realty Corp. | 2075 | 116345 |
| VICI Properties, Inc. | 2073 | 67580 |
| Welltower, Inc. | 3950 | 607234 |
| Weyerhaeuser Co. | 500 | 12845 |
|  |  | 4321631 |
| **Technology** 38.72% |  |  |
| Accenture PLC, Class A | 3725 | 1113365 |
| Adobe, Inc.<sup>(a)</sup> | 1050 | 406224 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 7550 | 1071345 |
| Apple, Inc. | 38982 | 7997937 |
| Applied Materials, Inc. | 12520 | 2292036 |
| ARM Holdings PLC ADR<sup>(a)</sup> | 200 | 32348 |
| Broadcom, Inc. | 3700 | 1019905 |
| Cisco Systems, Inc. | 16750 | 1162115 |
| Cognizant Technology Solutions Corp., Class A | 4600 | 358938 |
| Corning, Inc. | 8000 | 420720 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 3775 | 1922645 |
| Dell Technologies, Inc., Class C | 1624 | 199102 |
| Garmin Ltd. | 1150 | 240028 |
| HP, Inc. | 500 | 12230 |
| International Business Machines Corp. | 2668 | 786473 |
| MasterCard, Inc., Class A | 2450 | 1376753 |
| Microchip Technology, Inc. | 6450 | 453886 |
| Microsoft Corp. | 19299 | 9599516 |
| NetApp, Inc. | 2600 | 277030 |
| NortonLifeLock, Inc. | 24700 | 726180 |
| NVIDIA Corp. | 177620 | 28062184 |
| Oracle Corp. | 28425 | 6214558 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 3500 | 477120 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 5100 | 1043664 |
| Paychex, Inc. | 3850 | 560021 |
| QUALCOMM, Inc. | 3750 | 597225 |
| ServiceNow, Inc.<sup>(a)</sup> | 1130 | 1161730 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 600 | 135894 |
| Texas Instruments, Inc. | 9175 | 1904914 |
| Visa, Inc., Class A | 7550 | 2680628 |
| Workday, Inc., Class A<sup>(a)</sup> | 6480 | 1555200 |
| Zscaler, Inc.<sup>(a)</sup> | 1900 | 596486 |
|  |  | 76458400 |

---

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

7.0 **SPIRIT OF AMERICA LARGE CAP VALUE FUND**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market<br> Value** |
| <br>**Utilities 4.73%** | | |
| AES Corp. | 3000 | $31560 |
| American Electric Power Company, Inc. | 2250 | 233460 |
| Constellation Energy Corp. | 5450 | 1759042 |
| Dominion Energy, Inc. | 12000 | 678240 |
| Duke Energy Corp. | 2250 | 265500 |
| Edison International | 2600 | 134160 |
| Entergy Corp. | 3700 | 307544 |
| IDACORP, Inc. | 700 | 80815 |
| NextEra Energy, Inc. | 23725 | 1646989 |
| NRG Energy, Inc. | 500 | 80290 |
| Oklo, Inc.<sup>(a)</sup> | 10150 | 568298 |
| PPL Corp. | 2000 | 67780 |
| Sempra Energy | 250 | 18943 |
| Talen Energy Corp.<sup>(a)</sup> | 1950 | 567002 |
| UGI Corp. | 1000 | 36420 |
| Vistra Energy Corp. | 9350 | 1812124 |
| WEC Energy Group, Inc. | 10100 | 1052420 |
|  |  | 9340587 |
| **Total Common Stocks**<br> (Cost $80,426,650) |  | **196542155** |
| **Preferred Stocks 0.18%** |  |  |
| **Financials 0.18%** |  |  |
| Bank of America Corp., Series GG, 6.00% | 4000 | 99520 |
| Bank of America Corp., Series HH, 5.88% | 2000 | 49020 |
| Bank of America Corp., Series LL, 5.00% | 2000 | 40620 |
| Bank of America Corp., Series SS, 4.75% | 2000 | 38920 |
| JPMorgan Chase & Co., Series EE, 6.00% | 2000 | 50420 |
| Prudential Financial, Inc., 5.63% | 2000 | 47020 |
| RenaissanceRE Holdings Ltd., Series G, 4.20% | 150 | 2332 |
| U.S. Bancorp, Series O, 4.50% | 2000 | 36620 |
|  |  | 364472 |
| **Total Preferred Stocks**<br> (Cost $403,750) |  | **364472** |
| **Money Market Funds 0.86%** |  |  |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 4.23%<sup>(b)</sup> | 1697253 | 1697253 |
| **Total Money Market Funds**<br> (Cost $1,697,253) |  | **1697253** |
| **Total Investments — 100.57%<br> (Cost $82,527,653)** |  | 198603880 |
| **Liabilities in Excess of Other Assets — (0.57)%** |  | (1128284) |
| **NET ASSETS — 100.00%** |  | $**197475596** |

---

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

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

ADR — American Depositary Receipt

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

8 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND**

**SCHEDULE OF INVESTMENTS \| JUNE 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market<br> Value** |
| <br>**Municipal Bonds 98.18%**<br>**California 3.86%** | | |
| California Health Facilities Financing, Callable 11/15/2027 @ 100, *5.00%, 11/15/2056* | $250000 | $249193 |
| Los Angeles Department of Water & Power, Callable 1/1/2027 @ 100, *5.00%, 7/1/2042* | 250000 | 250241 |
| Regents of the University of California Medical Center Pooled Revenue, Revenue Bond, Callable 5/15/2026 @ 100, *4.00%, 5/15/2037* | 145000 | 144502 |
| State of California, General Obligation Unlimited, Callable 8/1/2025 @ 100, *5.00%, 8/1/2029* | 250000 | 250304 |
| State of California, General Obligation Unlimited, Callable 9/1/2026 @ 100, *4.00%, 9/1/2036* | 175000 | 174055 |
|  |  | 1068295 |
| **Colorado 1.26%** |  |  |
| City & County of Denver CO Pledged Excise Tax, Callable 8/1/2026 @ 100, *5.00%, 8/1/2044* | 100000 | 100740 |
| Colorado Health Facilities Authority, Callable 5/15/2028 @ 100, *5.00%, 11/15/2048* | 250000 | 247528 |
|  |  | 348268 |
| **Connecticut 3.00%** |  |  |
| City of New Haven, CT, General Obligation Unlimited, Callable 8/15/2026 @ 100, *5.00%, 8/15/2036* | 230000 | 232742 |
| Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, Callable 11/15/2025 @ 100, *3.25%, 11/15/2036* | 250000 | 223186 |
| Connecticut Housing Finance Authority, Revenue Bonds, Callable 5/15/2027 @ 100, *3.40%, 11/15/2037* | 25000 | 22569 |
| Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2026 @ 100, *5.00%, 7/1/2034* | 250000 | 251466 |
| Connecticut State Health & Educational Facility Authority, Revenue Bonds, *5.00%, 7/1/2034* | 100000 | 100054 |
|  |  | 830017 |
| **Delaware 0.81%** |  |  |
| Delaware Transportation Authority, *5.00%, 6/1/2055* | 225000 | 225019 |
| **District of Columbia 1.42%** |  |  |
| District of Columbia Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (Fannie Mae), *4.45%, 6/15/2031* | 310000 | 311537 |
| District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 10/1/2029 @ 100, *4.00%, 10/1/2049* | 65000 | 57066 |
| District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100, *5.00%, 10/1/2034* | 25000 | 25312 |
|  |  | 393915 |
| **Florida 11.76%** |  |  |
| City of Orlando, FL, Public Improvements, Revenue Bonds, *5.00%, 10/1/2046* | 1000000 | 1001189 |
| City of Tampa FL, Callable 5/15/2026 @ 100, *5.00%, 11/15/2046* | 250000 | 250017 |
| Florida Keys Aqueduct Authority, *5.00%, 9/1/2049* | 150000 | 148197 |
| FSU Financial Assistance, Inc., State Single-Family Housing, Refunding Revenue Bonds, *5.00%, 10/1/2030* | 500000 | 500793 |
| Miami-Dade County Expressway Authority, *5.00%, 7/1/2040* | 350000 | 350001 |
| School Board of Miami-Dade County (The), Certificates of Participation, Callable 2/1/2026 @ 100, *4.00%, 2/1/2033* | 1000000 | 1004125 |
|  |  | 3254322 |
| **Georgia 3.40%** |  |  |
| Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2029 @ 100, *3.00%, 11/1/2037* | 500000 | 441102 |
| Main Street Natural Gas, Inc., Callable 5/15/2029 @ 100, *5.00%, 5/15/2043* | 250000 | 250411 |
| Municipal Electric Authority of Georgia, Callable 7/1/2025 @ 100, *5.00%, 7/1/2060* | 250000 | 249173 |
|  |  | 940686 |

---

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

9.0 **SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND**

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

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market<br> Value** |
| <br>**Illinois 4.81%** | | |
| Chicago Transit Authority Sales, Callable 12/1/2029 @ 100, *4.00%, 12/1/2055* | $250000 | $210393 |
| Chicago Transit Authority Sales Tax Receipts Fund, Callable 12/1/2026 @ 100, *5.00%, 12/1/2046* | 250000 | 250286 |
| City of Chicago IL Waterworks Revenue, Callable 5/1/2033 @ 100, *5.25%, 11/1/2053* | 250000 | 253552 |
| Illinois State Finance Authority, Revenue Bonds Series 2020 A, Callable 4/1/2030 @ 100, *4.00%, 4/1/2050* | 85000 | 72865 |
| Illinois State Toll Highway Authority, *5.00%, 1/1/2041* | 300000 | 298634 |
| Metropolitan Pier & Exposition Authority, *5.00%, 6/15/2050* | 250000 | 244806 |
|  |  | 1330536 |
| **Louisiana 1.34%** |  |  |
| City of New Orleans LA, Callable 12/1/2030 @ 100, *5.00%, 12/1/2050* | 250000 | 243778 |
| City of Shreveport LA Water & Sewer Revenue, Callable 12/1/2028 @ 100, *4.00%, 12/1/2049* | 150000 | 126925 |
|  |  | 370703 |
| **Maine 0.97%** |  |  |
| Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, *3.60%, 11/15/2036* | 95000 | 86791 |
| Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, *3.75%, 11/15/2044* | 100000 | 85592 |
| Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, *3.45%, 11/15/2032* | 45000 | 44924 |
| Maine Turnpike Authority, Refunding Revenue Bonds, Callable 7/1/2025 @ 100, *5.00%, 7/1/2026* | 50000 | 50000 |
|  |  | 267307 |
| **Maryland 0.36%** |  |  |
| City of Baltimore MD, Callable 1/1/2027 @ 100, *5.00%, 7/1/2046* | 100000 | 99593 |
| **Massachusetts 6.54%** |  |  |
| Massachusetts Bay Transportation Authority Sales, Callable 7/1/2025 @ 100, *5.00%, 7/1/2045* | 150000 | 150046 |
| Massachusetts Development Finance Agency, *5.00%, 12/1/2046* | 300000 | 300059 |
| Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2025 @ 100, *3.25%, 12/1/2036* | 575000 | 512340 |
| Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, *3.75%, 12/1/2037* | 250000 | 233868 |
| Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2027 @ 100, *3.25%, 12/1/2032* | 200000 | 194269 |
| Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, *3.55%, 12/1/2037* | 85000 | 77565 |
| Massachusetts Housing Finance Agency, Revenue Bonds, Callable 6/1/2026 @ 100, *3.15%, 12/1/2026* | 40000 | 39849 |
| Massachusetts School Building Authority, Revenue Bonds, Callable 8/15/2025 @ 100, *5.00%, 8/15/2026* | 100000 | 100273 |
| Massachusetts State, *5.00%, 5/1/2047* | 200000 | 201530 |
|  |  | 1809799 |
| **Michigan 3.53%** |  |  |
| Michigan Finance Authority Revenue, Callable 11/1/2025 @ 100, *5.00%, 11/1/2044* | 250000 | 249076 |
| Michigan Public Educational Facilities Authority, School Improvements, Refunding Revenue Bonds, *6.00%, 12/1/2035* | 500000 | 477622 |
| Michigan State Building Authority, Callable 10/15/2026 @ 100, *5.00%, 10/15/2051* | 250000 | 250631 |
|  |  | 977329 |

---

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

10 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND**

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

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market<br> Value** |
| <br>**Minnesota 2.06%** | | |
| Southern Minnesota Municipal Power Agency Power Supply System, Revenue Bonds, Callable 1/1/2026 @ 100, *5.00%, 1/1/2041* | $565000 | $569121 |
| **Missouri 1.90%** |  |  |
| Health & Educational Facilities Authority of the State of Missouri, Healthcare, Hospital & Nursing Home Improvements, Revenue Bonds, (OID), Callable 11/15/2025 @ 100, *4.00%, 11/15/2045* | 500000 | 435908 |
| Health & Educational Facilities Authority of the State of Missouri, Healthcare, Hospital & Nursing Home Improvements, Revenue Bonds, (OID), *3.75%, 11/15/2039* | 100000 | 89099 |
|  |  | 525007 |
| **Nebraska 2.38%** |  |  |
| Omaha Public Power District Nebraska City Station, Callable 2/1/2026 @ 100, *5.00%, 2/1/2049* | 125000 | 125204 |
| University of Nebraska Facilities Corp. (The), *4.00%, 7/15/2062* | 630000 | 532484 |
|  |  | 657688 |
| **Nevada 2.97%** |  |  |
| Las Vegas Convention & Visitors Authority, Callable 7/1/2028 @ 100, *4.00%, 7/1/2049* | 250000 | 213759 |
| Nevada System of Higher Education, Certificates of Participation, Callable 7/1/2026 @ 100, *4.00%, 7/1/2027* | 600000 | 607394 |
|  |  | 821153 |
| **New Jersey 5.05%** |  |  |
| Borough of Seaside Heights, NJ, General Obligation Unlimited, *4.00%, 4/1/2026* | 125000 | 125131 |
| Hudson County Improvement Authority, Refunding Revenue Bonds, (AGM), *5.40%, 10/1/2025* | 150000 | 150875 |
| New Jersey Health Care Facilities Financing Authority, Callable 7/1/2026 @ 100, *5.00%, 7/1/2043* | 250000 | 248492 |
| New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), *5.00%, 7/1/2027* | 10000 | 10009 |
| New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100, *3.50%, 11/1/2036* | 500000 | 469899 |
| New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100, *3.90%, 11/1/2050* | 175000 | 145924 |
| New Jersey Turnpike Authority, Callable 7/1/2035 @ 100, *4.75%, 1/1/2050* | 250000 | 247903 |
|  |  | 1398233 |
| **New Mexico 0.90%** |  |  |
| New Mexico Finance Authority, *5.25%, 6/1/2053* | 250000 | 250043 |
| **New York 13.94%** |  |  |
| City of New York NY, Callable 8/1/2031 @ 100, *5.00%, 8/1/2047* | 250000 | 253688 |
| Metropolitan Transportation Authority, *5.00%, 11/15/2050* | 250000 | 247903 |
| New York City Housing Development Corp., Revenue Bonds, Callable 2/1/2026 @ 100, *3.50%, 11/1/2032* | 150000 | 150006 |
| New York City Housing Development Corp., Revenue Bonds, Callable 11/1/2025 @ 100, *3.60%, 11/1/2031* | 250000 | 250121 |
| New York City Housing Development Corp., Revenue Bonds, Callable 5/1/2026 @ 100, *3.10%, 11/1/2032* | 250000 | 242926 |
| New York City Transitional Finance Authority Building Aid Revenue, Public Improvements, Revenue Bonds, (State Aid Withholding), *5.00%, 7/15/2027* | 250000 | 250387 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, Callable 8/1/2025 @ 100, *5.00%, 8/1/2027* | 25000 | 25042 |
| New York State Dormitory Authority, Callable 7/1/2030 @ 100, *4.00%, 7/1/2052* | 230000 | 198873 |
| New York State Dormitory Authority, Refunding Revenue Bonds, (State Aid Withholding), *3.25%, 4/1/2031* | 280000 | 274121 |

