# EDGAR Filing Document

**Accession Number:** 0001039667
**File Stem:** 0001580642-26-002060
**Filing Date:** 2026-3
**Character Count:** 707751
**Document Hash:** 722a23fe467444c32adb1e7d65d21870
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002060.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001580642-26-002060

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 36

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**EFFECTIVENESS DATE**: 20260330

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08231
- **FILM NUMBER:** 26808217

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-27925
- **FILM NUMBER:** 26808216

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

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

## Series and Classes Contracts Data

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

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

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

As Filed on March 27, 2026

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, DC 20549**

**Securities Act File No. 333-27925**

**Investment Company Act File No. 811-08231**

**FORM N-1A**

**REGISTRATION STATEMENT**

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| | |
|:---|:---|
| ***UNDER***<br> ***THE SECURITIES ACT OF 1933*** |  |
| **Pre-Effective Amendment No.** |  |
| **Post-Effective Amendment No. 82** | ☒ |

---

**REGISTRATION STATEMENT**

---

| | |
|:---|:---|
| ***UNDER*** |  |
| **THE INVESTMENT COMPANY ACT OF 1940** |  |
| **Amendment No. 83** | ☒ |

---

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

**(Exact name of Registrant as Specified in Charter)** 

**477 Jericho Turnpike** 

**P.O. Box 9006** 

**Syosset, New York 11791-9006** 

**(Address of Principal Executive Offices)** 

**(516) 390-5555**

**(Registrant's Telephone Number)** 

**Mr. David Lerner** 

**David Lerner Associates, Inc.** 

**477 Jericho Turnpike**

**Syosset, New York 11791**

**(Name and address of Agent for service)** 

***Copies to:***

**Thomas R. Westle, Esq.** 

**Blank Rome LLP** 

**1271 Avenue of the Americas**

**New York, NY 10020**

It is proposed that this filing will become effective (check appropriate box).

☐ immediately upon filing pursuant to paragraph (b) of Rule 485

☒ on <u>March 30, 2026</u> pursuant to paragraph (b) of Rule 485

☐ 60 days after filing pursuant to paragraph (a)(1) of Rule 485

☐ on (date) pursuant to paragraph (a)(1) of Rule 485

☐ 75 days after filing pursuant to paragraph (a)(2) of Rule 485

☐ on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

![](pro_001.jpg)

**Spirit of America Energy Fund**

**Class A Shares – TICKER: SOAEX**

**Class C Shares – TICKER: SACEX**

**Institutional Shares – TICKER: SAIEX**

**Prospectus**

**March 30, 2026**

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

![](pro_001.jpg)

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| SPIRIT OF AMERICA ENERGY FUND | 1 |
| SUMMARY SECTION | 1 |
| ADDITIONAL INFORMATION ABOUT THE INVESTMENT OBJECTIVE, STRATEGIES AND RELATED RISKS | 9 |
| MANAGEMENT OF THE FUND | 20 |
| CHOOSING A SHARE CLASS | 21 |
| PRICING FUND SHARES | 23 |
| ADDITIONAL INFORMATION ABOUT HOW TO PURCHASE SHARES | 24 |
| ADDITIONAL INFORMATION ABOUT HOW TO REDEEM SHARES | 27 |
| DISTRIBUTION ARRANGEMENTS | 30 |
| DIVIDENDS, DISTRIBUTIONS AND TAXES | 33 |
| FINANCIAL HIGHLIGHTS | 40 |

---

i

**SPIRIT OF AMERICA ENERGY FUND**

**(the "Energy Fund" or the "Fund")**

**SUMMARY SECTION**

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

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

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **Annual Fund Operating Expenses <br> (expenses that you pay each year as a percentage of the value of your investment)** | **Class A<br> Shares** | **Class C<br> Shares** | **Institutional<br> Shares** |
| Management Fees | 0.95% | 0.95% | 0.95% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses | 0.32% | 0.32% | 0.33% |
| Total Annual Fund Operating Expenses | 1.52% | 2.27% | 1.28% |

---

<sup>(1)</sup> A Contingent Deferred Sales Charge ("CDSC") of 1.00% may be imposed on redemptions of Class A shares that were purchased within one year of the redemption date where an indirect commission was paid. CDSC on Class C Shares applies to shares sold within 13 months of purchase.

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

---

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

---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

● *Market Risk.* The market value of the Energy Fund's investments in equities, including MLP common units, and fixed income securities will fluctuate as the respective markets fluctuate. Market risk may affect a single issuer, industry or sector of the economy or it may affect the market as a whole. Performance of the Energy Fund can be affected by unexpected local, state, regional, national or global events (e.g., significant earnings shortfalls or gains, inflation, recessions, government shutdowns, market closures, market manipulation and other fraudulent practices, war, military conflict, political and geopolitical events, acts of terrorism, the spread of infectious diseases or other public health issues, natural and environmental disasters, trade disputes, tariff arrangements, sanctions, and cybersecurity attacks) that cause major price changes in individual securities or market sectors. The equity securities purchased by the Energy Fund may not appreciate in value as the Adviser anticipates. For additional information regarding Market Risk, including the effect of pandemics such as the novel coronavirus disease and acts of war on financial markets, please see "Market Risk" in the section titled "Additional Information About the Investment Objective, Strategies and Related Risks" in the Fund's prospectus.

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

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

● *MLP Liquidity Risk.* Although common units of MLPs trade on the New York Stock Exchange ("NYSE"), the NASDAQ Stock Market ("NASDAQ"), and NYSE American ("Amex"), certain MLP securities may trade less frequently than those of larger companies due to their smaller capitalizations. In the event certain MLP securities experience limited trading volumes, the prices of such MLPs may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to dispose of at a fair price at the times when the Adviser believes it is desirable to do so. The Fund's investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to take advantage of other market opportunities or to dispose of securities. This also may affect adversely the Fund's ability to make dividend distributions to you. The Fund will not purchase or otherwise acquire any security if, as a result, more than 15% of its net assets would be invested in illiquid investments.

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

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

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

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

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

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

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

**Class A Shares**

![](pro_002.jpg)

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

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**PERFORMANCE TABLE**

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

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

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

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

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

**Investment Adviser:** Spirit of America Management Corp. (the "Adviser").

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

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

**Purchasing and Selling Fund Shares:** 

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

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

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

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

**ADDITIONAL INFORMATION ABOUT THE INVESTMENT OBJECTIVE, STRATEGIES AND RELATED RISKS**

**Investment Objective:** The Energy Fund seeks to provide shareholders with long-term capital appreciation and attractive levels of current income through diversified exposure to securities of companies principally engaged in activities in the energy industry, such as the exploration, production, and transmission of energy or energy fuels; the making and servicing of component products for such activities; energy research; and energy conservation. The Fund's investment objective is non-fundamental, which means that it can be changed by the Board of Directors (the "Board") without shareholder approval. The Fund would provide shareholders with sixty days advance notice of a change in its investment objective.

The Adviser evaluates securities prior to investment through conducting rigorous due diligence, and fundamental analysis of the securities. This process includes analyzing publicly available information to evaluate each entity for factors which may include balance sheet strength, future capital requirements, operating cash flow sustainability, and the prospect for future earnings and cash flow growth. Individual securities are analyzed for investment based upon numerous considerations which may include relative valuation, potential for capital appreciation, current distributions, potential for growth of distributions, and the present value of future distributions. Potential investments are selected based on an attractive return prospect relative to the potential risk of not achieving expected returns.

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

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

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

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

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

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

**Principal Risks of Investing in the Energy Fund:** An investment in the Energy Fund could lose money over short or long periods of time. You should expect and be able to bear the risk that the Energy Fund's share price may fluctuate within a wide range. There is no assurance that the Energy Fund will achieve its investment objective. The Energy Fund's performance could be adversely affected by the following principal risks. Other non-principal risks are described in "Non-Principal Risks of Investing in the Energy Fund" below. In addition, the Fund's SAI, which is incorporated by reference into this Prospectus, includes more information about the Fund and its investments and risks. The risks described in this Prospectus (and in the SAI) are not intended to include every potential risk of investing in the Fund. The Fund could be subject to additional risks because the types of investments it makes may change over time.

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

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

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

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

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

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

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

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

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

● *Market Risk.* The market value of the Energy Fund's investments in equities, including MLP common units, and fixed income securities will fluctuate as the respective markets fluctuate. Market risk may affect a single issuer, industry or sector of the economy or it may affect the market as a whole. Performance of the Energy Fund can be affected by unexpected local, state, regional, national or global events (e.g., significant earnings shortfalls or gains, inflation, recessions, government shutdowns, market closures, market manipulation and other fraudulent practices, war, military conflicts, political and geopolitical

events, acts of terrorism, the spread of infectious diseases or other public health issues, natural and environmental disasters, trade disputes, tariff arrangements, sanctions, and cybersecurity attacks) that cause major price changes in individual securities or market sectors. The equity securities purchased by the Energy Fund may not appreciate in value as the Adviser anticipates.

The Fund's investments are also subject to inflation risk, which is the risk that the value of a Fund's investments does not keep pace with inflation, thus reducing purchasing power. Inflation has adverse consequences for most types of bonds because it makes their fixed interest payments less valuable. Bonds generally offer a series of fixed interest payments that represent a percentage of the face value of the bond. When inflation develops and prices rise, the purchasing power of the interest payment decreases. High inflation has historically correlated with lower returns on equities, and value stocks tends to perform better than growth stocks in high inflation periods. Persistently high inflation erodes the real value of investment capital, requiring a higher nominal return to maintain purchasing power. It also introduces distortions that may affect real economic outcomes, including policy implementation by governmental agencies and planning by households and businesses.

The Fund is subject to the risk that geopolitical and other events will disrupt securities markets, adversely affect global economies and markets and thereby decrease the value of the Fund's investments. Russia's military incursions in Ukraine have led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries against Russia. Russia's military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund's investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. Hamas militants launched a brutal terror attack against southern Israel on October 7, 2023, and, in response, Israel declared war on Hamas and Israeli Defense Forces invaded the Gaza Strip. Actual hostilities, such as the Israel-Hamas war, or the threat of future hostilities in the broader Middle East region may cause significant volatility and disruption to the securities markets, and adversely affect global energy and financial markets and thus could affect the value of the Fund's investments. Actual or threatened military conflict involving the U.S. and Iran, including direct hostilities, cyber operations, or expanded sanctions, could increase energy price volatility, disrupt global supply chains and shipping lanes, impair issuer operations and liquidity, and adversely affect the Fund's performance and net asset value. Such events may also heighten market, interest rate, inflation, and currency risks across both energy and non-energy holdings. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions caused by military action or resulting sanctions may magnify the impact of other risks described in this "Principal Risks of Investing in the Energy Fund" section.

In addition, an outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in December 2019 and was transmitted globally. COVID-19 resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, business and school closings, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by infectious illness outbreaks may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration and effects of pandemics like the COVID-19 outbreak cannot be determined with certainty. Non-universal acceptance of vaccines and the continued risk of variants or mutations, among other factors, make it impossible to predict the timing of an end to a global pandemic. The value of the Fund and the securities in which the Fund invests may be adversely affected by impacts caused by COVID-19 and other epidemics and pandemics that may arise in the future.

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

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

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

● *MLP Liquidity Risk.* Although common units of MLPs trade on the NYSE, the NASDAQ, and Amex, certain MLP securities may trade less frequently than those of larger companies due to their smaller capitalizations. In the event certain MLP securities experience limited trading volumes, the prices of such MLPs may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. As a result, these securities may be difficult to dispose of at a fair price at the times when the Adviser believes it is desirable to do so. The Fund's investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to take advantage of other market opportunities or to dispose of securities. This also may affect adversely the Fund's ability to make dividend distributions to you. The Fund will not purchase or otherwise acquire any security if, as a result, more than 15% of its net assets would be invested in illiquid investments.

● *MLP Risk.* Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's right to require unit holders to sell their common units at an undesirable time or price. MLPs were adversely impacted by the reduced demand for oil and other energy commodities as a result of the slowdown in economic activity resulting from the spread of the novel coronavirus (COVID-19) pandemic, which triggered an unprecedented sell-off of energy pipeline and midstream companies in 2020. Recently, global oil prices have experienced significant volatility, including a period where an oil-price futures contract fell into negative territory for the first time in history. Reduced production and continued oil price volatility may adversely impact the value of the Fund's investments in MLPs and energy infrastructure companies.

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

information concerning such non-U.S. issuers or the accounting, auditing and financial reporting standards, practices and requirements applicable to non-U.S. issuers may differ from those applicable to U.S. issuers.

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

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

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

**Non-Principal Investment Strategies:** In addition to the principal investment strategies discussed above, the Energy Fund seeks to achieve its investment objective by investing its assets in a combination of the following:

● The Energy Fund may invest in U.S. government agency securities issued or guaranteed by U.S. government-sponsored enterprises and federal agencies, including securities issued by FNMA, FHLMC, and GNMA (as defined herein). Some of these securities are supported by the full faith and credit of the U.S. Treasury; the remainder are supported only by the credit of the instrumentality, which may or may not include the right of the issuer to borrow from the U.S. Treasury. These also include securities issued by eligible private depository institutions.

● *Greenfield Projects*. Greenfield projects are energy-related projects built by private joint ventures formed by energy infrastructure companies. Greenfield projects may include the creation of a new pipeline, processing plant or storage facility or other energy infrastructure assets that are integrated with the company's existing assets. The Fund's investments in greenfield projects may distribute income. However, the Fund's investment also may be structured as pay-in-kind securities with minimal or no cash interest or dividends until construction is completed, at which time interest payments or dividends would be paid in cash. The Adviser believes that this niche leverages the organizational and operating expertise of large, publicly traded companies and provides the Fund with the opportunity to earn higher returns.

● *Limited Liability Company ("LLC") Common Units.* Some energy infrastructure companies in which the Fund may invest in have been organized as LLCs. These LLCs are generally treated in the same manner as MLPs for federal income tax purposes. Consistent with its investment objective and policies, the Fund may invest in common units or other securities of such LLCs. LLC common units represent an equity ownership interest in an LLC, entitling the holders to a share of the LLC's success through distributions and/or capital appreciation. Similar to MLPs, LLCs typically do not pay federal income tax at the entity level and are required by their operating agreements to distribute a large percentage of their current operating earnings.

● *Pay-in-Kind (PIK) Securities*. Pay-in-kind securities are securities that pay interest through the issuance of additional debt or equity securities. Upon maturity, the holder is entitled to receive the aggregate par value of the securities. Pay-in-kind securities may be subject to greater fluctuation in value and lesser liquidity in the event of adverse market conditions than comparably rated securities paying cash interest at regular interest payment periods.

● *Private Investments in Public Equity (PIPEs)*. PIPEs are equity securities issued in a private placement by companies that have outstanding, publicly traded equity securities of the same class. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed.

● *Restricted Securities*. The Fund may invest in Rule 144A securities, which are restricted securities that are not registered under the Securities Act of 1933 Act (the "1933 Act") and only can be offered to and sold by "qualified institutional buyers". Rule 144A securities may be illiquid or less liquid than other investments because, at times, such securities cannot be readily sold in broad public markets and the Fund might be unable to dispose of such securities promptly or at reasonable prices. A Rule 144A security that was liquid at the time of purchase may subsequently become illiquid.

● *U.S. Government Securities*. U.S. Government securities include securities issued by the U.S. Treasury and by U.S. Government agencies and instrumentalities. U.S. Government securities may be supported by the full faith and credit of the United States (such as mortgage-backed securities and certificates of the Government National Mortgage Association ("GNMA"), and securities of the Small Business Administration); or by the right of the issuer to borrow from the U.S. Treasury, the discretionary authority of the U.S. Treasury to lend to the issuer or the U.S. Treasury's commitment to support the issuer's net worth through preferred stock purchases (such as the securities issued by FNMA or FHLMC).