---

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

11.0 **SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND**

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

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market<br> Value** |
| <br>**New York (cont.)** | | |
| New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2025 @ 100, *5.00%, 7/1/2037* | $135000 | $135000 |
| New York State Dormitory Authority, Revenue Bonds, *4.75%, 10/1/2040* | 5000 | 4998 |
| New York State Thruway Authority, Callable 1/1/2026 @ 100, *5.00%, 1/1/2046* | 250000 | 249679 |
| New York State Thruway Authority, Callable 1/1/2026 @ 100, *5.00%, 1/1/2051* | 250000 | 246860 |
| New York State Thruway Authority, Revenue Bonds, Callable 1/1/2026 @ 100, *4.00%, 1/1/2037* | 100000 | 99987 |
| Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100, *5.00%, 11/15/2037* | 65000 | 66681 |
| Triborough Bridge & Tunnel Authority, Callable 11/15/2030 @ 100, *5.00%, 11/15/2054* | 250000 | 252379 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100, *5.00%, 11/15/2035* | 250000 | 251380 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100, *5.00%, 11/15/2040* | 310000 | 311136 |
| Triborough Bridge & Tunnel Authority, Revenue Bonds, *5.00%, 11/15/2027* | 100000 | 100812 |
| TSASC, Inc./NY, Callable 6/1/2027 @ 100, *5.00%, 6/1/2041* | 250000 | 243879 |
|  |  | 3855858 |
| **North Carolina 1.84%** |  |  |
| North Carolina Turnpike Authority, Callable 1/1/2034 @ 100, *5.00%, 1/1/2058* | 300000 | 300615 |
| North Carolina Turnpike Authority, Callable 1/1/2030 @ 100, *5.00%, 1/1/2049* | 110000 | 110114 |
| University of North Carolina at Charlotte (The), Revenue Bonds, Callable 10/1/2027 @ 100, *4.00%, 10/1/2037* | 100000 | 99438 |
|  |  | 510167 |
| **North Dakota 0.36%** |  |  |
| City of Bismarck, ND, Sanitary Sewer Revenue, Revenue Bonds, Callable 5/1/2026 @ 100, *3.00%, 5/1/2029* | 100000 | 99997 |
| **Ohio 0.91%** |  |  |
| Franklin County Convention Facilities Authority, Callable 12/1/2029 @ 100, *5.00%, 12/1/2046* | 250000 | 250374 |
| **Pennsylvania 8.46%** |  |  |
| City of Philadelphia PA Water & Wastewater Revenue, *5.00%, 10/1/2052* | 450000 | 435389 |
| Geisinger PA Authority Health System, *5.00%, 2/15/2045* | 145000 | 143264 |
| Pennsylvania Higher Educational Facilities, Callable 8/15/2027 @ 100, *5.00%, 8/15/2047* | 250000 | 245702 |
| Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, *5.00%, 5/1/2037* | 100000 | 77369 |
| Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, *5.00%, 5/1/2042* | 100000 | 70468 |
| Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, (OID), *4.00%, 5/1/2032* | 100000 | 81592 |
| Pennsylvania Housing Finance Agency, Callable 4/1/2033 @ 100, *5.45%, 4/1/2051* | 150000 | 153884 |
| Pennsylvania Housing Finance Agency, Revenue Bonds, Callable 4/1/2027 @ 100, *3.65%, 10/1/2042* | 100000 | 87429 |
| Pennsylvania State Turnpike Authority, Callable 12/1/2025 @ 100, *5.00%, 12/1/2045* | 250000 | 250142 |
| Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, *5.00%, 9/1/2034* | 190000 | 193736 |
| Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, *5.00%, 9/1/2036* | 100000 | 101759 |
| Pennsylvania Turnpike Commission, Revenue Bonds, Callable 12/1/2025 @ 100, *5.00%, 12/1/2045* | 500000 | 500149 |
|  |  | 2340883 |
| **Rhode Island 0.93%** |  |  |
| Rhode Island Housing & Mortgage Finance Corp., Callable 10/1/2032 @ 100, *5.45%, 10/1/2053* | 250000 | 256034 |

---

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

12 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND**

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

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market<br> Value** |
| <br>**South Carolina 0.72%** | | |
| South Carolina Public Service Authority, Callable 12/1/2026 @ 100, *5.00%, 12/1/2041* | $200000 | $200072 |
| **South Dakota 1.03%** |  |  |
| South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100, *2.45%, 5/1/2027* | 250000 | 245790 |
| South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100, *3.13%, 11/1/2036* | 45000 | 39567 |
|  |  | 285357 |
| **Tennessee 0.90%** |  |  |
| Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, *5.00%, 7/1/2026* | 200000 | 200359 |
| Tennessee Housing Development Agency, Revenue Bonds, Callable 1/1/2027 @ 100, *3.40%, 7/1/2037* | 55000 | 49454 |
|  |  | 249813 |
| **Texas 8.71%** |  |  |
| Austin TX Electric Utility System Revenue, Revenue Bonds Series 2019 B, Callable 11/15/2029 @ 100, *5.00%, 11/15/2049* | 15000 | 15140 |
| City of Austin TX Electric Utility Revenue, Callable 11/15/2025 @ 100, *5.00%, 11/15/2045* | 250000 | 250260 |
| City of Houston TX Combined Utility System, Callable 11/15/2025 @ 100, *5.00%, 11/15/2044* | 250000 | 250221 |
| City Public Service Board of San Antonio, TX, Revenue Bonds, Callable 8/1/2026 @ 100, *5.00%, 2/1/2032* | 150000 | 152823 |
| Clifton Higher Education Finance Corp., School Improvements, Refunding Revenue Bonds, *4.00%, 8/15/2044* | 500000 | 444188 |
| Comal Independent School District, Unlimited Tax School Building Bonds, Callable 2/1/2026 @ 100, *4.00%, 2/1/2034* | 250000 | 250149 |
| Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, Callable 5/15/2026 @ 100, *4.00%, 11/15/2030* | 130000 | 130566 |
| North Texas Tollway Authority, Callable 1/1/2028 @ 100, *5.00%, 1/1/2048* | 250000 | 250149 |
| San Antonio Public Facilities Corp., Public Improvements, Refunding Revenue Bonds, (OID), *4.00%, 9/15/2042* | 250000 | 227167 |
| San Antonio Water System, Refunding Revenue Bonds, Callable 11/15/2029 @ 100, *5.00%, 5/15/2034* | 40000 | 42834 |
| Texas Public Finance Authority, Revenue Bonds, Callable 12/1/2026 @ 100, *4.00%, 12/1/2031* | 200000 | 201004 |
| White Oak, TX, Independent School District, Unlimited Tax School Building Bonds, Callable 2/15/2027 @ 100, *4.00%, 2/15/2029* | 190000 | 193537 |
|  |  | 2408038 |
| **Vermont 0.24%** |  |  |
| Vermont Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, *3.75%, 8/15/2037* | 70000 | 65739 |
| **Virginia 0.91%** |  |  |
| Virginia State Resource Authority Infrastructure, Revenue Bonds, Callable 11/1/2025 @ 100, *4.00%, 11/1/2033* | 75000 | 75057 |
| Virginia State Resource Authority Infrastructure, Revenue Bonds, Pre- Refunded, Callable 11/1/2025 @ 100, *4.00%, 11/1/2033* | 175000 | 175573 |
|  |  | 250630 |

---

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

13.0 **SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND**

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

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market<br> Value** |
| <br>**Washington 0.91%** |  |  |
| Snohomish County Public Utility District No.1, *5.00%, 12/1/2045* | $250000 | $250744 |
| **Total Municipal Bonds**<br> (Cost $27,988,188) |  | **27160740** |
|  | **Shares** |  |
| **Money Market Funds 0.68%** |  |  |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 4.23%<sup>(a)</sup> | 187116 | 187116 |
| **Total Money Market Funds**<br> (Cost $187,116) |  | **187116** |
| **Total Investments —** 98.86%<br> (Cost $28,175,304) |  | 27347856 |
| **Other Assets in Excess of Liabilities — 1.14%** |  | 315825 |
| **NET ASSETS — 100.00%** |  | $**27663681** |

---

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

AGM — Assured Guaranty Municipal Corp.

OID — Original Issue Discount

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

14 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA INCOME FUND**

**SCHEDULE OF INVESTMENTS \| JUNE 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market<br> Value** |
| <br>**Common Stocks 5.41%**<br>**Communications 0.57%** | | |
| Verizon Communications, Inc. | 7500 | $324525 |
| **Energy 2.78%** |  |  |
| Chevron Corp. | 2500 | 357975 |
| Enbridge, Inc. | 12500 | 566500 |
| Kinder Morgan, Inc. | 7500 | 220500 |
| South Bow Corp. | 3000 | 77730 |
| TC Energy Corp. | 7500 | 365925 |
|  |  | 1588630 |
| **Financials 0.39%** |  |  |
| Blackstone Mortgage Trust, Inc., Class A | 11565 | 222626 |
| **Real Estate 1.67%** |  |  |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 7000 | 188020 |
| Healthpeak Properties, Inc. | 1348 | 23604 |
| Realty Income Corp. | 3048 | 175595 |
| Simon Property Group, Inc. | 3500 | 562660 |
|  |  | 949879 |
| **Total Common Stocks**<br> (Cost $2,623,398) |  | **3085660** |
| **Preferred Stocks 18.24%** |  |  |
| **Financials 11.96%** |  |  |
| Affiliated Managers Group, Inc., 4.20% | 15000 | 226500 |
| Affiliated Managers Group, Inc., 4.75% | 10000 | 169300 |
| Allstate Corp. (The), Series I, 4.75% | 10000 | 190600 |
| American Financial Group, Inc., 5.13% | 15000 | 285000 |
| American Financial Group, Inc., 5.63% | 20000 | 413000 |
| Athene Holding Ltd., Series D, 4.88% | 20000 | 342000 |
| Bank of America Corp., Series HH, 5.88% | 8000 | 196080 |
| Bank of America Corp., Series LL, 5.00% | 15000 | 304650 |
| Bank of America Corp., Series PP, 4.13% | 16667 | 283006 |
| Bank of America Corp., Series QQ, 4.25% | 10000 | 173000 |
| Brighthouse Financial, Inc., Series C, 5.38% | 20000 | 295800 |
| Capital One Financial Corp., Series J, 4.80% | 10000 | 177700 |
| Capital One Financial Corp., Series K, 4.63% | 18500 | 323565 |
| CNO Financial Group, Inc., 5.13% | 2000 | 34460 |
| Equitable Holdings, Inc., Series C, 4.30% | 20000 | 341000 |
| Fulton Financial Corp., Series A, 5.13% | 6000 | 108600 |
| Huntington Bancshares, Inc., Series H, 4.50% | 10000 | 175600 |
| JPMorgan Chase & Co., Series GG, 4.75% | 10000 | 200800 |
| KeyCorp, Series G, 5.63% | 15000 | 319200 |
| MetLife, Inc., Series F, 4.75% | 10000 | 194900 |
| Northern Trust Corp., Series E, 4.70% | 10000 | 195600 |
| Prudential Financial, Inc., 5.63% | 10000 | 235100 |
| RenaissanceRE Holdings Ltd., Series G, 4.20% | 850 | 13217 |
| Selective Insurance Group, Inc., Series B, 4.60% | 1000 | 16660 |
| State Street Corp., 5.35% | 1000 | 21720 |
| U.S. Bancorp, Series L, 3.75% | 20000 | 301000 |

---

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

15.0 **SPIRIT OF AMERICA INCOME FUND**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market<br> Value** |
| <br>**Financials (cont.)** | | |
| U.S. Bancorp, Series M, 4.00% | 10000 | $161100 |
| W.R. Berkley Corp., 5.10% | 20000 | 409000 |
| Washington Federal, Inc., Series A, 4.88% | 10000 | 154400 |
| Wells Fargo & Co., Series AA, 4.70% | 10000 | 188300 |
| Wells Fargo & Co., Series CC, 4.38% | 10000 | 175600 |
| Wells Fargo & Co., Series Z, 4.75% | 10000 | 190400 |
|  |  | 6816858 |
| **Real Estate 2.36%** |  |  |
| Brookfield Property Partners LP, Series A, 5.75% | 7500 | 97500 |
| Diversified Healthcare Trust, 5.63% | 26660 | 417229 |
| Federal Realty Investment Trust, Series C, 5.00% | 7500 | 150300 |
| Public Storage, Series N, 3.88% | 20000 | 306000 |
| Public Storage, Series S, 4.10% | 10000 | 162200 |
| Vornado Realty Trust, 5.40% | 12298 | 210173 |
|  |  | 1343402 |
| **Technology 0.19%** |  |  |
| Pitney Bowes, Inc., 6.70% | 5700 | 106248 |
| **Utilities 3.73%** |  |  |
| BIP Bermuda Holdings I Ltd., 5.13% | 10000 | 162700 |
| Brookfield Infrastructure Partners LP, 5.00% | 10000 | 157600 |
| Brookfield Infrastructure Partners LP, 5.13% | 25000 | 418250 |
| DTE Energy Co., Series G, 4.38% | 15000 | 258300 |
| Entergy Arkansas, Inc., 4.88% | 10000 | 202000 |
| Entergy Louisiana LLC, 4.88% | 10000 | 200300 |
| Entergy Mississippi, Inc., 4.90% | 15000 | 300900 |
| Southern Co., 4.95% | 10000 | 198000 |
| Southern Co., 5.25% | 6000 | 127860 |
| Southern Co., Series C, 4.20% | 6000 | 105420 |
|  |  | 2131330 |
| **Total Preferred Stocks**<br> (Cost $14,362,309) |  | **10397838** |

---

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | |
| <br>**Collateralized Mortgage Obligations 0.08%** | | |
| CHL Mortgage Pass-Through Trust, Series 2005-21, Class A7, *5.50%, 10/25/2035* | $16469 | 8912 |
| CHL Mortgage Pass-Through Trust, Series 2005-21, Class A27, *5.50%, 10/25/2035* | 15234 | 8244 |
| Citicorp Mortgage Securities, Inc., Class 1A12, *5.00%, 2/25/2035* | 28942 | 28430 |
| **Total Collateralized Mortgage Obligations**<br> (Cost $46,467) |  | **45586** |
| **Corporate Bonds 13.05%** |  |  |
| Bank of New York Mellon Corp. (The), *4.63%, 12/20/2049* | 500000 | 497779 |
| Bank of New York Mellon Corp. (The), *3.70%, 3/20/2169* | 100000 | 99437 |
| Entergy Texas, Inc., *5.15%, 6/1/2045* | 100000 | 91116 |
| Exelon Generation Co. LLC, *5.60%, 6/15/2042*<sup>(a)(b)</sup> | 400000 | 350651 |
| Fifth Third Bancorp, *8.25%, 3/1/2038* | 250000 | 299452 |
| Goldman Sachs Group, Inc. (The), *6.75%, 10/1/2037* | 850000 | 934684 |
| Goldman Sachs Group, Inc. (The), *6.45%, 5/1/2036* | 500000 | 535224 |

---

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

16 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA INCOME FUND**

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

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market<br> Value** |
| <br>**Corporate Bonds (cont.)** | | |
| Kinder Morgan Energy Partners LP, *6.50%, 2/1/2037* | $250000 | $264917 |
| MetLife, Inc., *9.25%, 4/8/2038*<sup>(b)</sup> | 1500000 | 1781616 |
| MetLife, Inc., *10.75%, 8/1/2039* | 1000000 | 1341590 |
| PECO Energy Capital Trust IV, *5.75%, 6/15/2033* | 1000000 | 981760 |
| Valero Energy Corp., *8.75%, 6/15/2030* | 224000 | 261526 |
| **Total Corporate Bonds**<br> (Cost $7,603,645) |  | **7439752** |
| **Municipal Bonds 62.55%** |  |  |
| **Alabama 3.29%** |  |  |
| Health Care Authority for Baptist Health (The), Refunding Revenue Bonds, *5.50%, 11/15/2043* | 2000000 | 1875710 |
| **Arizona 0.30%** |  |  |
| Phoenix Arizona Civic Improvement Corp. Excise Tax Revenue, Revenue Bonds, Callable 7/1/2030 @ 100, *2.70%, 7/1/2045* | 250000 | 171037 |
| **California 4.54%** |  |  |
| Alhambra Unified School District, University & College Improvements, General Obligation Unlimited, *6.70%, 2/1/2026* | 465000 | 468850 |
| California State University, Revenue Bonds Series 2020 B, Callable 5/1/2030 @ 100, *3.07%, 11/1/2042* | 100000 | 74781 |
| City & County of San Francisco, CA, General Obligation Unlimited, *6.26%, 6/15/2030* | 450000 | 479768 |
| Peralta Community College District, Refunding Revenue Bonds, *6.91%, 8/1/2025* | 500000 | 500690 |
| Peralta Community College District, Refunding Revenue Bonds, *7.31%, 8/1/2031* | 310000 | 331658 |
| San Bernardino City Unified School District, School Improvements, Certificates of Participation, (AGM) (OID), *8.25%, 2/1/2026* | 255000 | 259800 |
| University of California Revenues, Revenue Bonds, *4.13%, 5/15/2045* | 250000 | 221513 |
| University of California, University & College Improvements, Refunding Revenue Bonds, *3.66%, 5/15/2027* | 250000 | 248408 |
|  |  | 2585468 |
| **Colorado 0.82%** |  |  |
| Colorado Mesa University, *6.75%, 5/15/2042* | 425000 | 468006 |
| **Connecticut 0.53%** |  |  |
| State of Connecticut, General Obligation Unlimited, *5.85%, 3/15/2032* | 280000 | 300614 |
| **Florida 4.11%** |  |  |
| City of Miami Gardens, FL, Public Improvements, Build America Bonds, Certificates of Participation, *7.17%, 6/1/2026* | 230000 | 235282 |
| County of Miami-Dade, FL Transit System, Transit Improvements, Build America Revenue Bonds, *5.53%, 7/1/2032* | 500000 | 510375 |
| County of Miami-Dade, FL, Port, Airport & Marina Improvements, Build America Revenue Bonds, (AGM) (OID), *7.50%, 4/1/2040* | 1000000 | 1165129 |
| County of Miami-Dade, FL, Recreational Facility Improvements, Revenue Bonds, (AGM), *7.08%, 10/1/2029* | 250000 | 276524 |
| Town of Miami Lakes, FL, Public Improvements, Build America Revenue Bonds, *7.59%, 12/1/2030* | 150000 | 163440 |
|  |  | 2350750 |

---

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

17.0 **SPIRIT OF AMERICA INCOME FUND**

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

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market<br> Value** |
| <br>**Georgia 4.55%** | | |
| Cobb Marietta Georgia Coliseum, Revenue Bonds, Callable 1/1/2026 @ 100, *4.50%, 1/1/2047* | $100000 | $90424 |
| Municipal Electric Authority of Georgia, Electric Lights & Power Improvements, Build America Revenue Bonds, *7.06%, 4/1/2057* | 1371000 | 1522246 |
| State of Georgia, Public Improvements, General Obligation Unlimited, *3.84%, 2/1/2032* | 1000000 | 978254 |
|  |  | 2590924 |
| **Hawaii 0.85%** |  |  |
| State of Hawaii, General Obligation Unlimited, Callable 10/1/2025 @ 100, *4.05%, 10/1/2032* | 495000 | 485525 |
| **Illinois 2.14%** |  |  |
| City of Chicago, IL Waterworks Revenue, Water Utility Improvements, Build America Revenue Bonds, *6.74%, 11/1/2040* | 250000 | 270816 |
| Village of Glenwood, IL, Public Improvements, Build America Bonds, General Obligation Unlimited, (AGM), *7.03%, 12/1/2028* | 915000 | 953040 |
|  |  | 1223856 |
| **Indiana 3.44%** |  |  |
| Anderson School Building Corp., Refunding Bonds, General Obligation Limited, Callable 7/5/2025 @ 100, *3.95%, 7/5/2029* | 1000000 | 983261 |
| Anderson School Building Corp., Refunding Bonds, General Obligation Limited, (OID), Callable 7/5/2025 @ 100, *3.75%, 7/5/2028* | 1000000 | 983747 |
|  |  | 1967008 |
| **Kansas 0.62%** |  |  |
| Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited Series 2020 B, Callable 9/1/2030 @ 100, *3.17%, 9/1/2046* | 500000 | 354647 |
| **Louisiana 0.13%** |  |  |
| East Baton Rouge Parish, LA Sewerage Commission, Revenue Refunding Bonds Series 2020 B, *2.44%, 2/1/2039* | 100000 | 76147 |
| **Massachusetts 0.62%** |  |  |
| City of Worcester, MA, Pension Funding, General Obligation Limited, (AGM)(OID), *6.25%, 1/1/2028* | 65000 | 67315 |
| Massachusetts Health & Educational Facilities Authority, Refunding Revenue Bonds, *6.43%, 10/1/2035* | 250000 | 268887 |
| University of Massachusetts Building Authority, University & College Improvements, Build America Revenue Bonds, *6.57%, 5/1/2039* | 15000 | 15014 |
|  |  | 351216 |
| **Michigan 0.61%** |  |  |
| Michigan Finance Authority, School Improvements, Revenue Bonds, *6.38%, 11/1/2025* | 240000 | 240402 |
| Onsted Community Schools, School Improvements, General Obligation Unlimited, *5.90%, 5/1/2027* | $100000 | 100873 |
| St. Johns Public Schools, General Obligation Unlimited, *6.65%, 5/1/2040* | 5000 | 5013 |
|  |  | 346288 |
| **Missouri 5.23%** |  |  |
| City of Kansas City, MO, Revenue Bonds, *7.83%, 4/1/2040* | 2090000 | 2418499 |
| Missouri Joint Municipal Electric Utility Commission, Electric Lights & Power Improvements, Build America Revenue Bonds, *7.73%, 1/1/2039* | 475000 | 565077 |
|  |  | 2983576 |

---

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

18 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA INCOME FUND**

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

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market<br> Value** |
| <br>**Nebraska 0.36%** | | |
| Nebraska Public Power District, Electric Lights & Power Improvements, Build America Revenue Bonds, *5.32%, 1/1/2030* | $200000 | $203111 |
| **Nevada 1.99%** |  |  |
| County of Washoe, NV, Public Improvements, Build America Revenue Bonds, *7.88%, 2/1/2040* | 250000 | 316811 |
| County of Washoe, NV, Public Improvements, Build America Revenue Bonds, *7.97%, 2/1/2040* | 690000 | 815159 |
|  |  | 1131970 |
| **New Jersey 0.73%** |  |  |
| New Jersey Educational Facilities Authority, University & College Improvements, Build America Revenue Bonds, *6.19%, 7/1/2040* | 500000 | 417868 |
| **New York 3.43%** |  |  |
| City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, *5.70%, 3/1/2027* | 145000 | 147687 |
| City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, *5.21%, 10/1/2031* | 100000 | 101219 |
| Long Island Power Authority, Revenue Bonds, (OID), *5.85%, 5/1/2041* | 195000 | 197066 |
| Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, *6.59%, 11/15/2030* | 145000 | 154109 |
| Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, *6.20%, 11/15/2026* | 60000 | 60662 |
| New York City Industrial Development Agency, Recreational Facilities Improvements Revenue Bonds, (NATL-RE), *5.90%, 3/1/2046* | 500000 | 496238 |
| New York City Transitional Finance Authority Building Aid Revenue, School Improvements, Build America Revenue Bonds, (State Aid Withholding), *6.83%, 7/15/2040* | 470000 | 512138 |
| Port Authority of New York & New Jersey, Port, Airport & Marina Improvements, Revenue Bonds, *3.92%, 10/15/2028* | 115000 | 114304 |
| Western Nassau County Water Authority, Build America Revenue Bonds, *6.70%, 4/1/2040* | 150000 | 162995 |
|  |  | 1946418 |
| **North Carolina 0.33%** |  |  |
| County of Cabarrus, NC, School Improvements, Revenue Bonds, *5.50%, 4/1/2026* | 190000 | 190580 |
| **Ohio 4.42%** |  |  |
| American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, *7.50%, 2/15/2050* | 490000 | 564708 |
| American Municipal Power, Inc., Revenue Bonds, *6.27%, 2/15/2050* | 445000 | 457907 |
| Cincinnati City School District, Refunding Bonds, Certificates of Participation, (OID), Callable 12/15/2025 @ 100, *4.00%, 12/15/2032* | 200000 | 193389 |
| County of Cuyahoga, OH, Hospital Improvements, Build America Revenue Bonds, *8.22%, 2/15/2040* | 1000000 | 1108389 |
| Springfield Local School District/Summit County, School Improvements, Build America Bonds, General Obligation Unlimited (School District Credit Program), *5.65%, 9/1/2031* | 200000 | 200132 |
|  |  | 2524525 |
| **Pennsylvania 4.31%** |  |  |
| Pennsylvania Turnpike Commission Turnpike Revenue, Revenue Bonds, Callable 12/1/2029 @ 100, *3.58%, 12/1/2043* | 390000 | 316504 |
| Pennsylvania Turnpike Commission, Build America Revenue Bonds, *6.38%, 12/1/2037* | 520000 | 557170 |
| Philadelphia Authority for Industrial Development, Pension Funding, Revenue Bonds, (AGM) (OID), *6.35%, 4/15/2028* | 130000 | 135398 |
| Philadelphia Municipal Authority, Public Improvements, Revenue Bonds, *5.09%, 3/15/2028* | 385000 | 387655 |

---

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

19.0 **SPIRIT OF AMERICA INCOME FUND**

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

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Market<br> Value** |
| <br>**Pennsylvania (cont.)** |  |  |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County, Recreational Facilities Improvements, Revenue Bonds, *7.04%, 11/1/2039* | $1000000 | $1058673 |
|  |  | 2455400 |
| **Rhode Island 0.64%** |  |  |
| Narragansett Bay Commission, Revenue Bonds Series 2020 A, Callable 9/1/2030 @ 100, *2.92%, 9/1/2043* | 500000 | 365160 |
| **Texas 2.20%** |  |  |
| Frisco Economic Development Corp., Public Improvements, Revenue Bonds, *4.20%, 2/15/2034* | 1000000 | 976413 |
| Midland County Hospital District, Health, Hospital & Nursing Home Improvements, Build America Bonds, General Obligation Limited, *6.44%, 5/15/2039* | 260000 | 277680 |
|  |  | 1254093 |
| **Virgin Islands 2.90%** |  |  |
| Virgin Islands Water & Power Authority - Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), *6.85%, 7/1/2035* | 1000000 | 1057380 |
| Virgin Islands Water & Power Authority - Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), *6.65%, 7/1/2028* | 585000 | 599770 |
|  |  | 1657150 |
| **Virginia 7.25%** |  |  |
| Tobacco Settlement Financing Corp., Refunding Revenue Bonds, (OID), Callable 6/1/2026 @ 100, *6.71%, 6/1/2046* | 5245000 | 4131867 |
| **Washington 2.21%** |  |  |
| City of Seattle, WA, Municipal Light & Power Revenue, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), *5.57%, 2/1/2040* | 250000 | 254798 |
| Douglas County Public Utility District No. 1, Electric Lights & Power Improvements, Revenue Bonds, *5.35%, 9/1/2030* | 196899 | 203731 |
| Public Utility District No. 1 of Cowlitz County, WA, Electric Lights & Power Improvements, Build America Revenue Bonds, *6.88%, 9/1/2032* | 500000 | 544894 |
| Snohomish County Public Utility District No. 1, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), *5.68%, 12/1/2040* | 250000 | 249628 |
|  |  | 1253051 |
| **Total Municipal Bonds<br> (Cost $36,836,910)** |  | **35661965** |
| **Total Investments — 99.33%<br> (Cost $61,472,729)** |  | 56630801 |
| **Other Assets in Excess of Liabilities — 0.67%** |  | 380595 |
| **NET ASSETS — 100.00%** |  | $**57011396** |

---

*(a)* *Security is currently being valued according to the fair value procedures approved by the Board of Directors.* 

*(b)* *Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.* 

AGM — Assured Guaranty Municipal Corp.

NATL-RE — Insured by National Public Finance Guarantee Corp.

OID — Original Issue Discount

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

20 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA UTILITIES FUND**

**SCHEDULE OF INVESTMENTS \| JUNE 30, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market<br> Value** |
| <br>**Common Stocks 95.83%**<br>**Energy 2.65%** | | |
| Kinder Morgan, Inc. | 6000 | $176400 |
| ONEOK, Inc. | 2775 | 226523 |
| Targa Resources Corp. | 1425 | 248064 |
| Williams Companies, Inc. (The) | 5400 | 339174 |
|  |  | 990161 |
| **Industrials 1.82%** |  |  |
| Republic Services, Inc. | 1000 | 246610 |
| Waste Management, Inc. | 1900 | 434758 |
|  |  | 681368 |
| **Utilities 91.36%** |  |  |
| AES Corp. | 31500 | 331380 |
| Alliant Energy Corp. | 6250 | 377937 |
| Ameren Corp. | 10900 | 1046836 |
| American Electric Power Company, Inc. | 12450 | 1291812 |
| American Water Works Company, Inc. | 2250 | 312997 |
| Atmos Energy Corp. | 5450 | 839899 |
| Brookfield Renewable Corp., Class A | 5900 | 193402 |
| California Water Service Group | 4000 | 181920 |
| CenterPoint Energy, Inc. | 17000 | 624580 |
| Chesapeake Utilities Corp. | 3800 | 456836 |
| Clearway Energy, Inc., Class C | 15300 | 489600 |
| CMS Energy Corp. | 16350 | 1132728 |
| Constellation Energy Corp. | 5250 | 1694490 |
| Dominion Energy, Inc. | 7100 | 401292 |
| DTE Energy Co. | 11750 | 1556405 |
| Duke Energy Corp. | 13050 | 1539900 |
| Edison International | 10858 | 560273 |
| Entergy Corp. | 18500 | 1537720 |
| Essential Utilities, Inc. | 28350 | 1052919 |
| Evergy, Inc. | 10650 | 734104 |
| Eversource Energy | 19100 | 1215142 |
| Exelon Corp. | 20200 | 877084 |
| FirstEnergy Corp. | 27950 | 1125267 |
| IDACORP, Inc. | 3450 | 398303 |
| National Fuel Gas Co. | 3050 | 258366 |
| New Jersey Resources Corp. | 6500 | 291330 |
| NextEra Energy, Inc. | 27900 | 1936818 |
| Nisource, Inc. | 28600 | 1153724 |
| Northwest Natural Holdings Co. | 7400 | 293928 |
| NorthWestern Corp. | 7150 | 366795 |
| NRG Energy, Inc. | 3150 | 505827 |
| Pinnacle West Capital Corp. | 1600 | 143152 |
| PNM Resources, Inc. | 5600 | 315392 |
| Portland General Electric Co. | 14650 | 595230 |
| PPL Corp. | 39700 | 1345433 |
| Public Service Enterprise Group, Inc. | 14150 | 1191147 |
| Sempra Energy | 16900 | 1280513 |
| Southern Co. | 6700 | 615261 |
| Southwest Gas Corp. | 3450 | 256646 |
| Vistra Energy Corp. | 8700 | 1686147 |

---

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

21.0 **SPIRIT OF AMERICA UTILITIES FUND**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Market<br> Value** |
| <br>**Utilities (cont.)** | | |
| WEC Energy Group, Inc. | 7600 | $791920 |
| Xcel Energy, Inc. | 16900 | 1150890 |
|  |  | 34151345 |
| **Total Common Stocks**<br> (Cost $30,920,655) |  | **35822874** |
| **Money Market Funds 5.19%** |  |  |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 4.23%<sup>(a)</sup> | 1939861 | 1939861 |
| **Total Money Market Funds**<br> (Cost $1,939,861) |  | **1939861** |
| **Total Investments — 101.02%<br> (Cost $32,860,516)** |  | 37762735 |
| **Liabilities in Excess of Other Assets — (1.02)%** |  | (382483) |
| **NET ASSETS — 100.00%** |  | $**37380252** |