● *Royalty Trusts.* The Fund may invest in royalty trusts. However, such investments do not count towards the Fund's 80% policy. Royalty trusts are publicly traded investment vehicles that gather income on royalties and pay out almost all cash flows to stockholders as distributions. Distributions on royalty trusts in which the Fund may invest will depend upon the declaration of distributions from the constituent royalty trusts, but there can be no assurance that those royalty trusts will pay distributions. Royalty trusts typically have no physical operations and no management or employees. Typically royalty trusts own the rights to royalties on the production and sales of a natural resource, including oil, gas, minerals and timber. As these deplete, production and cash flows steadily decline, which may decrease distributions. The declaration of such distributions generally depends upon various factors, including the operating performance and financial condition of the royalty trust and general economic conditions.

**Additional Information About MLPs:** MLPs are generally characterized as "publicly traded partnerships" (as discussed in the section "U.S. Federal Income Taxes") engaged in the transportation, storage, processing, refining, marketing, exploration, production, and mining of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. Of the MLPs that the Adviser follows, the majority trade on the NYSE and the rest trade on Amex or NASDAQ. The Fund may also invest in MLPs that are not traded on the NYSE, Amex or NASDAQ. MLPs' disclosures are regulated by the SEC and MLPs must file Form 10-Ks, Form 10-Qs, and notices of material changes like any publicly traded corporation. MLPs also must comply with certain requirements applicable to public companies under the Sarbanes Oxley Act of 2002. The Fund provides access to a product that issues a single Form 1099 to its shareholders thereby removing the obstacles of federal and state filings (because shareholders do not receive any Schedule K-1) and, for certain tax-exempt shareholders, unrelated business taxable income ("UBTI") filings, while providing portfolio transparency, liquidity and daily NAV.

To qualify as an MLP and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the "Code"). These qualifying sources include natural resource-based activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through and up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership's operations and management.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in order to increase the partnership's cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit all security holders of the MLP.

**Temporary and Defensive Investments:** In anticipation of or in response to adverse market, political or other conditions or large cash inflows or redemptions, the Fund may invest in U.S. government securities, cash and cash equivalents, and money market funds and implement strategies to place the portfolio in defensive posture for a period of time ("temporary defensive period") until, in the Adviser's assessment, such condition has abated. During a temporary defensive period, the Energy Fund may invest up to 100% of its net assets in cash and cash equivalents. During temporary defensive periods, the Adviser also may use various strategic transactions to hedge the Fund's portfolio and mitigate risks with respect to specific MLP investments in the Fund's portfolio, including derivative contracts, such as the purchase and sale of exchange-listed and over-the-counter put and call options on securities and indices.

The Fund may not achieve its investment objective during a temporary defensive period or be able to sustain its then historical distribution levels. Also, higher levels of portfolio turnover may accompany such periods and

may result in the Fund's recognition of gains that will be taxable as ordinary income and may increase the Fund's current and accumulated earnings and profits, which will result in a greater portion of distributions to Fund shareholders being treated as dividends.

**Non-Principal Risks of Investing in the Energy Fund:** In addition to the principal risks discussed above, the Energy Fund's performance could be adversely affected by the following risks involving the Energy Fund's non-principal investment strategies:

● *Call Risk.* Another risk that could adversely affect the Energy Fund's performance is call risk, which is the possibility that during periods of falling interest rates, issuers of callable bonds may call (redeem) higher coupon bonds before their maturity dates. The Energy Fund would then lose potential price appreciation and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income.

● *Credit Risk.* The Energy 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 the Energy Fund may invest in junk bonds. The Energy Fund may be affected by credit risk of lower grade securities, which is the possibility that securities rated below investment grade, or unrated of similar quality, (i.e., "junk bonds"), may be subject to greater price fluctuations and risks of loss of income and principal than investment-grade securities. 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 Energy Fund's ability to sell these securities at an acceptable price. If the issuer of securities is in default in payment of interest or principal, the Energy Fund may lose its entire investment in those securities.

● *Greenfield Projects Risk*. Greenfield projects are private joint ventures with limited or no operating history formed to construct energy-related projects. The Fund's investments in greenfield projects may distribute income or be structured as pay-in-kind securities (*see* "Pay-in-Kind (PIK) Securities Risk"). An investment in a greenfield project entails substantial risk, including the risk that the project may not materialize due to, among other factors, financing constraints, the absence of a natural energy source, an inability to obtain the necessary governmental permits to build the project, and the failure of the technology necessary to generate the energy. In addition, greenfield projects face risks of changing project requirements, elevated costs for labor and materials, and unexpected construction hurdles, each of which can increase construction costs. Financing risk exists should changes in construction costs or financial markets occur. Regulatory risk exists should changes in regulation occur during construction or the necessary permits are not secured prior to beginning construction. The Fund's investment could lose its value in the event of a failure of a greenfield project. Greenfield projects also may be illiquid.

● *Pay-In-Kind (PIK) Securities Risk*. Pay-in-kind securities are securities that pay interest through the issuance of additional debt or equity securities. Pay-in-kind securities carry additional risk as holders of these types of securities realize no cash until the cash payment date unless a portion of such securities is sold. If the issuer defaults, the Fund may obtain no return at all on its investment. The market price of pay-in-kind securities is affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that of securities which pay interest in cash.

● *Private Investments in Public Equity (PIPEs) Risk*. PIPEs generally involve the purchase of stock at a discount to the current market value per share for the purpose of raising capital. PIPE transactions will generally result in a Fund acquiring either restricted stock or an instrument convertible into restricted stock. As with investments in other types of restricted securities, such an investment may be illiquid. The Fund's ability to dispose of securities acquired in PIPE transactions may depend upon the registration of

such securities for resale. Any number of factors may prevent or delay a proposed registration. Alternatively, it may be possible for securities acquired in a PIPE transaction to be resold in transactions exempt from registration in accordance with Rule 144 under the 1933 Act, or otherwise under the federal securities laws. There is no guarantee, however, that an active trading market for the securities will exist at the time of disposition of the securities, and the lack of such a market could hurt the market value of the Fund's investments. As a result, even if the Fund is able to have securities acquired in a PIPE transaction registered or sell such securities through an exempt transaction, the Fund may not be able to sell all the securities on short notice, and the sale of the securities could lower the market price of the securities.

● *Restricted Securities Risk*. The Fund may purchase illiquid securities and restricted securities, which are not readily marketable and are not registered under the 1933 Act, but which can be sold to qualified institutional buyers under Rule 144A under the 1933 Act. The Fund may not be able to sell restricted securities when the Adviser considers it desirable to do so or may have to sell such securities at a price that is lower than the price that could be obtained if the securities were more liquid. In addition, the sale of restricted securities also may require more time and may result in higher dealer discounts and other selling expenses than does the sale of securities that are not illiquid. Restricted securities also may be more difficult to value due to the unavailability of reliable market quotations for such securities, and investments in restricted securities may have an adverse impact on NAV. A restricted security that was liquid at the time of purchase may subsequently become illiquid.

● *Real Estate Investment Trusts ("REITS") Risk.* REITs are dependent upon management skills, are not diversified, are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs are also subject to the possibilities of failing to qualify for tax free pass-through of income under the Code. Due to the cyclical nature of the real estate industry, REITs may under-perform in comparison with other investment sectors. Investing in traded REITs involves risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&P's 500 Index.

● *Royalty Trusts Risk.* In many circumstances, the royalty trusts in which the Fund may invest have limited operating histories. The value of the equity securities of the royalty trusts in which the Fund invests may fluctuate in accordance with changes in the financial condition of those royalty trusts, the condition of equity markets generally, commodity prices, and other factors. In addition, the value of royalty trust securities depends on factors that are not within the Fund's control, including the financial performance of the respective issuers, interest rates, exchange rates and commodity prices (which will vary and are determined by supply and demand factors including weather and general economic and political conditions), the hedging policies employed by such issuers, issues relating to the regulation of the energy industry and operational risks relating to the energy industry.