---

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

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

22 SPIRIT OF AMERICA <br>

**STATEMENTS OF ASSETS AND LIABILITIES**

**JUNE 30, 2025 (UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Spirit of America<br> Real Estate<br> Income and <br> Growth Fund** | **Spirit of America<br> Large Cap<br> Value Fund** | **Spirit of America<br> Municipal Tax Free<br> Bond Fund** | **Spirit of America**<br> **Income Fund** | **Spirit of America**<br> **Utilities Fund** |
| <br>**ASSETS** | | | | | |
| Investments in securities at fair value (cost $61,683,866, $82,527,653, $28,175,304, $61,472,729 and $32,860,516, respectively) | $73826420 | $198603880 | $27347856 | $56630801 | $37762735 |
| Cash |  |  |  | 6906 |  |
| Receivable for investments sold |  |  | 18131 | 231296 |  |
| Receivable for Fund shares sold | 132872 | 135165 | 119 | 41 | 78296 |
| Dividends and interest receivable | 291355 | 81344 | 332098 | 749338 | 61458 |
| Prepaid expenses | 31958 | 48932 | 26854 | 30914 | 26903 |
| **TOTAL ASSETS** | 74282605 | 198869321 | 27725058 | 57649296 | 37929392 |
| **LIABILITIES** |  |  |  |  |  |
| Line of credit payable |  |  |  | 426633 |  |
| Payable for Fund shares redeemed | 11315 | 74787 |  | 38362 |  |
| Payable for distributions to shareholders | 1227034 | 1070739 | 24240 | 106746 | 499319 |
| Payable for investment advisory fees | 59001 | 152417 | 2927 | 19731 | 24466 |
| Payable for distribution (12b-1) fees | 18375 | 46858 | 3843 | 12936 | 7093 |
| Payable for accounting and administration fees | 4662 | 11487 | 3599 | 5371 | 2162 |
| Payable for Chief Compliance Officer fees | 214 | 626 | 125 | 234 | 50 |
| Payable for transfer agent fees | 1601 | 2061 | 633 | 2059 |  |
| Other accrued expenses | 24095 | 34750 | 26010 | 25828 | 16050 |
| **TOTAL LIABILITIES** | 1346297 | 1393725 | 61377 | 637900 | 549140 |
| **NET ASSETS** | $72936308 | $197475596 | $27663681 | $57011396 | $37380252 |
| **SOURCE OF NET ASSETS** |  |  |  |  |  |
| As of June 30, 2025, net assets consisted of: |  |  |  |  |  |
| Paid-in capital | $63311475 | $74145444 | $38723034 | $60097144 | $33634640 |
| Accumulated earnings (deficits) | 9624833 | 123330152 | (11059353) | (3085748) | 3745612 |
| **NET ASSETS** | $72936308 | $197475596 | $27663681 | $57011396 | $37380252 |
| **NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A Shares** | $72863103 | $197075376 | $27524559 | $56565039 | $37340995 |
| &nbsp;&nbsp;&nbsp;Class C Shares | $59333 | $374451 | $129879 | $433478 | $26391 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $13872 | $25769 | $9243 | $12879 | $12866 |
| **SHARES OUTSTANDING ($0.001 par value, 500,000,000 authorized shares):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 8661507 | 5692502 | 3264682 | 5609078 | 1819845 |
| &nbsp;&nbsp;&nbsp;Class C Shares | 7193 | 10822 | 15448 | 42969 | 1276 |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 1702 | 745 | 1099 | 1273 | 627 |
| **NET ASSET VALUE AND REDEMPTION PRICE PER SHARE** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares<sup>(a)</sup> | $8.41 | $34.62 | $8.43 | $10.08 | $20.52 |
| &nbsp;&nbsp;&nbsp;Class C Shares<sup>(b)</sup> | $8.25 | $34.60 | $8.41 | $10.09 | $20.69 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Institutional Shares | $8.15 | $34.61 <sup>(c)</sup> | $8.41 | $10.12 | $20.53 <sup>(c)</sup> |
| **OFFERING PRICE PER SHARE (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | $8.88 | $36.54 | $8.85 | $10.58 | $21.77 |
| **MAXIMUM SALES CHARGE:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | 5.25% | 5.25% | 4.75% | 4.75% | 5.75% |

---

*(a)* *A contingent deferred sales charge of 1.00% may be charged on shares held less than one year where an indirect commission was paid.* 

*(b)* *A contingent deferred sales charge of 1.00% may be charged on shares held less than 13 months.* 

*(c)* *Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.* 

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

23.0 **STATEMENTS OF OPERATIONS**

**FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Spirit of America<br> Real Estate <br> Income and<br> Growth Fund** | **Spirit of America<br> Large Cap<br> Value Fund** | **Spirit of America<br> Municipal Tax Free<br> Bond Fund** | **Spirit of America**<br> **Income Fund** | **Spirit of America**<br> **Utilities Fund** |
| <br>**INVESTMENT INCOME** | | | | | |
| Dividends | $1498505 | $1276985 | $2253 | $478289 | $521247 |
| Foreign dividend taxes |  | (1421) |  | (6504) | 61 |
| Interest |  |  | 545416 | 1340351 |  |
| **TOTAL INVESTMENT INCOME** | **1498505** | **1275564** | **547669** | **1812136** | **521308** |
| **EXPENSES** |  |  |  |  |  |
| Investment advisory | 348324 | 891810 | 86294 | 179406 | 151006 |
| Distribution (12b-1) - Class A Shares | 107612 | 275267 | 21470 | 74176 | 38881 |
| Distribution (12b-1) - Class C Shares | 325 | 1721 | 642 | 2242 | 91 |
| Accounting and Administration | 32331 | 78135 | 14877 | 27910 | 15644 |
| Registration | 16357 | 16032 | 19703 | 20178 | 21157 |
| Auditing | 12817 | 12818 | 12818 | 12818 | 12817 |
| Transfer agent | 8483 | 13491 | 2755 | 10306 | 1992 |
| Sub transfer agent | 7613 | 18451 | 2805 | 6307 | 2862 |
| Directors | 7150 | 18096 | 2928 | 6130 | 2956 |
| Insurance | 6602 | 18214 | 3064 | 6235 | 2533 |
| Legal | 5793 | 14744 | 2329 | 4875 | 2499 |
| Printing | 4841 | 10399 | 2185 | 5660 | 2164 |
| Custodian | 2463 | 9537 | 2380 | 2381 | 3310 |
| Line of credit | 1545 | 3774 | 607 | 1272 | 694 |
| Chief Compliance Officer | 1530 | 3915 | 619 | 1297 | 659 |
| Pricing | 940 | 1581 | 12423 | 8576 | 437 |
| Interest | 372 | 5966 | 4057 | 14229 |  |
| Other | 9563 | 12545 | 10062 | 12185 | 8141 |
| **TOTAL EXPENSES** | **574661** | **1406496** | **202018** | **396183** | **267843** |
| Fees waived by Adviser |  |  | (67442) | (50290) | (28808) |
| **NET EXPENSES** | **574661** | **1406496** | **134576** | **345893** | **239035** |
| **NET INVESTMENT INCOME (LOSS)** | **923844** | **(130932)** | **413093** | **1466243** | **282273** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |
| Net realized gain (loss) from investment transactions | 156342 | 8910052 | (115439) | 1557198 | (12507) |
| Net realized gain on foreign currency transactions |  |  |  | 206 |  |
| Net realized gain on written options transactions | 1220 |  |  |  |  |
| Net change in unrealized appreciation (depreciation) of investments | (1740558) | 4013205 | (303632) | (1540200) | 2341573 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **(1582996)** | **12923257** | **(419071)** | **17204** | **2329066** |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**(659152)** | $**12792325** | $**(5978)** | $**1483447** | $**2611339** |

---

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

24 SPIRIT OF AMERICA <br>

[THIS PAGE INTENTIONALLY LEFT BLANK]

25.0 **STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Spirit of America<br> Real Estate Income and <br> Growth Fund** | **Spirit of America<br> Real Estate Income and <br> Growth Fund** | **Spirit of America<br> Large Cap Value Fund** | **Spirit of America<br> Large Cap Value Fund** |
| | **For the<br> Six Months Ended<br> June 30,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Six Months Ended<br> June 30,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| <br>**OPERATIONS** | **(Unaudited)** | | **(Unaudited)** | |
| Net investment income (loss) | $923844 | $1311866 | $(130932) | $(107206) |
| Net realized gain (loss) from investment and foreign currency transactions | 157562 | 3791441 | 8910052 | 14780051 |
| Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions | (1740558) | (52036) | 4013205 | 35298172 |
| Net increase (decrease) in net assets resulting from operations | (659152) | 5051271 | 12792325 | 49971017 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM** |  |  |  |  |
| Earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares | (3557138) | (5063845) | (3925711) | (10679301) |
| &nbsp;&nbsp;&nbsp;Class C Shares | (2797) | (5037) | (6383) | (20045) |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (707) | (995) | (545) | (1315) |
| Return of capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares |  | (1563718) |  | (1243336) |
| &nbsp;&nbsp;&nbsp;Class C Shares |  | (1261) |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  | (321) |  | (218) |
| Total distributions to shareholders | (3560642) | (6635177) | (3932639) | (11944215) |
| **CAPITAL TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 7252501 | 8924037 | 16126392 | 28266905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 2332261 | 4509125 | 2859587 | 8683190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (5030537) | (15773853) | (20876164) | (34474904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Class A Shares | 4554225 | (2340691) | (1890185) | 2475191 |
| &nbsp;&nbsp;&nbsp;Class C Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 500 | 12500 | 12237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 641 | 2094 | 1768 | 5267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (11713) | (106882) | (15239) | (35441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Class C Shares | (11072) | (104288) | (971) | (17937) |
| &nbsp;&nbsp;&nbsp;Institutional Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 707 | 1316 | 545 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Institutional Shares | 707 | 1316 | 545 | 1533 |
| Increase (decrease) in net assets derived from capital share transactions | 4543860 | (2443663) | (1890611) | 2458787 |
| Total increase (decrease) in Net Assets | 324066 | (4027569) | 6969075 | 40485589 |
| **NET ASSETS** |  |  |  |  |
| Beginning of period | 72612242 | 76639811 | 190506521 | 150020932 |
| End of period | $72936308 | $72612242 | $197475596 | $190506521 |
| **SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 822745 | 961462 | 498273 | 901915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 277320 | 516090 | 82599 | 264360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (569557) | (1732939) | (651167) | (1080628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Class A Shares | 530508 | (255387) | (70295) | 85647 |
| &nbsp;&nbsp;&nbsp;Class C Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  | 55 | 456 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 78 | 244 | 51 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1312) | (12067) | (474) | (1332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Class C Shares | (1234) | (11768) | 33 | (797) |
| &nbsp;&nbsp;&nbsp;Class Institutional Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued from reinvestment of distributions | 87 | 155 | 16 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Institutional Shares | 87 | 155 | 16 | 47 |

---

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

26 SPIRIT OF AMERICA <br>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Spirit of America<br> Municipal Tax Free<br> Bond Fund** | **Spirit of America<br> Municipal Tax Free<br> Bond Fund** | **Spirit of America<br> Income Fund** | **Spirit of America<br> Income Fund** | **Spirit of America<br> Utilities Fund** | **Spirit of America<br> Utilities Fund** |
| **For the<br> Six Months Ended<br> June 30,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Six Months Ended<br> June 30,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** | **For the<br> Six Months Ended<br> June 30,<br> 2025** | **For the<br> Year Ended<br> December 31,<br> 2024** |
| **(Unaudited)** | | **(Unaudited)** | | **(Unaudited)** | |
| $413093 | $903989 | $1466243 | $3280000 | $282273 | $367374 |
| (115439) | (222321) | 1557404 | (70363) | (12507) |  |
| (303632) | (108436) | (1540200) | 364488 | 2341573 | 3089506 |
| (5978) | 573232 | 1483447 | 3574125 | 2611339 | 3456880 |
| (411642) | (901222) | (1418433) | (3564150) | (1502087) | (313265) |
| (1312) | (2502) | (9075) | (22056) | (983) | (141) |
| (139) | (265) | (320) | (688) | (524) | (161) |
|  |  |  |  |  | (1588180) |
|  |  |  |  |  | (713) |
|  |  |  |  |  | (819) |
| (413093) | (903989) | (1427828) | (3586894) | (1503594) | (1903279) |
| 496536 | 1865065 | 2453502 | 7613286 | 9697433 | 11796385 |
| 269606 | 570558 | 810737 | 1996364 | 1002768 | 1265549 |
| (3040657) | (6869914) | (9410009) | (18268193) | (1461330) | (2066285) |
| (2274515) | (4434291) | (6145770) | (8658543) | 9238871 | 10995649 |
| 660 | 1320 |  | 25000 | 12500 |  |
| 1266 | 2246 | 6907 | 18314 | 983 | 854 |
|  | (4475) | (58999) | (250) |  |  |
| 1926 | (909) | (52092) | 43064 | 13483 | 854 |
| 139 | 264 | 319 | 688 | 524 | 980 |
| 139 | 264 | 319 | 688 | 524 | 980 |
| (2272450) | (4434936) | (6197543) | (8614791) | 9252878 | 10997483 |
| (2691521) | (4765693) | (6141924) | (8627560) | 10360623 | 12551084 |
| 30355202 | 35120895 | 63153320 | 71780880 | 27019629 | 14468545 |
| $27663681 | $30355202 | $57011396 | $63153320 | $37380252 | $27019629 |
| 58698 | 217409 | 242959 | 739626 | 467987 | 589297 |
| 31760 | 66559 | 80164 | 195562 | 48868 | 66674 |
| (359227) | (800803) | (931645) | (1784255) | (71386) | (108379) |
| (268769) | (516835) | (608522) | (849067) | 445469 | 547592 |
| 78 | 154 |  | 2475 | 644 |  |
| 149 | 263 | 683 | 1794 | 47 | 45 |
|  | (521) | (5902) | (25) |  |  |
| 227 | (104) | (5219) | 4244 | 691 | 45 |
| 17 | 31 | 31 | 68 | 26 | 52 |
| 17 | 31 | 31 | 68 | 26 | 52 |

---

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

27.0 **SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND**

**CLASS A SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **For the<br> Six Months Ended**<br>**June 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $8.92 | $9.12 | $9.12 | $13.90 | $10.45 | $11.96 |
| **From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.13 | 0.16 | 0.16 | 0.14 | 0.08 | 0.15 |
| Net realized and unrealized gain (loss) on investments | (0.21) | 0.49 | 0.69 | (4.07) | 4.22 | (0.81) |
| Total from investment operations | (0.08) | 0.65 | 0.85 | (3.93) | 4.30 | (0.66) |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.43) | (0.16) | (0.16) | (0.17) | (0.14) | (0.11) |
| Distributions from net capital gains |  | (0.49) | (0.58) | (0.55) | (0.71) | (0.04) |
| Distributions from return of capital |  | (0.20) | (0.11) | (0.13) |  | (0.70) |
| Total distributions | (0.43) | (0.85) | (0.85) | (0.85) | (0.85) | (0.85) |
| **Net Asset Value, End of Period** | $8.41 | $8.92 | $9.12 | $9.12 | $13.90 | $10.45 |
| **Total Return**<sup>2</sup>** | (0.95)%<sup>3</sup> | 7.55% | 9.53% | (28.46)% | 42.03% | (5.13)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000) | $72863 | $72525 | $76446 | $90567 | $133371 | $82609 |
| Ratio of net expenses to average net assets | 1.60%<sup>4</sup> | 1.60%<sup>5</sup> | 1.60%<sup>6</sup> | 1.54% | 1.52% | 1.59% |
| Ratio of net investment income to average net assets | 2.57%<sup>4</sup> | 1.79% | 1.76% | 1.28% | 0.68% | 1.05% |
| Portfolio turnover rate | 2%<sup>3</sup> | 8% | 4% | 16% | 17% | 18% |

---

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

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

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

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

*<sup>5</sup>* *Includes interest expense of 0.01%.*

*<sup>6</sup>* *Includes interest expense of 0.02%.*

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

28 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND**

**CLASS C SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **For the<br> Six Months Ended<br> **June 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $8.75 | $8.94 | $8.96 | $13.68 | $10.26 | $11.77 |
| **From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.08 | 0.08 | 0.10 | 0.07 | 0.01 | 0.08 |
| Net realized and unrealized gain (loss) on investments | (0.19) | 0.50 | 0.67 | (4.01) | 4.14 | (0.81) |
| Total from investment operations | (0.11) | 0.58 | 0.77 | (3.94) | 4.15 | (0.73) |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.39) | (0.12) | (0.13) | (0.13) | (0.02) | (0.10) |
| Distributions from net capital gains |  | (0.49) | (0.53) | (0.55) | (0.71) | (0.04) |
| Distributions from return of capital |  | (0.16) | (0.08) | (0.10) |  | (0.64) |
| Total distributions | (0.39) | (0.77) | (0.79) | (0.78) | (0.73) | (0.78) |
| **Net Asset Value, End of Period** | $8.25 | $8.75 | $8.94 | $8.96 | $13.68 | $10.26 |
| **Total Return**<sup>2</sup>** | (1.22)%<sup>3</sup> | 6.81% | 8.75% | (28.98)% | 41.07% | (5.85)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000) | $59 | $74 | $181 | $178 | $216 | $222 |
| Ratio of net expenses to average net assets | 2.30%<sup>4</sup> | 2.30%<sup>5</sup> | 2.30%<sup>6</sup> | 2.25% | 2.22% | 2.29% |
| Ratio of net investment income to average net assets | 1.74%<sup>4</sup> | 0.93% | 1.12% | 0.62% | 0.06% | 0.41% |
| Portfolio turnover rate | 2%<sup>3</sup> | 8% | 4% | 16% | 17% | 18% |

---

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

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

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

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

*<sup>5</sup>* *Includes interest expense of 0.01%.*

*<sup>6</sup>* *Includes interest expense of 0.02%.*

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

29.0 **SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND**

**INSTITUTIONAL SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | |
|  | **For the<br> Six Months Ended<br> June 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **<br> **For the**<br> **Period Ended**<br> December 31,**<br>**2020<sup>1</sup>** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $8.66 | $8.87 | $8.90 | $13.60 | $10.24 | $9.67 |
| **From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.14 | 0.19 | 0.19 | 0.17 | 0.11 | 0.14 |
| Net realized and unrealized gain (loss) on investments | (0.21) | 0.48 | 0.66 | (3.99) | 4.14 | 1.31 |
| Total from investment operations | (0.07) | 0.67 | 0.85 | (3.82) | 4.25 | 1.45 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.44) | (0.17) | (0.18) | (0.19) | (0.18) | (0.12) |
| Distributions from net capital gains |  | (0.49) | (0.58) | (0.55) | (0.71) | (0.04) |
| Distributions from return of capital |  | (0.22) | (0.12) | (0.14) |  | (0.72) |
| Total distributions | (0.44) | (0.88) | (0.88) | (0.88) | (0.89) | (0.88) |
| **Net Asset Value, End of Period** | $8.15 | $8.66 | $8.87 | $8.90 | $13.60 | $10.24 |
| **Total Return** | (0.84)%<sup>3</sup> | 7.99% | 9.77% | (28.26)% | 42.39% | 15.52%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000) | $14 | $14 | $13 | $12 | $16 | $14 |
| Ratio of net expenses to average net assets | 1.30%<sup>4</sup> | 1.30%<sup>5</sup> | 1.30%<sup>6</sup> | 1.24% | 1.22% | 1.29%<sup>4</sup> |
| Ratio of net investment income to average net assets | 2.86%<sup>4</sup> | 2.10% | 2.13% | 1.59% | 0.89% | 1.53%<sup>4</sup> |
| Portfolio turnover rate | 2%<sup>3</sup> | 8% | 4% | 16% | 17% | 18%<sup>3</sup> |

---

*<sup>1</sup>* *For the period May 1, 2020 (commencement of operations) to December 31, 2020.*

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

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

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

*<sup>5</sup>* *Includes interest expense of 0.01%.*

*<sup>6</sup>* *Includes interest expense of 0.02%.*

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

30 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA LARGE CAP VALUE FUND**

**CLASS A SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **For the<br> Six Months Ended<br> June 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $32.99 | $26.37 | $22.14 | $29.57 | $24.47 | $22.53 |
| **From Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | (0.01) | (0.02) | 0.12 | 0.12 | 0.02 | 1.08 |
| Net realized and unrealized gain (loss) on investments | 2.34 | 8.76 | 5.51 | (5.38) | 7.05 | 2.26 |
| Total from investment operations | 2.33 | 8.74 | 5.63 | (5.26) | 7.07 | 3.34 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.70) |  | (0.11) | (0.10) | (0.01) | (0.17) |
| Distributions from net capital gains |  | (1.90) | (0.90) | (1.97) | (1.79) | (0.90) |
| Distributions from return of capital |  | (0.22) | (0.39) | (0.10) | (0.17) | (0.33) |
| Total distributions | (0.70) | (2.12) | (1.40) | (2.17) | (1.97) | (1.40) |
| **Net Asset Value, End of Period** | $34.62 | $32.99 | $26.37 | $22.14 | $29.57 | $24.47 |
| **Total Return**<sup>2</sup>** | 7.06%<sup>3</sup> | 33.29% | 25.67% | (17.70)% | 29.27% | 15.49% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000) | $197075 | $190127 | $149697 | $122333 | $157478 | $128680 |
| Ratio of net expenses to average net assets | 1.53%<sup>4,5</sup> | 1.52%<sup>5</sup> | 1.53%<sup>5</sup> | 1.51% | 1.50% | 1.53% |
| Ratio of net investment income (loss) to average net assets | (0.14)%<sup>4</sup> | (0.06)% | 0.51% | 0.48% | 0.06% | 0.82% |
| Portfolio turnover rate | 4%<sup>3</sup> | 7% | 5% | 10% | 11% | 15% |

---

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

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

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

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

*<sup>5</sup>* *Includes interest expense of 0.01%.*

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

31.0 **SPIRIT OF AMERICA LARGE CAP VALUE FUND**

**CLASS C SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **For the<br> Six Months Ended<br> June 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $32.99 | $26.38 | $22.17 | $29.56 | $24.48 | $22.59 |
| **From Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> | (0.13) | (0.24) | (0.05) | (0.06) | (0.18) | 0.88 |
| Net realized and unrealized gain (loss) on investments | 2.33 | 8.75 | 5.50 | (5.36) | 7.05 | 2.30 |
| Total from investment operations | 2.20 | 8.51 | 5.45 | (5.42) | 6.87 | 3.18 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.59) |  | (0.08) |  |  | (0.13) |
| Distributions from net capital gains |  | (1.90) | (0.90) | (1.97) | (1.79) | (0.90) |
| Distributions from return of capital |  |  | (0.26) |  |  | (0.26) |
| Total distributions | (0.59) | (1.90) | (1.24) | (1.97) | (1.79) | (1.29) |
| **Net Asset Value, End of Period** | $34.60 | $32.99 | $26.38 | $22.17 | $29.56 | $24.48 |
| **Total Return**<sup>2</sup>** | 6.68%<sup>3</sup> | 32.37% | 24.80% | (18.29)% | 28.37% | 14.70% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000) | $374 | $356 | $306 | $194 | $308 | $263 |
| Ratio of net expenses to average net assets | 2.23%<sup>4,5</sup> | 2.22%<sup>5</sup> | 2.23%<sup>5</sup> | 2.21% | 2.20% | 2.23% |
| Ratio of net investment loss to average net assets | (0.84)%<sup>4</sup> | (0.76)% | (0.18)% | (0.24)% | (0.64)% | (0.09)% |
| Portfolio turnover rate | 4%<sup>3</sup> | 7% | 5% | 10% | 11% | 15% |

---

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

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

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

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

*<sup>5</sup>* *Includes interest expense of 0.01%.*

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

32 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA LARGE CAP VALUE FUND**

**INSTITUTIONAL SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | |
|  | **For the<br> Six Months Ended<br> June 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **For the<br> Period Ended<br> December 31,**<br>**2020<sup>1</sup>** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $32.98 | $26.35 | $22.12 | $29.56 | $24.46 | $19.57 |
| **From Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>2</sup> | 0.04 | 0.08 | 0.20 | 0.20 | 0.10 | 1.02 |
| Net realized and unrealized gain (loss) on investments | 2.34 | 8.77 | 5.50 | (5.39) | 7.06 | 5.34 |
| Total from investment operations | 2.38 | 8.85 | 5.70 | (5.19) | 7.16 | 6.36 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.75) |  | (0.13) | (0.15) | (0.02) | (0.19) |
| Distributions from net capital gains |  | (1.90) | (0.90) | (1.97) | (1.79) | (0.90) |
| Distributions from return of capital |  | (0.32) | (0.44) | (0.13) | (0.25) | (0.38) |
| Total distributions | (0.75) | (2.22) | (1.47) | (2.25) | (2.06) | (1.47) |
| **Net Asset Value, End of Period** | $34.61 | $32.98 | $26.35 | $22.12 | $29.56 | $24.46 |
| **Total Return** | 7.21%<sup>3</sup> | 33.73% | 26.05% | (17.48)% | 29.64% | 33.28%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000) | $26 | $24 | $18 | $14 | $17 | $13 |
| Ratio of net expenses to average net assets | 1.22%<sup>4,5</sup> | 1.22%<sup>5</sup> | 1.23%<sup>5</sup> | 1.21% | 1.20% | 1.23%<sup>4</sup> |
| Ratio of net investment income to average net assets | 0.16%<sup>4</sup> | 0.24% | 0.80% | 0.78% | 0.36% | 0.80%<sup>4</sup> |
| Portfolio turnover rate | 4%<sup>3</sup> | 7% | 5% | 10% | 11% | 15%<sup>3</sup> |

---

*<sup>1</sup>* *For the period May 1, 2020 (commencement of operations) to December 31, 2020.*

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

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

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

*<sup>5</sup>* *Includes interest expense of 0.01%.*

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

33.0 **SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND**

**CLASS A SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **For the<br> Six Months Ended<br> June 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $8.55 | $8.64 | $8.44 | $9.44 | $9.54 | $9.45 |
| **From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | 0.12 | 0.24 | 0.17 | 0.17 | 0.18 | 0.24 |
| Net realized and unrealized gain (loss) on investments | (0.12) | (0.09) | 0.20 | (1.00) | (0.10) | 0.09 |
| Total from investment operations |  | 0.15 | 0.37 | (0.83) | 0.08 | 0.33 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.12) | (0.24) | (0.17) | (0.17) | (0.18) | (0.24) |
| Total distributions | (0.12) | (0.24) | (0.17) | (0.17) | (0.18) | (0.24) |
| **Net Asset Value, End of Period** | $8.43 | $8.55 | $8.64 | $8.44 | $9.44 | $9.54 |
| **Total Return**<sup>1</sup>** | 0.01%<sup>2</sup> | 1.71% | 4.48% | (8.87)% | 0.88% | 3.56% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000) | $27525 | $30216 | $34980 | $39309 | $62397 | $70947 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 1.40%<sup>3,4</sup> | 1.34%<sup>5</sup> | 1.26%<sup>6</sup> | 1.19% | 1.10% | 1.11% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 0.93%<sup>3,4</sup> | 0.92%<sup>5</sup> | 0.92%<sup>6</sup> | 0.92% | 0.90% | 0.90% |
| Ratio of net investment income to average net assets | 2.88%<sup>3</sup> | 2.74% | 2.03% | 1.90% | 1.94% | 2.55% |
| Portfolio turnover rate | 13%<sup>2</sup> | 4% | 24% | —% | 11% | 18% |

---

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

*<sup>2</sup>* *Not annualized.*

*<sup>3</sup>* *Annualized.*

*<sup>4</sup>* *Includes interest expense of 0.03%.*

*<sup>5</sup>* *Includes interest expense of 0.01%.*

*<sup>6</sup>* *Includes interest expense of 0.02%.*

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

34 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND**

**CLASS C SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **For the<br> Six Months Ended**<br>**June 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $8.53 | $8.61 | $8.42 | $9.42 | $9.52 | $9.43 |
| **From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | 0.09 | 0.16 | 0.10 | 0.09 | 0.10 | 0.16 |
| Net realized and unrealized gain (loss) on investments | (0.12) | (0.08) | 0.19 | (1.00) | (0.10) | 0.09 |
| Total from investment operations | (0.03) | 0.08 | 0.29 | (0.91) |  | 0.25 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.09) | (0.16) | (0.10) | (0.09) | (0.10) | (0.16) |
| Total distributions | (0.09) | (0.16) | (0.10) | (0.09) | (0.10) | (0.16) |
| **Net Asset Value, End of Period** | $8.41 | $8.53 | $8.61 | $8.42 | $9.42 | $9.52 |
| **Total Return**<sup>1</sup>** | (0.40)%<sup>2</sup> | 0.97% | 3.49% | (9.66)% | 0.03% | 2.70% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000) | $130 | $130 | $132 | $139 | $153 | $333 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 2.26%<sup>3,4</sup> | 2.19%<sup>5</sup> | 2.11%<sup>6</sup> | 2.04% | 1.95% | 1.96% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 1.78%<sup>3,4</sup> | 1.77%<sup>5</sup> | 1.77%<sup>6</sup> | 1.77% | 1.75% | 1.75% |
| Ratio of net investment income to average net assets | 2.04%<sup>3</sup> | 1.89% | 1.19% | 1.06% | 1.11% | 1.71% |
| Portfolio turnover rate | 13%<sup>2</sup> | 4% | 24% | —% | 11% | 18% |

---

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

*<sup>2</sup>* *Not annualized.* 

*<sup>3</sup>* *Annualized.* 

*<sup>4</sup>* *Includes interest expense of 0.03%.* 

*<sup>5</sup>* *Includes interest expense of 0.01%.* 

*<sup>6</sup>* *Includes interest expense of 0.02%.* 

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

35.0 **SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND**

**INSTITUTIONAL SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | |
|  | **For the<br> Six Months Ended<br> June 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **For the<br> Period Ended<br> December 31,**<br>**2020<sup>1</sup>** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $8.53 | $8.62 | $8.42 | $9.42 | $9.52 | $9.28 |
| **From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | 0.13 | 0.25 | 0.19 | 0.18 | 0.20 | 0.16 |
| Net realized and unrealized gain (loss) on investments | (0.12) | (0.09) | 0.20 | (1.00) | (0.10) | 0.24 |
| Total from investment operations | 0.01 | 0.16 | 0.39 | (0.82) | 0.10 | 0.40 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.13) | (0.25) | (0.19) | (0.18) | (0.20) | (0.16) |
| Total distributions | (0.13) | (0.25) | (0.19) | (0.18) | (0.20) | (0.16) |
| **Net Asset Value, End of Period** | $8.41 | $8.53 | $8.62 | $8.42 | $9.42 | $9.52 |
| **Total Return** | 0.09%<sup>2</sup> | 1.87% | 4.64% | (8.75)% | 1.03% | 4.37%<sup>2</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000) | $9 | $9 | $9 | $9 | $9 | $9 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 1.27%<sup>3,4</sup> | 1.19%<sup>5</sup> | 1.11%<sup>6</sup> | 1.04% | 0.95% | 0.96%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 0.79%<sup>3,4</sup> | 0.77%<sup>5</sup> | 0.77%<sup>6</sup> | 0.77% | 0.75% | 0.75%<sup>3</sup> |
| Ratio of net investment income to average net assets | 3.04%<sup>3</sup> | 2.89% | 2.19% | 2.06% | 2.08% | 2.60%<sup>3</sup> |
| Portfolio turnover rate | 13%<sup>2</sup> | 4% | 24% | —% | 11% | 18%<sup>2</sup> |