Additionally, a sustained decline in demand for crude oil, natural gas and refined petroleum products could adversely affect income and royalty trust revenues and cash flows. Factors that could lead to a decrease in market demand include a recession or other adverse economic conditions, an increase in the market price of the underlying commodity, higher taxes or other regulatory actions that increase costs, or a shift in consumer demand for such products. A rising interest rate environment could adversely impact the performance of royalty trusts. Rising interest rates could limit the capital appreciation of royalty trusts because of the increased availability of alternative investments at more competitive yields.

**Suitability:** An investment in the Energy Fund may be suitable for intermediate to long-term investors who seek capital appreciation and attractive levels of current income through diversified exposure to securities and other assets of energy and energy related companies. Investors should be willing to accept the risks and potential volatility of such investments. The Fund may be unsuitable for certain investors including, but not limited to, investors who do not want to risk their investment principal.

**Disclosure of Portfolio Holdings:** A description of the Energy Fund's policies and procedures relating to selective disclosure of portfolio holdings is available in the Fund's SAI.

**MANAGEMENT OF THE FUND**

**Additional Information About the Investment Adviser**

The Adviser serves as the investment adviser of the Energy Fund as well as the other funds comprising the Spirit of America Investment Funds, including the Real Estate Fund, the Large Cap Value Fund, the Municipal Tax Free Bond Fund, the Income Fund and the Utilities Fund. The Adviser was incorporated in 1997 and is a registered investment adviser under the Investment Advisers Act of 1940. The Adviser has managed the investments of the Energy Fund as well as the other Spirit of America Investment Funds since their inception and has no other assets under management. David Lerner is the sole shareholder, a director and a controlling person of the Adviser.

The Adviser invests the Energy Fund's assets, manages the Energy Fund's business affairs and supervises the Energy Fund's day-to-day operations. The Adviser provides the Fund with advice on buying and selling securities in accordance with the Energy Fund's investment objective, policies and limitations. The Adviser also furnishes office space and certain administrative and clerical services, and employs the personnel needed with respect to the Adviser's responsibilities under its investment advisory contract with the Energy Fund. The continuance of the investment advisory agreement for the Energy Fund was last approved by its Board, including the independent directors, on May 21, 2025. A discussion regarding the basis for the Board's approval of the continuance of the Energy Fund's investment advisory contract is available in the Energy Fund's Form N-CSRS filing for the semi-annual period ended May 31, 2025.

The Energy Fund pays the Adviser a fee at the annual rate of 0.95% of the Fund's average daily net assets. The fee is accrued daily and paid monthly. Investment advisory fees for the fiscal year ended November 30, 2025 were $1,666,734.

**Portfolio Manager**

Douglas Revello serves as the Portfolio Manager and is primarily responsible for the day-to-day management of the Energy Fund. Mr. Revello joined the Adviser on May 18, 2009. In addition to managing the Energy Fund, Mr. Revello currently manages the Spirit of America Large Cap Value Fund and the Spirit of America Real Estate Income and Growth Fund, and serves as Co-Portfolio Manager to the Spirit of America Municipal Tax Free Bond Fund, the Spirit of America Income Fund and the Spirit of America Utilities Fund. Mr. Revello co-manages the portfolio management team of the Adviser. More recently, he has been a vital contributor to the management of the Energy Fund by virtue of his attendance at energy industry conferences and meetings with various energy industry management teams. Prior to joining the Adviser, Mr. Revello served as head of the Municipal Underwriting department for David Lerner Associates, Inc., the Funds' principal underwriter and distributor ("DLA" or the "Distributor"), from October 1992 until November 2017, and was also integral in the firm's fixed income trading and institutional sales. Mr. Revello received a Bachelors degree in Business Administration from Baruch College in 1988 and a Masters degree in Business Administration from Dowling College in 1999 and had served as an adjunct professor at the State University of New York at Stony Brook Harriman School of Business teaching several finance courses, including Capital Markets and Security Analysis from August 2000 until December 2008. In addition, Mr. Revello holds a General Securities Representative (Series 7) license, and Uniform Securities Agent State Law Examination (Series 63) license.

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

**CHOOSING A SHARE CLASS**

The Fund listed in this Prospectus offers three classes of Shares: Class A Shares, Class C Shares and Institutional Shares.

Each class of the Fund invests in the same portfolio securities, but each class has its own expense structure, as illustrated in the Fund's Summary Section – Fees and Expenses of the Fund. To choose the share class of the Fund that is best suited to your needs and goals, consider the amount of money you want to invest, how long you expect to invest it and whether you plan to make additional investments. As described herein, each class of shares has particular investment eligibility criteria and is subject to different types and levels of charges, fees and expenses than the other classes. As shown below, a sales charge structure applies to Class A and Class C Shares. You should consider, for example, that it may be possible to reduce the front-end sales charges imposed on purchases of Class A Shares. Among other ways, Class A Shares have a series of "breakpoints," which means that the front-end sales charges decrease (and can be eliminated entirely) as the amount invested increases. (The breakpoint schedule is set out below under "Sales Charges"). The Institutional Share Class requires a larger initial investment and has lower annual expenses than the other classes because it has no 12b-1 fees (fees paid for distributing shares of a fund pursuant to a Plan of Distribution), and thus will cost you less over time.

The following summarizes some of the main differences among Class A Shares, Class C Shares and Institutional Shares of the Fund:

**Class A Shares**

● Class A Shares are available for purchase through broker-dealers and other financial intermediaries that have executed a selling agreement with the Fund's Distributor.

● Class A Shares are subject to a minimum initial investment of $500. The minimum subsequent investment is $50.

● Front-end sales charges, as described below under "Sales Charges."

● A CDSC of 1.00% may be imposed on redemptions of Class A shares that were purchased within one year of the redemption date where an indirect commission was paid.

● Distribution (Rule 12b-1) fees of 0.25% of the Fund's average daily net assets.

**Class C Shares**

● Class C Shares are available for purchase through broker-dealers and other financial intermediaries that have executed a selling agreement with the Distributor.

● Class C Shares are subject to a minimum initial investment of $500. The minimum subsequent investment is $50.

● No front-end sales charges.

● Back-end deferred sales charges on shares sold within 13 months of purchase and as described below under "Sales Charges."

● Distribution (Rule 12b-1) fees of 1.00% (of which 0.25% is for shareholder servicing) of the Fund's average daily net assets.

**Institutional Share Class**

● Institutional Shares are offered primarily through certain asset allocation, wrap fee and other similar programs offered by broker-dealers and other intermediaries, and the Fund pays service fees to these entities for services they provide to Institutional Share Class shareholders. Institutional Shares may also be offered for direct investment by other investors such as pension and profit sharing plans, employee benefit trusts and plan alliances, endowments, foundations, corporations and high net worth individuals. Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional Shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker.

● Institutional Shares are subject to a minimum initial investment of $100,000. The minimum subsequent investment is $10,000.

● Minimums may be waived for investors of qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, defined benefit plans; bank and trust companies; insurance companies; registered investment companies; and non-qualified deferred compensation plans.

● Minimums may be satisfied where, for investors through certain asset allocation, wrap fee and other similar programs, in the discretion of the investment adviser, multiple, different customer accounts, in the aggregate, total the $100,000 minimum.

● No front-end sales charges.

● No deferred sales charges imposed.

● No Distribution (Rule 12b-1) fees.

**PRICING FUND SHARES**

Portfolio securities are valued, and the NAV per share of the Energy Fund is calculated, as of the close of regular trading on the NYSE, currently 4:00 p.m. (Eastern Time), on each day the NYSE is open for trading. The NYSE is closed on the following holidays or days on which the following holidays are observed: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

The NAV for the Energy Fund is computed by adding the value of the Fund's investments, cash and other assets, deducting liabilities and dividing the result by the number of shares of the Fund outstanding. Redemptions will be effected at the NAV (subject to any applicable CDSC fees) next determined after receipt by the Transfer Agent.