---

*<sup>1</sup>* *For the period May 1, 2020 (commencement of operations) to December 31, 2020.* 

*<sup>2</sup>* *Not annualized.* 

*<sup>3</sup>* *Annualized.* 

*<sup>4</sup>* *Includes interest expense of 0.03%.* 

*<sup>5</sup>* *Includes interest expense of 0.01%.* 

*<sup>6</sup>* *Includes interest expense of 0.02%.* 

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

36 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA INCOME FUND**

**CLASS A SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **For the<br> Six Months Ended**<br>**June 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $10.08 | $10.09 | $10.03 | $12.39 | $12.44 | $12.21 |
| **From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | 0.25 | 0.50 | 0.52 | 0.44 | 0.50 | 0.44 |
| Net realized and unrealized gain (loss) on investments | (0.01) | 0.03 | 0.16 | (1.99) | 0.06 | 0.26 |
| Total from investment operations | 0.24 | 0.53 | 0.68 | (1.55) | 0.56 | 0.70 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.24) | (0.49) | (0.48) | (0.43) | (0.46) | (0.43) |
| Distributions from net capital gains |  | (0.05) | (0.14) | (0.38) | (0.15) | (0.04) |
| Total distributions | (0.24) | (0.54) | (0.62) | (0.81) | (0.61) | (0.47) |
| **Net Asset Value, End of Period** | $10.08 | $10.08 | $10.09 | $10.03 | $12.39 | $12.44 |
| **Total Return**<sup>1</sup>** | 2.42%<sup>2</sup> | 5.37% | 6.94% | (12.69)% | 4.59% | 5.95% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000) | $56565 | $62655 | $71325 | $77767 | $119137 | $135162 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 1.32%<sup>3,4</sup> | 1.26%<sup>5</sup> | 1.24%<sup>5</sup> | 1.18% | 1.14%<sup>6</sup> | 1.15% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 1.15%<sup>3,4</sup> | 1.13%<sup>5</sup> | 1.14%<sup>5</sup> | 1.12% | 1.11%<sup>6</sup> | 1.10% |
| Ratio of net investment income to average net assets | 4.91%<sup>3</sup> | 4.80% | 5.10% | 3.83% | 3.98% | 3.70% |
| Portfolio turnover rate | —%<sup>2</sup> | —% | 2% | 1% | 4% | 20% |

---

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

*<sup>2</sup>* *Not annualized.* 

*<sup>3</sup>* *Annualized.* 

*<sup>4</sup>* *Includes interest expense of 0.05%.* 

*<sup>5</sup>* *Includes interest expense of 0.03%.* 

*<sup>6</sup>* *Includes interest expense of 0.01%.* 

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

37.0 **SPIRIT OF AMERICA INCOME FUND**

**CLASS C SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** |
|  | **For the<br> Six Months Ended**<br>**June 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $10.08 | $10.10 | $10.03 | $12.39 | $12.45 | $12.22 |
| **From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | 0.22 | 0.42 | 0.44 | 0.35 | 0.40 | 0.36 |
| Net realized and unrealized gain (loss) on investments |  | 0.03 | 0.18 | (1.98) | 0.06 | 0.25 |
| Total from investment operations | 0.22 | 0.45 | 0.62 | (1.63) | 0.46 | 0.61 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.21) | (0.42) | (0.41) | (0.35) | (0.37) | (0.34) |
| Distributions from net capital gains |  | (0.05) | (0.14) | (0.38) | (0.15) | (0.04) |
| Total distributions | (0.21) | (0.47) | (0.55) | (0.73) | (0.52) | (0.38) |
| **Net Asset Value, End of Period** | $10.09 | $10.08 | $10.10 | $10.03 | $12.39 | $12.45 |
| **Total Return**<sup>1</sup>** | 2.15%<sup>2</sup> | 4.48% | 6.25% | (13.34)% | 3.72% | 5.18% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000) | $433 | $486 | $444 | $398 | $437 | $465 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 2.07%<sup>3,4</sup> | 2.01%<sup>5</sup> | 1.99%<sup>5</sup> | 1.93% | 1.89%<sup>6</sup> | 1.90% |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 1.90%<sup>3,4</sup> | 1.88%<sup>5</sup> | 1.89%<sup>5</sup> | 1.87% | 1.86%<sup>6</sup> | 1.85% |
| Ratio of net investment income to average net assets | 4.17%<sup>3</sup> | 4.07% | 4.36% | 3.12% | 3.23% | 2.92% |
| Portfolio turnover rate | —%<sup>2</sup> | —% | 2% | 1% | 4% | 20% |

---

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

*<sup>2</sup>* *Not annualized.* 

*<sup>3</sup>* *Annualized.* 

*<sup>4</sup>* *Includes interest expense of 0.05%.* 

*<sup>5</sup>* *Includes interest expense of 0.03%.* 

*<sup>6</sup>* *Includes interest expense of 0.01%.* 

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

38 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA INCOME FUND**

**INSTITUTIONAL SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | **For the Year Ended December 31** | |
|  | **For the<br> Six Months Ended<br> June 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **For the<br> Period Ended<br> December 31,**<br>**2020<sup>1</sup>** |
|  | **(Unaudited)** | | | | | |
| **Net Asset Value, Beginning of Period** | $10.11 | $10.13 | $10.06 | $12.43 | $12.48 | $11.66 |
| **From Investment Operations:** |  |  |  |  |  |  |
| Net investment income | 0.25 | 0.52 | 0.54 | 0.46 | 0.53 | 0.31 |
| Net realized and unrealized gain (loss) on investments | 0.01 | 0.03 | 0.18 | (1.99) | 0.07 | 0.83 |
| Total from investment operations | 0.26 | 0.55 | 0.72 | (1.53) | 0.59 | 1.14 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.25) | (0.52) | (0.51) | (0.46) | (0.50) | (0.28) |
| Distributions from net capital gains |  | (0.05) | (0.14) | (0.38) | (0.15) | (0.04) |
| Total distributions | (0.25) | (0.57) | (0.65) | (0.84) | (0.65) | (0.32) |
| **Net Asset Value, End of Period** | $10.12 | $10.11 | $10.13 | $10.06 | $12.43 | $12.48 |
| **Total Return** | 2.64%<sup>2</sup> | 5.51% | 7.30% | (12.51)% | 4.83% | 9.89%<sup>2</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000) | $13 | $13 | $12 | $11 | $13 | $12 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 1.06%<sup>3,4</sup> | 1.01%<sup>5</sup> | 0.99%<sup>5</sup> | 0.93% | 0.89%<sup>6</sup> | 0.90%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 0.90%<sup>3,4</sup> | 0.88%<sup>5</sup> | 0.89%<sup>5</sup> | 0.87% | 0.86%<sup>6</sup> | 0.85%<sup>3</sup> |
| Ratio of net investment income to average net assets | 5.16%<sup>3</sup> | 5.05% | 5.34% | 4.10% | 4.21% | 3.80%<sup>3</sup> |
| Portfolio turnover rate | —%<sup>2</sup> | —% | 2% | 1% | 4% | 20%<sup>2</sup> |

---

*<sup>1</sup>* *For the period May 1, 2020 (commencement of operations) to December 31, 2020.*

*<sup>2</sup>* *Not annualized.*

*<sup>3</sup>* *Annualized.*

*<sup>4</sup>* *Includes interest expense of 0.05%.*

*<sup>5</sup>* *Includes interest expense of 0.03%.*

*<sup>6</sup>* *Includes interest expense of 0.01%.*

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

39.0 **SPIRIT OF AMERICA UTILITIES FUND**

**CLASS A SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30,**<br>**2025** | **For the<br> Year Ended<br> December 31,**<br>**2024** | **For the<br> Period Ended<br> December 31,**<br>**2023<sup>1</sup>** |
|  | **(Unaudited)** | | |
| **Net Asset Value, Beginning of Period** | $19.64 | $17.48 | $20.00 |
| **From Investment Operations:** |  |  |  |
| Net investment income<sup>2</sup> | 0.17 | 0.37 | 0.39 |
| Net realized and unrealized gain (loss) on investments | 1.56 | 3.49 | (1.21) |
| Total from investment operations | 1.73 | 3.86 | (0.82) |
| **Less Distributions:** |  |  |  |
| Distributions from net investment income | (0.85) | (0.28) | (0.24) |
| Distributions from return of capital |  | (1.42) | (1.46) |
| Total distributions | (0.85) | (1.70) | (1.70) |
| **Net Asset Value, End of Period** | $20.52 | $19.64 | $17.48 |
| **Total Return**<sup>3</sup>** | 8.81%<sup>4</sup> | 22.72% | (4.16)%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (000) | $37341 | $26996 | $14449 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 1.72%<sup>5</sup> | 1.90% | 2.56%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 1.53%<sup>5</sup> | 1.53% | 1.53%<sup>5</sup> |
| Ratio of net investment income to average net assets | 1.81%<sup>5</sup> | 1.92% | 2.29%<sup>5</sup> |
| Portfolio turnover rate | —%<sup>4</sup> | —% | —%<sup>4</sup> |

---

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

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

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

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

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

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

40 SPIRIT OF AMERICA <br>

**SPIRIT OF AMERICA UTILITIES FUND**

**CLASS C SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30,**<br>**2025** | **For the<br> Year Ended<br> December 31,**<br>**2024** | **For the<br> Period Ended<br> December 31,**<br>**2023<sup>1</sup>** |
|  | **(Unaudited)** | | |
| **Net Asset Value, Beginning of Period** | $19.82 | $17.63 | $20.00 |
| **From Investment Operations:** |  |  |  |
| Net investment income<sup>2</sup> | 0.07 | 0.23 | 0.29 |
| Net realized and unrealized gain (loss) on investments | 1.60 | 3.51 | (1.25) |
| Total from investment operations | 1.67 | 3.74 | (0.96) |
| **Less Distributions:** |  |  |  |
| Distributions from net investment income | (0.80) | (0.26) | (0.20) |
| Distributions from return of capital |  | (1.29) | (1.21) |
| Total distributions | (0.80) | (1.55) | (1.41) |
| **Net Asset Value, End of Period** | $20.69 | $19.82 | $17.63 |
| **Total Return**<sup>3</sup>** | 8.43%<sup>4</sup> | 21.78% | (4.85)%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (000) | $26 | $12 | $10 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 2.46%<sup>5</sup> | 2.65% | 4.90%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 2.29%<sup>5</sup> | 2.28% | 2.28%<sup>5</sup> |
| Ratio of net investment income to average net assets | 1.07%<sup>5</sup> | 1.17% | 1.71%<sup>5</sup> |
| Portfolio turnover rate | —%<sup>4</sup> | —% | —%<sup>4</sup> |

---

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

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

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

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

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

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

41.0 **SPIRIT OF AMERICA UTILITIES FUND**

**INSTITUTIONAL SHARES**

**FINANCIAL HIGHLIGHTS**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30,**<br>**2025** | **For the<br> Year Ended<br> December 31,**<br>**2024** | **For the<br> Period Ended<br> December 31,**<br>**2023<sup>1</sup>** |
|  | **(Unaudited)** | | |
| **Net Asset Value, Beginning of Period** | $19.65 | $17.48 | $20.00 |
| **From Investment Operations:** |  |  |  |
| Net investment income<sup>2</sup> | 0.23 | 0.42 | 0.47 |
| Net realized and unrealized gain (loss) on investments | 1.52 | 3.50 | (1.26) |
| Total from investment operations | 1.75 | 3.92 | (0.79) |
| **Less Distributions:** |  |  |  |
| Distributions from net investment income | (0.87) | (0.29) | (0.25) |
| Distributions from return of capital |  | (1.46) | (1.48) |
| Total distributions | (0.87) | (1.75) | (1.73) |
| **Net Asset Value, End of Period** | $20.53 | $19.65 | $17.48 |
| **Total Return** | 8.91%<sup>3</sup> | 23.05% | (4.00)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (000) | $13 | $12 | $10 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense waiver or recoupment | 1.46%<sup>4</sup> | 1.67% | 3.90%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After expense waiver or recoupment | 1.29%<sup>4</sup> | 1.28% | 1.28%<sup>4</sup> |
| Ratio of net investment income to average net assets | 2.05%<sup>4</sup> | 2.17% | 2.71%<sup>4</sup> |
| Portfolio turnover rate | —%<sup>3</sup> | —% | —%<sup>3</sup> |

---

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

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

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

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

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

42 SPIRIT OF AMERICA <br>

**NOTES TO FINANCIAL STATEMENTS \| JUNE 30, 2025 (UNAUDITED)**

**Note 1 – Organization**

Spirit of America Investment Fund, Inc. (the "Company"), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company was incorporated under the laws of Maryland on May 15, 1997. The Company offers 6 separate series, or mutual funds (the "Spirit of America Funds"), each with its own investment objective and strategy. This report includes the following 5 funds, each operating as a diversified fund as defined by the 1940 Act (individually, a "Fund", or collectively, the "Funds"):

**Spirit of America Real Estate Income and Growth Fund** (the "Real Estate Income and Growth Fund") commenced operations on January 9, 1998. The Real Estate Income and Growth Fund seeks current income and growth of capital by investing in equity real estate investment trusts ("REITs") and the equity securities of real estate industry companies.

**Spirit of America Large Cap Value Fund** (the "Large Cap Value Fund") commenced operations on August 1, 2002. The Large Cap Value Fund seeks capital appreciation with a secondary objective of current income by investing in equity securities in the large cap value segment of the U.S. equity market.

**Spirit of American Municipal Tax Free Bond Fund** (the "Municipal Tax Free Bond Fund") commenced operations on February 29, 2008. The Municipal Tax Free Bond Fund seeks high current income that is exempt from federal income tax, including the alternative minimum tax ("AMT"), investing at least 80% of its assets in municipal bonds.

**Spirit of America Income Fund** (the "Income Fund") commenced operations on December 31, 2008. The Income Fund seeks high current income, investing at least 80% of its assets in a portfolio of taxable municipal bonds, income producing convertible securities, preferred stocks, high yield U.S. corporate bonds (frequently called "junk" bonds), and collateralized mortgage obligations ("CMOs").

**Spirit of America Utilities Fund** (the "Utilities Fund") commenced operations on January 31, 2023. The Utilities Fund seeks current income and capital appreciation by investing at least 80% of its net assets plus any borrowings in a combination of securities and other assets of utility and utility related companies.

Each Fund currently offers Class A Shares, Class C Shares and Institutional Shares. Each class of shares for each Fund has identical rights and privileges except with respect to distribution (12b-1) and service fees, voting rights on matters affecting a single class of shares, exchange privileges of each class of shares and sales charges. The price at which the Funds will offer or redeem shares is the net asset value ("NAV") per share next determined after the order is considered received, subject to any applicable front end or contingent deferred sales charges. Class A Shares have a maximum sales charge on purchases of 5.25% for the Real Estate Income and Growth Fund and Large Cap Value Fund, 4.75% for the Municipal Tax Free Bond Fund and Income Fund, and 5.75% for the Utilities Fund, as a percentage of the original purchase price. A Contingent Deferred Sales Charge ("CDSC") of 1.00% may be imposed on redemptions of $1 million or more of Class A Shares that were purchased within one year of the redemption date where an indirect commission was paid. CDSC on Class C Shares applies to shares sold within 13 months of purchase.

Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by Spirit of America Management Corp. (the "Adviser"), who is responsible for the oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Note 2 – Significant Accounting Policies**

Each 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 Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP") for investment companies.

**A. Security Valuation:** The offering price and NAV per share for the Funds are calculated as of the close of regular trading on the New York Stock Exchange ("NYSE"), currently 4:00 p.m., Eastern Time on each day the NYSE is open for trading. Each Fund's securities are valued at the official close or the last reported sales price on the principal exchange on which the security trades, or if no sales price is reported, the mean of the latest bid and ask prices is used. Securities traded over-the-counter are priced at the mean of the latest bid and ask prices. Unlisted securities traded in the over-the-counter market are valued using

43.0 **NOTES TO FINANCIAL STATEMENTS (CONT.) \| JUNE 30, 2025 (UNAUDITED)**

an evaluated quote provided by the independent pricing service, or, if an evaluated quote is unavailable, such securities are valued using prices received from dealers, provided that if the dealer supplies both bid and ask prices, the price to be used is the mean of the bid and ask prices. The independent pricing service derives an evaluated quote by obtaining dealer quotes, analyzing the listed markets, reviewing trade execution data and employing sensitivity analysis. Evaluated quotes may also reflect appropriate factors such as individual characteristics of the issue, communications with broker-dealers, and other market data. Pursuant to Rule 2a-5 under the 1940 Act, the Company's Board of Directors (the "Board") has designated Spirit of America Management Corp., the Company's investment adviser, as the Company's Valuation Designee, to perform any fair value determinations for securities and other assets held by the Funds for which market quotations are not readily available in accordance with the Company's Valuation Procedures.

**B. Fair Value Measurements:** Various inputs are used in determining the fair value of investments which are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 – Unadjusted quoted prices in active markets for identical investments and/or registered investment companies
 where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at
 the valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability,
 either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar
 instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable
 inputs are not available (including each Fund's own assumptions used in determining the fair value of investments).

The summary of inputs used to value each Fund's net assets as of June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Real Estate Income and Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $71149570 | $— | $— | $71149570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks<sup>1</sup> | 1524692 |  |  | 1524692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1152158 |  |  | 1152158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**73826420** | $**—** | $**—** | $**73826420** |
| **Large Cap Value Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $196542155 | $— | $— | $196542155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks<sup>1</sup> | 364472 |  |  | 364472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1697253 |  |  | 1697253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**198603880** | $**—** | $**—** | $**198603880** |
| **Municipal Tax Free Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | $— | $27160740 | $— | $27160740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 187116 |  |  | 187116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**187116** | $**27160740** | $**—** | $**27347856** |

---

44 SPIRIT OF AMERICA <br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
|  | **Level 1** | **Level 2** | **Level 3** | <br>**Total** |
| **Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $3085660 | $— | $— | $3085660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks<sup>1</sup> | 10397838 |  |  | 10397838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 45586 |  | 45586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 7089101 | 350651 | 7439752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds |  | 35661965 |  | 35661965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**13483498** | $**42796652** | $**350651** | $**56630801** |
| **Utilities Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $35822874 | $— | $— | $35822874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1939861 |  | **—** | 1939861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**37762735** | $**—** | $**—** | $**37762735** |

---

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

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

● Last sales price

● Price given by pricing service

● Last quoted bid & asked price

● Third party bid & asked price

● Indicated opening range

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

The following provides quantitative information about the Income Fund's significant Level 3 fair value measurements as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quantitative Information about Significant Level 3 Fair Value Measurements** | **Quantitative Information about Significant Level 3 Fair Value Measurements** | **Quantitative Information about Significant Level 3 Fair Value Measurements** | **Quantitative Information about Significant Level 3 Fair Value Measurements** |
| <br>**Asset Category** | **Fair Value<br> June 30,<br> 2025** | **Valuation<br> Techniques** | **Unobservable<br> Input(s)** | **Range** |
| Corporate Bonds | $350651 | Comparable Security Analysis | Discount for Lack of Marketability | 10%<sup>1</sup> |

---

*<sup>1</sup>* *Significant changes in this range would result in a significantly higher or lower fair value measurement.*

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Income Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balance as of<br> December 31,<br> 2024** | **Amortization/**<br> **Accretion** | **Change in<br> Unrealized<br> Appreciation** | **Balance as of**<br> **June 30,<br> 2025** |
| Corporate Bonds | $347808 | $(321) | $3164 | $350651 |

---

45.0 **NOTES TO FINANCIAL STATEMENTS (CONT.) \| JUNE 30, 2025 (UNAUDITED)**

 **C. Investment Income and Securities Transactions:** Security transactions are accounted for on the date the securities are purchased or sold (trade date) for financial reporting purposes. Cost is determined and gains and losses are based on the identified cost basis for both financial statement and federal income tax purposes. Dividend income and distributions to shareholders are reported on the ex-dividend date. Interest income and expenses are accrued daily.

 **D. Federal Income Taxes:** The Funds intend to comply with all requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.

 **E. Use of Estimates:** In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 **F. Distributions to Shareholders:** The Funds intend to distribute substantially all of their net investment income and capital gains to shareholders each year. The Real Estate Income and Growth Fund intends to pay two semi-annual income dividends and other distributions on June 30 and December 31 in the annual minimum amount of $0.85 per share. The Large Cap Value Fund intends to pay two semi-annual income dividends and other distributions on June 30 and December 31 in the annual minimum amount of $1.40 per share. The Utilities Fund intends to pay two semi-annual income dividends and other distributions on June 30 and December 31. For the Income Fund and Municipal Tax Free Bond Fund, income distributions will typically be declared daily and paid monthly. Capital gains, if any, for all of the Funds, will be distributed annually in December, but may be distributed more frequently if deemed advisable by the Board. All such distributions are taxable to the shareholders whether received in cash or reinvested in shares.

The Real Estate Income and Growth Fund and Large Cap Value Fund have made certain investments in REITs which pay distributions to their shareholders based upon available funds from operations. Each REIT reports annually the tax character of its distributions. It is quite common for these distributions to exceed the REIT's taxable earnings and profits resulting in the excess portion of such distributions being designated as a return of capital or long-term capital gain. The Funds intend to include the gross distributions from such REITs in their distributions to their shareholders; accordingly, a portion of the distributions paid to the Funds and subsequently distributed to shareholders may be re-characterized based on the prior calendar year's actual reported return of capital. The final determination of the amount of each Fund's return of capital distribution for the period will be made after the end of each calendar year.

**G. Allocation of Income, Expenses, Gains and Losses.** Expenses incurred by the Company that do not relate to a specific Fund of the Company are allocated to the individual Funds by or under the direction of the Board in such a manner as the Board determines to be fair and equitable. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

**Note 3 – Derivative Transactions**

Written Options Contracts – The Real Estate Income and Growth Fund and Large Cap Value Fund may write options contracts for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. Investing in written options contracts exposes a Fund to equity price risk.

The Funds did not hold any derivatives at June 30, 2025.

46 SPIRIT OF AMERICA <br>

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

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

Purchases and proceeds from the sales of securities for the six months ended June 30, 2025, excluding short-term investments and U.S. government obligations, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Real Estate Income and Growth Fund | $3510809 | $1713557 |
| Large Cap Value Fund | 7950488 | 15319148 |
| Municipal Tax Free Bond Fund | 3771090 | 6319357 |
| Income Fund | 134340 | 6307077 |
| Utilities Fund | 7486775 | 134340 |

---

There were no purchases or sales of long-term U.S. Government Obligations during the six months ended June 30, 2025.

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

The Adviser has been retained to act as the Company's investment adviser pursuant to an Investment Advisory Agreement (the "Advisory Agreement"). The Adviser was incorporated in 1997 and is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser, under the terms of the Advisory Agreement with respect to each Fund, manages the Funds' investments. As compensation for its management services, each Fund is obligated to pay the Adviser a fee based on each Fund's average daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fee Rate** | **Advisory<br> Fees Earned** |
| Real Estate Income and Growth Fund | 0.97% | $348324 |
| Large Cap Value Fund | 0.97% | 891810 |
| Municipal Tax Free Bond Fund | 0.60% | 86294 |
| Income Fund | 0.60% | 179406 |
| Utilities Fund | 0.97% | 151006 |

---

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses for the Municipal Tax Free Bond Fund, Income Fund and Utilities Fund (based on average daily net assets) through April 30, 2026, so that the total operating expenses will not exceed the amounts presented in the table below. The waiver does not include front end or contingent deferred loads, taxes, interest, dividend expenses, brokerage commissions or expenses incurred in connection with any merger, reorganization, or extraordinary expenses such as litigation. Additionally, for the six months ended June 30, 2025, the Adviser waived advisory fees, as indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class<br> A Shares** | **Class<br> C Shares** | **Institutional<br> Shares** | **Fees Recouped<br> (Waived)** |
| Municipal Tax Free Bond Fund | 0.90% | 1.75% | 0.75% | $(67442) |
| Income Fund | 1.10% | 1.85% | 0.85% | (50290) |
| Utilities Fund | 1.53% | 2.28% | 1.28% | (28808) |

---

Any amounts waived or reimbursed by the Adviser are subject to repayment by a Fund within a period of three years after such waivers or expenses were incurred, provided the Fund is able to make such repayments and remain in compliance with the expense limitation as stated above.

The amounts subject to repayment by the Funds, pursuant to the aforementioned conditions, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Recoverable through** | **Municipal<br> Tax Free<br> Bond Fund** | **Income**<br> **Fund** | **Utilities**<br> **Fund** |
| December 31, 2025 | $60424 | $30492 | $— |
| December 31, 2026 | 121624 | 81736 | 93577 |
| December 31, 2027 | 140209 | 86000 | 69476 |
| June 30, 2028 | 67442 | 50290 | 28808 |

---

47.0 **NOTES TO FINANCIAL STATEMENTS (CONT.) \| JUNE 30, 2025 (UNAUDITED)**

The Funds' Class A Shares and Class C Shares have adopted a plan of distribution pursuant to Rule 12b-1 (the "Plan"). The Plan permits each Fund's Class A Shares and Class C Shares to pay David Lerner Associates, Inc. (the "Distributor") an annual fee, accrued daily and paid monthly based on each Class of each Fund's average daily net assets for the Distributor's services and expenses in distributing shares of each Fund and providing personal services and/or maintaining shareholder accounts. For the six months ended June 30, 2025, the annual fee rate and the fees paid to the Distributor under the Plan were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Shares** | **Class A Shares** | **Class C Shares** | **Class C Shares** |
| <br>**Fund** | **Annual Rate** | **Fees Paid** | **Annual Rate** | **Fees Paid** |
| Real Estate Income and Growth Fund | 0.30% | $107612 | 1.00% | $325 |
| Large Cap Value Fund | 0.30% | 275267 | 1.00% | 1721 |
| Municipal Tax Free Bond Fund | 0.15% | 21470 | 1.00% | 642 |
| Income Fund | 0.25% | 74176 | 1.00% | 2242 |
| Utilities Fund | 0.25% | 38881 | 1.00% | 91 |

---

Each Fund's Class A Shares are subject to an initial sales charge imposed at the time of purchase, in accordance with the Fund's current prospectus. A CDSC of 1.00% may be imposed on redemptions of $1 million or more of Class A Shares that were purchased within one year of the redemption date where an indirect commission was paid. CDSC on Class C Shares applies to shares sold within 13 months of purchase. For the six months ended June 30, 2025, sales charges received by the Distributor from each of the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Front-End Sales<br> Charges Received<br> by Distributor** | **CDSC Fees<br> Received by<br> Distributor** |
| Real Estate Income and Growth Fund | $317454 | $— |
| Large Cap Value Fund | 713142 |  |
| Municipal Tax Free Bond Fund | 21649 |  |
| Income Fund | 107042 |  |
| Utilities Fund | 399491 |  |

---

Certain Officers and Directors of the Company are "affiliated persons", as that term is defined in the 1940 Act, of the Adviser or the Distributor. Each Director of the Company, who is not an affiliated person of the Adviser or Distributor, receives a quarterly retainer of $6,000, $1,500 for each Board meeting attended, $500 for each special meeting attended, and $500 for each committee meeting attended plus reimbursement for certain travel and other out-of-pocket expenses incurred in connection with attending Board meetings. The Company does not compensate the Officers for the services they provide. There are no Directors' fees paid to Interested Directors of the Company. For the six months ended June 30, 2025, the Funds were allocated $8,020 of the Chief Compliance Officer's salary.

An Independent Director of the Company is associated with the insurance agency utilized by the Funds. During the six months ended June 30, 2025, the Funds paid such insurance agency $36,648 of insurance premiums.

**Note 6 – Concentration and Other Risks**

The performance of the Municipal Tax Free Bond Fund and Income Fund could be adversely affected by interest rate risk, which is the possibility that overall bond prices will decline because of rising interest rates. Interest rate risk is expected to be high for these Funds because they invest mainly in long-term bonds, whose prices are much more sensitive to interest fluctuations than are the prices of short-term bonds.

The Municipal Tax Free Bond Fund and Income Fund may be affected by credit risk, which is the possibility that the issuer of a bond will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline. This risk may be greater to the extent that these Funds may invest in taxable fixed income or municipal securities rated below investment grade, or unrated of similar quality (frequently called "junk bonds").

48 SPIRIT OF AMERICA <br>

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

The Municipal Tax Free Bond Fund and Income Fund may be affected by credit risk of lower grade securities, which is the possibility that junk bonds may be subject to greater price fluctuations and risks of loss of income and principal than investment-grade taxable fixed income or municipal securities. Securities that are (or that have fallen) below investment-grade have a greater risk that the issuers may not meet their debt obligations. These types of securities are generally considered speculative in relation to the issuer's ongoing ability to make principal and interest payments. During periods of rising interest rates or economic downturn, the trading market for these securities may not be active and may reduce the Funds' ability to sell these securities at an acceptable price. If the issuer of securities is in default in payment of interest or principal, a Fund may lose its entire investment in those securities.

The Real Estate Income and Growth Fund invests primarily in real estate related securities. A fund that concentrates its investments among fewer sectors is subject to greater risk of loss than a fund that has more sector diversification. Investments in real estate and real estate-related equity securities involve risks different from, and in certain cases greater than, the risks presented by equity securities generally. The main risks are those presented by direct ownership of real estate or real estate industry securities, including possible declines in the value of real estate, environmental problems and changes in interest rates. To the extent that assets underlying the Fund's investments are concentrated geographically, by property type or in certain other respects, the Fund may be subject to these risks to a greater extent. The stocks purchased by the Fund may not appreciate in value as the Adviser anticipates. In addition, if the Fund receives rental income or income from the disposition of real property acquired as a result of a default on securities the Fund owns, its ability to retain its tax status as a regulated investment company may be adversely affected.

The Large Cap Value Fund and Utilities Fund may, at times, concentrate their investments in a particular sector, such as technology or utilities, if the Adviser believes stocks in that particular sector are performing more favorably. If the Funds invest a significant portion of their total assets in certain sectors, their investment portfolios will be more susceptible to the financial, economic, business, and political developments that affect those sectors.

Other risks to the Funds may include income risk, liquidity risk, prepayment risk on collateralized mortgage obligations, municipal project specific risk, municipal lease obligation risk, zero coupon securities risk, market risk, manager risk, taxability risk, state-specific risk and exchange-traded funds risk. The Funds' prospectus contains more information regarding these risks and other risks related to the Funds as well as other information about the Funds, and should be read carefully before investing.

**Note 7 – Restricted Securities**

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Funds will not incur any registration costs upon such resale. The Funds' restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined by the Board. At June 30, 2025, the Income Fund held illiquid restricted securities representing 4% of net assets, as listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description<br> Corporate Bonds**  | **Acquisition<br> Date** | **Principal<br> Amount** | **Cost** | **Value** |
| Exelon Generation Co. LLC, 5.60%, 6/15/2042 | 7/12/2012 | $400000 | $416921 | $350651 |
| MetLife Inc., 9.25%, 4/8/2038 | 6/4/2013 | 1500000 | 2094666 | 1781616 |

---

49.0 **NOTES TO FINANCIAL STATEMENTS (CONT.) \| JUNE 30, 2025 (UNAUDITED)**

**Note 8 – Federal Income Taxes**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)<sup>1</sup>** | **Cost Basis of**<br> **Investments** |
| Real Estate Income and Growth Fund | $16131333 | $(4027264) | $12104069 | $61722351 |
| Large Cap Value Fund | 117195447 | (954938) | 116240509 | 82363371 |
| Municipal Tax Free Bond Fund | 30666 | (858114) | (827448) | 28175304 |
| Income Fund | 2123036 | (6881436) | (4758400) | 61389201 |
| Utilities Fund | 5929175 | (949734) | 4979441 | 32783294 |

---

*<sup>1</sup>* *The difference between book-basis and tax-basis net unrealized appreciation/(depreciation) is primarily due to wash sales, tax treatment of Trust Preferred securities and partnership investments.*

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

---

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

---

Distribution classifications may differ from the Statements of Changes in Net Assets as a result of the treatment of short-term capital gains as ordinary income for tax purposes.