The Energy Fund's securities are valued at the official close or the last reported sales price on the principal exchange on which the security trades, or if no sales price is reported, the mean of the latest bid and asked prices is used. Securities traded over-the-counter are priced at the mean of the latest bid and asked prices. Unlisted securities traded in the over-the-counter market are valued using an evaluated quote provided by the independent pricing service, or, if an evaluated quote is unavailable, such securities are valued using prices received from dealers, provided that if the dealer supplies both bid and ask prices, the price to be used is the mean of the bid and asked prices. The independent pricing service derives an evaluated quote by obtaining dealer quotes, analyzing the listed markets, reviewing trade execution data and employing sensitivity analysis. Evaluated quotes may also reflect appropriate factors such as individual characteristics of the issue, communications with broker-dealers, and other market data. Fund securities for which market quotations are not readily available, including private equity investments and other assets, are valued at their fair value as determined in good faith under procedures established by and under the supervision of the Board described below.

The Board has designated the Adviser as the Valuation Designee to perform the fair value determinations, who will carry out these functions for some or all of the Energy Fund's investments. This designation is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board's ability to effectively oversee the Fund's fair value determinations. The Valuation Designee is responsible for performing fair value determinations relating to fund investments and certain other risk assessments, testing, evaluations, and reporting. Fair value determinations are required for securities: (i) for which market quotations are not readily available (or for which market quotations are deemed unreliable); or (ii) for which, in the judgment of the Valuation Designee, the value does not represent a fair value of the security. The Valuation Designee may obtain assistance from others in fulfilling its duties. For example, it may seek assistance from pricing services, fund administrators, accountants, or counsel; it also may consult the Fair Value Committee (described below). The Valuation Designee, however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

To carry out the responsibility to determine the fair value of any securities or other assets for which market quotations are not readily available at a valuation time, the Board has approved the Valuation Designee's use of a fair valuation pricing committee (the "Fair Value Committee"), to assist in making fair value determinations. The Fair Value Committee consists of the following standing members: (a) the Fund's Treasurer or designee, (b) a representative of Ultimus, typically from the Accountant, and (c) on an ad hoc basis at a particular valuation time for which a fair value or fair valuation method is being determined for a Fund, a representative of the Adviser, who may be the Valuation Designee. The Fair Value Committee, at its discretion, may also include the Fund's Chief Compliance Officer as a non-voting member.

When fair value pricing is employed, the prices of securities used by the Energy Fund to calculate its NAV may differ from quoted or published prices for the same security. Securities for which a reliable market value cannot be determined or for which market value is no longer reliable, are priced at fair value. As a result, the Fund's valuation of a security and the price it is actually able to obtain when it sells the security could differ.

**ADDITIONAL INFORMATION ABOUT HOW TO PURCHASE SHARES**

You can purchase Class A Shares and Class C Shares of the Energy Fund through broker-dealers that have executed a selling agreement with the Fund's Distributor. Institutional Shares of the Energy Fund are offered primarily through certain asset allocation, wrap fee and other similar programs offered by broker-dealers and other intermediaries. Institutional Shares may also be offered for direct investment by other investors such as pension and profit sharing plans, employee benefit trusts and plan alliances, endowments, foundations, corporations, high net worth individuals and on certain brokerage platforms.

All investments must be made in U.S. dollars and, to avoid fees and delays, checks must be drawn only on banks located in the U.S. A charge (minimum of $20) will be imposed if any check or electronic payment used for the purchase of shares is returned. The Fund does not accept cash, drafts, "starter" checks, traveler's checks, credit card checks, post-dated checks, cashier's checks, money orders or checks drawn on non-U.S. financial institutions. In addition, to protect the Fund from check fraud, the Fund does not accept checks made payable to third parties (except for properly endorsed IRA rollover checks). Cashier's checks and bank official checks will also be accepted for IRA transfers from other financial institutions. In such cases, a 15 business day hold will be applied to the funds. This means that, while you may request a redemption during the 15 business days after your purchase, and the redemption will be calculated at the NAV of the Fund on the day that the redemption request is received in good order, you will not receive your proceeds until the holding period has expired. You may avoid this holding period by making your purchase by wire. For additional information on purchase by wire, please refer to "Purchases by Wire" below.

**Purchases by Mail:** Shares may be purchased initially by completing the account application accompanying this Prospectus and mailing it to the Energy Fund's transfer agent, Ultimus Fund Solutions, LLC (the "Transfer Agent"), together with a check payable to the Fund and the applicable share class (for example, "Spirit of America Energy Fund – Class A Shares.") The check or money order and account application may be mailed via regular mail to Spirit of America Investment Fund, Inc., c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246. If you are sending applications, checks or other communications to the Transfer Agent via express delivery, registered or certified mail, send to Spirit of America Investment Fund, Inc., c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. Please send a minimum of $500 for Class A Shares and Class C Shares (including IRA and SEP accounts).

When making subsequent investments by mail, please return the bottom portion of a previous confirmation with your investment in the envelope that is provided with each confirmation statement. Your check should be made payable to the Energy Fund and the applicable share class (for example, "Spirit of America Energy Fund - Class A Shares") and mailed to the Transfer Agent at the addresses noted above. Orders to purchase shares are effective on the day the Transfer Agent receives your check or money order, provided it is received before 4:00 p.m. (Eastern Time).

**Purchases by Wire:** To make an initial investment by federal funds wire, you must first call the Transfer Agent at (800) 452-4892 to set up an account and receive an account number. Your name, account number, taxpayer identification number or social security number and address must be specified in the wire. Your bank may impose a fee for investments by wire. In addition, an account application should be promptly forwarded to: Spirit of America Investment Fund, Inc., c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246.

If you have a bank account at a member firm of the Federal Reserve System, you may purchase shares of the Energy Fund by requesting your bank to transmit funds by wire. Please call Shareholder Services at (800) 452-4892 for the most current wiring instructions.

You may make additional investments at any time through the wire procedures described above, which must include your name and account number. The Energy Fund will not be responsible for the consequences of delays, including delays in the banking or Federal Reserve wire systems. Wires received after the close of the NYSE will be considered received on the next business day.

**Purchases by Telephone:** The Energy Fund accepts telephone purchases only from brokers or financial intermediaries. Individuals may not make purchases by telephone.

**General Purchase Information:** Class A Shares of the Energy Fund are sold at the NAV next determined after receipt of a purchase order by the Transfer Agent, plus an initial maximum sales charge of up to 5.75% of the offering price (6.10% of the net amount invested), reduced on investments of $25,000 or more in any of the Spirit of America Investment Funds. See "Distribution Arrangements" for more complete information on the shares of the Fund.

Class C Shares are sold without an initial front-end sales charge so that the full amount of your purchase is invested in the Fund. A deferred sales charge of 1.00% applies, however, if Class C Shares are sold within 13 months of purchase.

Institutional Shares are sold without an initial front-end sales charge and are not subject to a deferred sales charge.

Shares acquired through reinvestment of dividends or capital gains distributions are not subject to a deferred sales charge. In addition, the deferred sales charge may be waived in certain circumstances. See "Waiver of Deferred Sales Charge – Class C Shares" below. The deferred sales charge is based upon the lesser of: (1) the NAV of the shares redeemed or (2) the cost of such shares.

To keep your deferred sales charges as low as possible, each time you place a request to sell shares, we will first sell any shares in your account that are not subject to a deferred sales charge. If there are not enough of these shares available, we will then sell shares in order of purchase.

Purchase orders for shares of the Energy Fund that are received by the Transfer Agent in proper form (i.e., a completed application and the correct minimum investment) by the close of the NYSE, on any day that the NYSE is open for trading, will be purchased at the Energy Fund's next determined NAV (plus any applicable sales charge). Orders for Fund shares received after 4:00 p.m. (Eastern Time) will be purchased at the NAV (plus any applicable sales charge) determined on the following business day.

The Energy Fund and the Transfer Agent each reserve the right to reject any purchase order in whole or in part. The Energy Fund reserves the right to suspend the offering of shares of any Fund. The Energy Fund also reserves the right to vary the initial and subsequent investment minimums, or to waive the minimum investment requirements for any investor. The Energy Fund will not accept checks endorsed by a third party as payment for purchase orders. If your check or wire does not clear, you will be responsible for any loss incurred by the Energy Fund.

When you sign your account application, you will be asked to certify that your social security number or taxpayer identification number is correct and that you are not subject to backup withholding for failing to report income to the Internal Revenue Service ("IRS"). If you violate IRS regulations, the IRS can require the Energy Fund to withhold a portion of your taxable distributions and redemptions.

The USA PATRIOT Act requires financial institutions, including mutual funds, to adopt certain policies and programs to prevent money laundering activities, including procedures to verify the identity of customers opening new accounts. When completing the account application, you will be required to supply the Energy Fund with information, such as your taxpayer identification number, that will assist the Fund in verifying your identity. Until such verification is made, the Energy Fund may temporarily limit additional share purchases. In addition, the Energy Fund may limit additional share purchases or close an account if it is unable to verify a customer's identity. As required by law, the Energy Fund may employ various procedures, such as comparing the information to fraud databases or requesting additional information or documentation from you, to ensure that the information supplied by you is correct. Your information will be handled by us as discussed in our privacy statement.

**Purchases through Broker-Dealers**

The Energy Fund may accept telephone orders only from broker-dealers or financial intermediaries that have executed a selling agreement with DLA. The broker-dealers or financial intermediaries must promptly forward purchase orders and payments for such orders to the Energy Fund. Brokers or financial intermediaries through which an investor purchases shares of the Energy Fund may charge the shareholder a transaction fee or other fee for their services at the time of purchase. Broker-dealers or financial intermediaries may have different minimum investment requirements.

For any order to be confirmed at the current day's offering price, it must be received by the Transfer Agent or the selling dealer by 4:00 p.m. (Eastern Time) on the same day. For any dealer order to be confirmed at the current day's offering price, it not only must be received by the dealer prior to 4:00 p.m. (Eastern Time) on that day, but it must be communicated to the Transfer Agent by 5:00 p.m. (Eastern Time) on that day. It is the responsibility of the dealer to communicate the details of the order to the Transfer Agent. Orders received by dealers after 4:00 p.m. (Eastern Time) are confirmed at the offering price on the following business day.

**Automated Clearing House (ACH)**

Once an account is open, shares may be purchased or redeemed through ACH in minimum amounts of $50. ACH is the electronic transfer of funds directly from an account you maintain with a financial institution to the Energy Fund. ACH transactions are not available for initial purchase. In order to use the ACH service, the ACH Authorization section of the account application must be completed. For existing accounts, an ACH Authorization Form may be obtained by calling the Fund's Transfer Agent at (800) 452-4892. Allow at least two weeks for processing before using ACH. To place a purchase or redemption order by ACH, call the Fund's Transfer Agent at (800) 452-4892. There are no charges for ACH transactions imposed by the Fund or the Transfer Agent. ACH share purchase transactions are completed when payment is received, approximately two business days following the placement of your order. When shares are purchased through ACH, the proceeds from the redemption of those shares may not be paid until the ACH transfer has been converted to federal funds, which could take up to 15 calendar days. The shareholder will be held responsible for any fees incurred or losses suffered by the Fund as a result of any ACH transaction rejected for insufficient funds. Failure to notify the Fund in advance of an ACH transfer could result in a delay in completing your transaction.

**Automatic Investment Plan**

*Bank Account*

You can make additional purchases of shares of the Energy Fund through an Automatic Investment Plan. The Automatic Investment Plan provides a convenient method to have monies deducted directly from your bank account for investment in the Fund. You may authorize the automatic withdrawal of funds from your bank account by opening an account with a minimum of $500 for Class A Shares and Class C Shares and completing the Automatic Investment Plan section of the account application enclosed with this prospectus. Subsequent investments may be made on a periodic basis and are subject to a minimum required amount of $50. Due to the fact that Class A Shares have a front-end sales load, it is not advisable to participate in an Automatic Investment Plan if you are regularly purchasing these shares. The Energy Fund may alter, modify or terminate this plan at any time.

*Securities Brokerage Account*

If available through your securities broker-dealer, you can also make additional purchases of the Energy Fund through an Automatic Investment Plan which provides a convenient method to have all dividends and interest which are ordinarily credited to your securities brokerage account(s) invested directly into the Fund instead. You may authorize automatic investment of dividends and interest from your securities brokerage account by completing and signing a separate authorization form provided by your securities broker-dealer.

**Tax Sheltered Retirement Plans**

Fund shares may be an appropriate investment for tax-sheltered retirement plans, including: individual retirement plans (IRAs); simplified employee pension plans (SEPs); 401(k) plans; qualified corporate pension and profit-sharing plans (for employees); tax deferred investment plans (for employees of public school systems and certain types of charitable organizations); and other qualified retirement plans. You should contact the Fund's Transfer Agent at (800) 452-4892 for the procedure to open an IRA or SEP plan directly with the Fund, as well as more specific information regarding these retirement plan options. Please consult with an attorney or tax adviser regarding these plans. You must pay custodial fees for your IRA by redemption of sufficient shares of the Fund from the IRA unless you pay the fees directly to the IRA custodian. Information regarding IRA custodial fees is available by calling the Transfer Agent at (800) 452-4892. In addition, you should be aware that investments in tax-deferred accounts may be taxable at withdrawal. You should discuss any tax-related concerns with your tax adviser or attorney.

**ADDITIONAL INFORMATION ABOUT HOW TO REDEEM SHARES**

**Selling Shares:** You may redeem your shares of the Energy Fund on any business day that the NYSE is open for business. Redemptions will be effected at the NAV (subject to any applicable CDSC fees) next determined after receipt by the Transfer Agent of a redemption request meeting the requirements described below.

**Redemption by Mail:** You may redeem shares by submitting a written request for redemption via regular mail to Spirit of America Investment Fund, Inc., c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246. If you are sending your request via overnight mail services, send to Spirit of America Investment Fund, Inc., c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. A written redemption request must: (i) identify your account name and account number; (ii) include the name of the Fund and class of shares, if applicable; (iii) state the number of shares or dollar amount to be redeemed; and (iv) be signed by each registered owner exactly as the shares are registered. To prevent fraudulent redemptions, a signature guarantee for the signature of each person in whose name an account is registered is required for (i) all written redemption requests exceeding $50,000, (ii) where proceeds are to be mailed to an address or bank account other than that shown on the Transfer Agent's records, or (iii) when your address was changed within 30 days of your redemption request. When the Energy Fund requires a signature guarantee you must provide a medallion signature guarantee. A medallion signature guarantee may be obtained from a domestic bank or trust company, broker, dealer, clearing agency, savings association, or other financial institution which is participating in a medallion program recognized by the Securities Transfer Association. The three recognized medallion programs are Securities Transfer Agents Medallion Program (STAMP), Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange, Inc. Medallion Signature Program (NYSE MSP). Signature guarantees from financial institutions which are not participating in one of these programs will not be accepted. Notary public endorsements will not be accepted. The Transfer Agent may require additional supporting documents for redemptions made by corporations, executors, administrators, trustees or guardians and retirement plans.

A redemption request will not be considered to be in good order until the Transfer Agent receives all required documents in proper form. Questions with respect to the proper form for redemption requests should be directed to the Transfer Agent at (800) 452-4892.

Shareholders who redeem shares held in an IRA must indicate on their redemption request whether or not to withhold federal income taxes. If no such instruction is provided, IRA redemptions will be subject to federal tax withholding. Please consult your tax adviser for any tax related IRA distribution questions.