At December 31, 2024, the components of accumulated distributable earnings for each Fund on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Tax-Exempt<br> Income** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Accumulated<br> Capital and<br> Other Losses** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Accumulated<br> Earnings<br> (Losses)** |
| Real Estate Income and Growth Fund | $— | $— | $— | $— | $13844627 | $13844627 |
| Large Cap Value Fund |  |  | 2243162 |  | 112227304 | 114470466 |
| Municipal Tax Free Bond Fund | 3 |  |  | (10116469) | (523816) | (10640282) |
| Income Fund |  | 51888 | 24945 |  | (3218200) | (3141367) |
| Utilities Fund |  |  |  | (1) | 2637868 | 2637867 |

---

At December 31, 2024, for federal income tax purposes and the treatment of distributions payable, the following Funds had capital loss carryforwards available to offset future gains, if any, to the extent provided by the Treasury regulations:

---

| | | | |
|:---|:---|:---|:---|
| | **No Expiration** | **No Expiration** | |
| <br>**Fund** | **Short-Term** | **Long-Term** |<br>**Total** |
| Municipal Tax Free Bond Fund | $2785908 | $7330561 | $10116469 |
| Utilities Fund | 1 |  | 1 |

---

Management of the Funds have reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last three tax year ends and the interim tax period since then). Management believes there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

50 SPIRIT OF AMERICA <br>

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

**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 Funds' investments, expiring on May 15, 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 Funds' daily market value. At June 30, 2025, Income Fund had outstanding borrowings of $426,633. During the six months ended June 30, 2025, each Fund's borrowing activity was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Real Estate<br> Income and<br> Growth Fund** | **Large Cap<br> Value Fund** | **Municipal Tax<br> Free Bond Fund** | **Income Fund** | **Utilities Fund** |
| Total bank line of credit as of June 30, 2025 | $5000000 | $5000000 | $2766368 | $4573367 | $3738025 |
| Average borrowings during period | $62008 | $164598 | $44802 | $93875 | $— |
| Number of days outstanding<sup>1</sup> | 13 | 45 | 40 | 70 |  |
| Average interest rate during period | 5.949% | 5.947% | 5.939% | 5.946% |  |
| Highest balance drawn during period | $200176 | $722898 | $328702 | $364795 | $— |
| Highest balance interest rate | 6.000% | 6.000% | 6.000% | 6.000% | 6.000% |
| Interest expense incurred | $372 | $5966 | $4057 | $14229 | $— |
| Interest rate at June 30, 2025 | 5.940% | 5.940% | 5.940% | 5.940% | 5.940% |

---

*<sup>1</sup>* *Number of days outstanding represents the total days during the six months ended June 30, 2025 each Fund utilized the Line of Credit.*

**Note 10 – Commitments and Contingencies**

The Company indemnifies its officers and trustees for certain liabilities that may arise from their performance of their duties to the Company or the Funds. Additionally, in the normal course of business, the Company enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred.

**Note 11 – Subsequent Events**

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

51.0 **ADDITIONAL INFORMATION \| JUNE 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**

Not applicable.

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

Refer to the financial statements included herein.

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

The Investment Company Act of 1940, as amended (the "1940 Act"), requires that the continuance of a registered management investment company's investment advisory agreement be approved annually by both the board of directors and also by a majority of its directors who are not parties to the investment advisory agreement or "interested persons" (as defined by the 1940 Act) of any such party (the "Independent Directors"). At a meeting held on May 21, 2025, the Board of Directors (the "Board" or "Directors") of Spirit of America Investment Fund, Inc. (the "Company") met in person (the "Meeting") to, among other things, consider the approval of the Investment Advisory Agreement (the "Advisory Agreement") by and between Spirit of America Management Corp. (the "Adviser") and the Company, on behalf of the Spirit of America Municipal Tax Free Bond Fund (the "Municipal Fund"), Spirit of America Income Fund (the "Income Fund"), Spirit of America Real Estate Income and Growth Fund (the "Real Estate Fund"), Spirit of America Large Cap Value Fund (the "Value Fund"), and Spirit of America Utilities Fund (the "Utilities Fund") (each a "Fund"; collectively, the "Funds"). At the Meeting, after determining that the Adviser's compensation continues to be not unreasonable pursuant to the terms of the Advisory Agreement, the Board concluded that the approval of the Advisory Agreement would be in the best interest of each Fund's shareholders, and the Board, including the Independent Directors voting separately, approved the Advisory Agreement. The Board's approval was based on consideration and evaluation of the information and materials provided to the Board and a variety of specific factors discussed at the Meeting and at prior meetings of the Board, including the factors described below.

As part of the approval process and oversight of the advisory relationship, counsel to the Independent Directors ("Independent Counsel") sent an information request letter to the Adviser seeking certain relevant information and the Directors received, for their review in advance of the Meeting, the Adviser's responses. In addition, the Directors were provided with the opportunity to request additional materials. In advance of the Meeting, the Board including the Independent Directors, requested and received materials provided by the Adviser and Independent Counsel, including, among other things, the following: (i) the Adviser's responses to the 15(c) questionnaire prepared by counsel to the Company on behalf of the Independent Directors; (ii) comparative information on the investment performance and expenses of the Funds, relevant indices and Morningstar category peer funds in the form of a report generated by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party provider of investment company data; (iii) the allocation of the Funds' brokerage commissions; (iv) the record of compliance with the Funds' investment policies and restrictions and with the Funds' Code of Ethics in addition to the structure and responsibilities of the Adviser's compliance department; (v) the profitability of each Fund and for all funds that the Adviser manages in the aggregate taking into account both advisory fees and any other potential direct or indirect benefits; (vi) the Adviser's Form ADV; and (vii) a memorandum from Independent Counsel with respect to the responsibilities of the Independent Directors regarding the approval of the Advisory Agreement.

In evaluating the Advisory Agreement, the Independent Directors requested, reviewed and considered materials furnished by the Adviser and questioned certain personnel of the Adviser, including the Funds' portfolio managers, with respect to, among other things, personnel, each Fund's performance, operations and financial condition of the Adviser. Among other information, the Independent Directors requested and was provided information regarding:

● Each Fund's investment performance over various time periods both by itself and in relation to relevant indices;

● The fees charged by the Adviser for investment advisory services, as well as the compensation received by the Adviser and its affiliates;

● The waiver of fees and reimbursement of expenses at various times by the Adviser with respect to certain Funds under the Amended and Restated Operating Expenses Agreement;

52 SPIRIT OF AMERICA <br>

**ADDITIONAL INFORMATION (CONT.) \| JUNE 30, 2025 (UNAUDITED)**

● The investment performance, fees and total expenses of mutual funds with similar objectives and strategies managed by other investment advisers;

● The Adviser's investment management staffing and their experience level in addition to the Adviser's administrative and other personnel providing services to the Funds and the historical quality of the services provided by the Adviser; and

● The profitability to the Adviser of managing the Funds and the Adviser's affiliate of distributing the Funds, and the methodology in allocating expenses to the Funds' management.

The following is a summary of the Board's discussion and views regarding the factors it considered in evaluating the continuation of the Advisory Agreement:

**1.** **Nature, Extent, and Quality of Services.** 

The Board, including the Independent Directors, evaluated the nature, extent and quality of advisory, administrative and shareholder services provided by the Adviser, which included the following considerations: determination and execution of investment decisions for each Fund; regulatory filings and disclosure to the Funds' shareholders, general oversight of the Funds' service providers, coordination of Fund marketing initiatives, review of Fund legal issues and other services. The Board, including the Independent Directors, noted the ever-increasing responsibilities of the Adviser given the increasing regulations within the mutual fund industry. The Board, including the Independent Directors, concluded that the services provided to the Funds are extensive in nature, that the Adviser delivered a high level of service to each Fund, and that the Adviser is positioned to continue providing such quality of service in the future.

**2.** **Investment Performance of the Funds and the Adviser.** 

The Board, including the Independent Directors, reviewed the information provided by Broadridge detailing the Funds' short-term and long-term investment performance over various periods of time as compared to both relevant indices and the performance of such Funds' peer groups. The Board noted that while it found the data provided by the independent third-party generally useful, it recognized the data's limitations, including in particular that data may vary depending on the selected end date and that the results of the performance comparisons may vary depending on the selection of the peer group. The Board also noted differences in the investment strategies of each Fund relative to its peer group.

The Board considered that (i) the Municipal Fund underperformed the median of its peer group for the 1-year, 3-year, 5-year and 10-year periods ended December 31, 2024; (ii) the Income Fund outperformed the median of its peer group for the 1-year, 3-year, 5-year and 10-year periods ended December 31, 2024; (iii) the Real Estate Fund outperformed the median of its peer group for the 1-year period ended December 31, 2024 and underperformed the median of its peer group for the 3-year, 5-year and 10-year periods ended December 31, 2024; (iv) the Value Fund outperformed the median of its peer group for the 1-year, 3-year, 5-year and 10-year periods ended December 31, 2024; and (v) the Utilities Fund outperformed the median of its peer group for the 1-year period ended December 31, 2024. The Board then determined that each Fund was delivering reasonable performance results, especially over the long-term, and that each Fund's results were consistent with the investment strategies followed by each Fund.

**3.** **Costs of Services and Profits Realized by the Adviser.** 

a. <u>Fund Fees and Performance</u>. The Board, including the Independent
 Directors, reviewed the information (as of December 31, 2024) provided by Broadridge, including the comparative graphs, regarding each
 Fund's management fee and overall expense ratio relative to industry averages for each Fund's peer group category. The Board
 noted that while it found the data provided by the independent third-party generally useful, it recognized the data's limitations,
 including potential differences in the investment strategies of the Funds relative to the strategies of the funds in the Funds'
 respective peer groups, as well as the level, quality, and nature of the services provided by the Adviser with respect to the Funds. The
 Board considered that (i) the Municipal Fund's management fee was above the median in its peer group; (ii) the Income Fund's
 management fee was above the median in its peer group; (iii) the Real Estate Fund's management fee was above the median in its peer
 group; (iv) the Value Fund's management fee was above the median in its peer group; and (v) the Utilities Fund's management
 fee was above the median in its peer group. The Directors considered favorably the current and historic willingness of the Adviser to
 limit the overall expense ratios of certain of the Funds, as appropriate. Noting that the fees paid by the Funds were higher than certain
 of the comparable funds and higher than the medians in the Funds' peer groups, the Board nevertheless stated

53.0 **ADDITIONAL INFORMATION (CONT.) \| JUNE 30, 2025 (UNAUDITED)**

that the fees were still close enough to the averages and medians in each case. The Board indicated that, although higher than the fees of certain other funds in their respective groups, in light of the investment advisory services provided by the Adviser to each of the Funds, the fees were not unreasonable.

b. <u>Profitability and Costs of Services to the Adviser.</u> The Board,
 including the Independent Directors, reviewed estimates of the Adviser's profitability and costs attributable to the Funds through
 2024. The Board reviewed profitability analyses prepared by the Adviser based on each Fund's asset levels and considered the total
 profits of the Adviser from its relationship with each of the Funds on a fund-by-fund basis and for all funds that the Adviser manages
 in the aggregate. The Board observed that, in recent years, increased fixed costs and, of particular note, legal and audit fees to address
 increasing regulations, have had a greater impact on small fund families, such as the Funds, than on larger fund complexes, and overall
 expenses of the Funds may compare unfavorably to the overall expenses of some funds identified as peers. Further, the Board considered
 whether the amount of the Adviser's profit is a fair profit for managing the Funds and determined that the Adviser has devoted a
 large amount of its resources to the Funds throughout the years. The Adviser's management observed that the fund-by-fund expense
 analysis does not reflect all of the overhead costs paid by David Lerner Associates, Inc. ("DLA"), some of which may be attributed
 to the Adviser. The Board, including the Independent Directors, then concluded that the Adviser's profitability, if any, from its
 relationship with each Fund, and on an aggregate basis, was not excessive.

**4.** **Extent of Economies of Scale as the Funds Grow.** 

The Board, including the Independent Directors, discussed whether there had been economies of scale regarding the management of the Funds and whether the Funds would appropriately benefit from any economies of scale. Due to the relatively small size of each Fund, however, the Board did not believe that significant (if any) economies of scale had been achieved at this time.

**5.** **Whether Fee Levels Reflect Economies of Scale.** 

The Board, including the Independent Directors, noted that the Adviser does not at this time offer breakpoints in its fees that would otherwise allow investors to benefit directly from economies of scale in the form of lower fees as Fund assets grow. The Board further noted, however, that the Adviser had provided enhancements in services to the Funds, without any increase in fees. The Board confirmed that it would continue to review the concept of breakpoints in future years as the Funds' assets increase.

**6.** **Other Relevant Considerations.** 

a. <u>Personnel and Methods.</u> The Board, including the Independent
 Directors, reviewed the Adviser's Form ADV with the Adviser addressing the Board's questions with respect to the size, experience
 and education of the Adviser's staff, its fundamental research capabilities, and its approach to recruiting, training and retaining
 portfolio managers and other research and management personnel. The Board then determined that such factors permit the Adviser to provide
 a high level of service to the Funds. In addition, the Directors took note of the history, reputation, qualifications and background of
 the Adviser as well as the qualifications of the Adviser's personnel.

b. The Board, including the Independent Directors, then reviewed the character and amount of other direct and
 incidental benefits received by the Adviser and its affiliates due to their association with the Funds, including the benefits received
 by DLA, the affiliated distributor. The Board determined that potential "fall-out" benefits that the Adviser and its affiliates
 might receive, which might include greater name recognition or increased ability to obtain research services (although the Board noted
 that the Adviser currently does not use soft dollars for research services), seemed to be reasonable, and in some instances might benefit
 the Funds.

**Conclusions.** The Directors, including the Independent Directors, did not consider any one factor as all-important or all-controlling; instead, they viewed such factors and other factors collectively in light of the Funds' surrounding circumstances. Each Independent Director gave the weight to each factor that he deemed appropriate in his own judgment. The Independent Directors considered the renewal of the Advisory Agreement on a Fund-by-Fund basis and concluded that the renewal of the Advisory Agreement was in the best interests of each Fund as well as its shareholders. Further, the Independent Directors concluded that the fees charged by the Adviser to each Fund for the services provided were not unreasonable and the profitability of the Adviser, on a Fund-by-Fund basis and an aggregate basis, was not excessive.

54 SPIRIT OF AMERICA <br>

---

| | |
|:---|:---|
| **Proxy Voting Information**<br>The Funds' Statement of Additional Information containing a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, along with the Funds' proxy voting record relating to portfolio securities held during the 12-month period ended June 30 are available (i) without charge, upon request, by calling (516) 390-5565; and (ii) on the SEC's website at www.sec.gov.<br>**Portfolio Disclosure**<br>The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at www.sec.gov and on the Funds' website at www.soafunds.com. | **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 Funds, call (800) 452-4892 or (610) 382-7819.

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus which includes details regarding each Fund's objectives, risks, policies, expenses, and other information.

<sup>©</sup>Copyright 2025 Spirit of America

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal
 Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required
 by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this
 report on Form N-CSR.

(b) There were no changes in the registrant's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have
 materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) Not applicable – disclosed with annual report.

(a)(2) Not applicable

---

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

---

(a)(4) Not applicable

(a)(5) Not applicable

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

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Spirit
 of America Investment Fund, Inc.

---

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

---

Date <u> 8/29/2025</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>8/29/2025</u>

---

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

---

Date <u>8/29/2025</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.

---

| | |
|:---|:---|
| 8/29/2025 | /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.

---

| | |
|:---|:---|
| 8/29/2025 | /s/ Alan P. Chodosh |
| Date | Alan P. Chodosh |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

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 June 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>8/29/2025</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 June 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>8/29/2025</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.