**Redemption by Telephone or by Wire** **:** With prior authorization, you may redeem shares by calling the Transfer Agent at (800) 452-4892 during normal business hours. To arrange for redemption by wire or telephone after your account has been opened, or to change the bank or account designated to receive redemption proceeds, send a written request with a signature guarantee (as described above) to the Transfer Agent. The telephone redemption privilege is automatically available to all new accounts. If you do not want the telephone redemption privilege, you must indicate this on the appropriate area of your account application or write to the Fund and instruct it to remove this privilege from your account.

The proceeds will be sent by mail to the address designated on your account or wired directly to your existing account in a bank or brokerage firm in the United States as designated on your application.

The Energy Fund reserves the right to refuse a wire or telephone redemption if it believes it is advisable to do so. Procedures for redeeming Fund shares by wire or telephone may be modified or terminated at any time.

During periods of unusual economic or market changes, telephone redemptions may be difficult to implement. Please allow sufficient time to ensure that you will be able to complete your telephone transaction prior to market close. Neither the Fund nor its Transfer Agent will be held liable if you are unable to place your transaction due to high call volume. In such event, you should follow the procedures for redemption by mail.

The Fund reserves the right to suspend the telephone redemption privileges with respect to your account if the name(s) or the address on the account has been changed within the previous 30 calendar days. Neither the Energy Fund nor any of its service contractors will be liable for any loss or expense in acting upon telephone instructions that are reasonably believed to be genuine. In this regard, the Energy Fund and the Transfer Agent require personal identification information before accepting a telephone redemption. To the extent that the Energy Fund or the Transfer Agent fails to use reasonable procedures to verify the genuineness of telephone instructions, the Fund may be liable for losses due to fraudulent or unauthorized instructions. The Energy Fund reserves the right to refuse a telephone redemption if it is believed advisable to do so. Written confirmation will be provided for all redemption transactions initiated by telephone. Proceeds from a telephone redemption shall be sent only to the shareholder's address of record or wired to the shareholder's bank account on file with the Transfer Agent.

IRA distributions may also be made by telephone. Shareholders who redeem shares held in an IRA will be asked to designate whether or not to withhold federal income taxes from the distribution. If no such instruction is provided, IRA redemptions will be subject to federal tax withholding. Please consult your tax adviser for any tax related IRA distribution questions.

**Exchanging Shares** **:** You are permitted to exchange your Class A Shares of the Energy Fund for Class A Shares of another Fund in the Spirit of America Investment Funds, including the Real Estate Income and Growth Fund, the Large Cap Value Fund, the Municipal Tax Free Bond Fund, the Income Fund and the Utilities Fund, provided that those shares may legally be sold in the state of your residence. Class C Shares of the Energy Fund may be exchanged for Class C Shares of any other Spirit of America Investment Fund offering such shares. Institutional Shares of the Energy Fund may be exchanged for Institutional Shares of any other Spirit of America Investment Fund offering such shares. You must meet the minimum investment requirement for the applicable share class and you may only exchange your shares once every six months. The registration and taxpayer identification numbers of the two accounts involved in the exchange must be identical. No transaction fees are charged for exchanges but an exchange of shares is treated for tax purposes as a redemption of shares and an exchanging shareholder may, therefore, realize a taxable gain or loss in connection with the exchange. The Funds make exchanges at NAV (determined after the order is considered received), without a sales charge.

**Systematic Withdrawal Plan:** The Energy Fund offers a Systematic Withdrawal Plan as an option by which to withdraw funds from your account on a regular basis. To participate in this option, you must either own or purchase shares having a value of $10,000 or more for Class A Shares and Class C Shares and $100,000 or more for Institutional Shares. Automatic payments by check will be mailed to you on either a monthly, quarterly, semi-annual or annual basis in amounts of $50 or more. All withdrawals are processed on the 25th day of the month or, if such day is not a business day, on the next business day and paid promptly thereafter. Because Class A Shares of the Energy Fund have a front-end sales load, it is not advisable to participate in the Systematic Withdrawal Plan if you are regularly purchasing shares. For information about starting a Systematic Withdrawal Plan, call the Transfer Agent at (800) 452-4892. Shareholders of Class C Shares that participate in the Plan will not be charged a CDSC on their withdrawals.

**General Redemption Information:** The Fund typically expects to pay redemption proceeds for shares redeemed within the following days after receipt by the Transfer Agent of a redemption request in proper form:

● For payment by check, the Fund typically expects to mail the check within one to three business days;

● For payment by wire or ACH, the Fund typically expects to process the payment within one to three business days.

Payment of redemption proceeds may take longer than the time the Fund typically expects and may take up to 7 days as permitted under the Investment Company Act of 1940, as amended (the "1940 Act"). Under unusual circumstances as permitted by the SEC, the Fund may suspend the right of redemption or delay payment of redemption proceeds for more than 7 days. When a request for redemption is made shortly after the purchase of shares by check, you will not receive the redemption proceeds until the check(s) for the shares purchased has cleared. Although the redemption proceeds may be delayed, the redemption request will be processed at the NAV next determined after receipt of the redemption request in good order. The Energy Fund will mail the redemption proceeds as soon as the purchase check clears, which may take up to fifteen calendar days from the date of the purchase. You may avoid such delays by purchasing shares by federal funds wire.

The Energy Fund may suspend the right of redemption or postpone the date of payment for more than seven days during any period when (i) trading on the NYSE is restricted or the NYSE is closed for other than customary weekends and holidays, (ii) the SEC has by order permitted such suspension for the protection of the Energy Fund's shareholders, or (iii) an emergency exists making disposal of portfolio securities or valuation of net assets of any fund not reasonably practicable.

Redemption proceeds sent by check by the Energy Fund and not cashed within 180 days of the redemption date will be reinvested in the applicable class of shares at the current day's NAV. Redemption proceeds that are reinvested are subject to market risk like any other investment in the Energy Fund.

Redemption proceeds may be wired directly to any bank previously designated on your new account application. There is a $15.00 charge for redemptions made by wire to domestic banks. Wires to foreign or overseas banks may be charged at higher rates. Banks may impose a fee for wire services. In addition, there may be fees for redemptions made through brokers, financial institutions and service organizations. If you execute your redemption order through an intermediary, you may be subject to additional charges.

The Energy Fund has elected, pursuant to Rule 18f-1 under the 1940 Act, to redeem shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any one shareholder. The Energy Fund will satisfy redemption requests for cash to the fullest extent feasible, as long as such payments would not, in the opinion of the Adviser, result in the need for the Energy Fund to sell assets under disadvantageous conditions or to the detriment of the remaining shareholders of the Energy Fund. The Energy Fund has reserved the right, in whole or in part, to make payment for a redemption in securities rather than cash, which is known as a "redemption in kind." Redemptions in kind will be made only under extraordinary circumstances and if the Fund deems it advisable for the benefit of all shareholders, such as a very large redemption that could affect Fund operations (for example, more than 1% of the Fund's net assets). Under these conditions, a Fund might pay all or part of redemption proceeds in liquid securities with a market value equal to the value of the Fund shares being redeemed. A redemption in kind will consist of securities equal in market value to the Fund shares being redeemed, using the same valuation procedures that the Fund uses to compute its NAV. Pursuant to procedures adopted by the Board, redemption in kind transactions will typically be made by delivering readily marketable securities to the redeeming shareholder within 7 days after the Fund's receipt of the redemption order in proper form. Marketable securities are assets that are regularly traded or where updated price quotations are available. Illiquid securities are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Certain illiquid securities may be valued using estimated prices from one of the Fund's approved pricing agents. If the Fund redeems your shares in kind, it will value the securities pursuant to the policies and procedures adopted by the Board. See "Pricing Fund Shares." You will bear the market risks associated with maintaining or selling the securities that are transferred as redemption proceeds. In addition, when you sell these securities, you will pay taxes and brokerage charges associated with selling the securities.

**Minimum Balances:** Due to the relatively high cost of maintaining smaller accounts, the Energy Fund reserves the right to involuntarily redeem shares in any account at its then current NAV if at any time the account balance is less than $500 for Class A Shares and Class C Shares and less than $100,000 for Institutional Shares as a result of shareholder redemptions, but not market fluctuations. You will be notified in writing if the value of your account is less than the required minimum, and will be allowed at least 60 days to bring the value of your account up to the minimum before the redemption is processed. No CDSC will be imposed on any involuntary redemption.

**Frequent Purchases and Redemptions of Fund Shares:** Energy Fund investors may attempt to profit through a practice called market timing or short-term trading in Fund shares. This might be achieved by the purchase and redemption of Fund shares within a short time period. Frequent short-term trading of shares may be detrimental to the long-term performance of the Energy Fund because it may disrupt portfolio management strategy and because it may increase the Fund's expenses. The Board has adopted the following policies and procedures to discourage market timing. The Energy Fund receives reports from their service provider through which they monitor activity that may be construed to be short-term trading. The Fund seeks to monitor trading activity in the Fund's shares and examines a number of factors to detect trading patterns in Fund shares, including (but not limited to) the frequency, size, and/or

timing of investor's transactions in Fund Shares. When such activity appears to be taking place, the Energy Fund may issue instructions to its service provider to place restrictions on the shareholder's purchase or exchange activity. From time to time, the Energy Fund may put in place other procedures or practices to detect and/or discourage market timing by investors. However, investors should be aware that the Energy Fund's procedures, while designed to discourage disruptive trading practices, may not entirely eliminate the possibility that such activity may take place. The ability of the Energy Fund and its agents to detect and curtail excessive trading practices may be limited by operational systems and technological limitations. In addition, the Energy Fund may receive purchase, exchange and redemption orders through financial intermediaries and cannot always know or reasonably detect excessive trading which may be facilitated by these intermediaries or by the use of omnibus account arrangements.

**Escheatment of Shares to State** **:** If no activity occurs in your account within the time period specified by applicable state law, the assets in your account may be considered abandoned and transferred (also known as "escheated") to the appropriate state regulators. The escheatment time period varies by state. Investors who are residents of the state of Texas may designate a representative to receive legislatively required unclaimed property due diligence notifications. A Texas Designation of Representative Form is available for making such an election.

**DISTRIBUTION ARRANGEMENTS**

The Energy Fund offers Class A Shares, Class C Shares and Institutional Shares. Class A Shares charge a front-end sales load and pay 12b-1 fees. Class C Shares are sold without an initial front-end sales charge and are subject to a deferred sales charge of 1.00%, if Class C Shares are sold within 13 months of purchase. Class C Shares pay 12b-1 fees and/or shareholder servicing fees. Institutional Shares do not charge a front-end sales load, impose a deferred sales charge or pay 12b-1 fees. The Fund does not include disclosure information pertaining to sales loads and capital stock on its website because it is contained within this Prospectus and the Fund's SAI.

**Rule 12b-1 Plan**

The Energy Fund has adopted a Plan of Distribution (the, a "12b-1 Plan") pursuant to Rule 12b-1 under the 1940 Act. The 12b-1 Plan permits the Fund or class, as applicable, to pay DLA from its own assets for DLA's services and expenses in distributing shares of the Fund ("12b-1 fees") and providing personal services and/or maintaining shareholder accounts ("service fees"). The Energy Fund's Class A Shares pay a 12b-1 fee at the annual rate of 0.25% of average daily net assets. Each class of shares of the Energy Fund has exclusive voting rights with respect to its 12b-1 Plan. Since 12b-1 fees are paid out of the assets of the respective share class of the Energy Fund on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. With respect to Class C Shares, the fee paid to the Distributor by the Fund is 1.00% of the average daily net assets of the Class C Shares. Of this amount, 0.75% represents 12b-1 fees and 0.25% represents shareholder servicing fees paid to DLA or to institutions that have agreements with the Distributor to provide such services.

**Class A Shares**

The offering price for Class A Shares of the Energy Fund includes a front-end sales charge. The maximum sales charge is 5.75% of the offering price (6.10% of the net amount invested) and is reduced on investments of $25,000 or more. Certain purchases of Class A Shares of the Energy Fund qualify for reduced front-end sales charges, as discussed below.

**Sale of Class A Shares**

The sales charge you pay for Class A Shares of the Energy Fund depends on the dollar amount invested. Due to rounding, the actual sales charge for a particular transaction may be higher or lower than the rates listed above. A portion or all of the sales charge may be retained by the Distributor or paid to your broker, dealer or other financial intermediary as a concession. The front-end sales charge you pay for Class A Shares of the Energy Fund is shown in the table that follows.

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Sales Charge as a<br> Percentage of:** | **Total Sales Charge as a<br> Percentage of:** | |
|  | **Offering Price** | **Net Amount<br> Invested** | **Concession as a<br> Percentage of**<br>**Offering<br> Price** |
| Under $25,000 | 5.75% | 6.10% | 5.00% |
| $25,000 or more, but less than $50,000 | 5.50% | 5.82% | 5.00% |
| $50,000 or more, but less than $100,000 | 4.75% | 4.99% | 4.25% |
| $100,000 or more, but less than $250,000 | 4.50% | 4.71% | 4.00% |
| $250,000 or more, but less than $500,000 | 3.75% | 3.90% | 3.50% |
| $500,000 or more, but less than $1,000,000 | 3.00% | 3.09% | 2.75% |
| $1,000,000 or more\* | 0% | 0% | 0% |

---

\* No sales charge is payable at the time of purchase on investments of $1 million or more, although for such investments, the Energy Fund imposes a CDSC of 1.00% in the event of certain redemptions within one year of the purchase. The CDSC incurred upon redemption is paid to DLA in reimbursement for distribution-related expenses. A commission will be paid by the Distributor to authorized dealers who initiate and are responsible for purchases of $1 million or more.

**Reduction of Class A Sales Charges**

If you qualify for a reduction or waiver of Class A sales charges, you must notify the Fund's Transfer Agent, your financial adviser or other intermediary at the time of purchase and you also must provide any required evidence showing that you qualify. The value of cumulative quantity discount eligible shares equals the current value of those shares. The current value of shares is determined by multiplying the number of shares by the current NAV. In order to obtain a sales charge reduction, you may need to provide your financial intermediary or the Fund's Transfer Agent, at the time of purchase, with information regarding shares of the Funds held in other accounts which may be eligible for aggregation. Such information may include account statements or other records regarding shares of the Funds held in (i) all accounts (e.g. retirement accounts) with the Funds; (ii) accounts with other financial intermediaries where Fund shares are held; and (iii) accounts in the name of immediate family household members (spouse and children under age 21). You should retain any records necessary to substantiate historical costs because the Fund, its Transfer Agent and financial intermediaries may not maintain this information. Otherwise, you may not receive the reduction or waiver.

Investors may be able to reduce or eliminate front-end sales charges on Class A Shares through one or more of the following methods:

● **A larger investment.** The sales charge decreases as the amount of your investment increases per the breakpoint chart above.

● **Rights of accumulation.** To qualify for the reduced Class A sales charge that would apply to a larger purchase than you are currently making (as shown in the table above), you and other immediate family members [which includes your spouse and children under the age of 21 as permitted under the Uniform Gifts to Minors Act ("UGMA") or the Uniform Transfers to Minors Act ("UTMA")], a trust established by you or a family member as grantor, and those family members living at the same address can add the current value of any Class A Shares in all Spirit of America Investment Funds that you currently own or are currently purchasing to the value of your Class A purchase. You must notify your investment adviser, the Fund's Transfer Agent or other intermediaries, at the time of purchase, of your intent to qualify for this reduction and provide any required evidence showing that you qualify. Rights of accumulation breakpoints are calculated based on the greater of cost or current market value (NAV). Cost is defined as: Gross purchases plus reinvested dividends minus redemptions.

● **Letter of Intent discount.** If you declare in writing that you and other immediate family members [which includes your spouse and children under the age of 21 as permitted under the UGMA or the UTMA] and those family members living at the same address intend to purchase at least $25,000 in Class A Shares during a 13-month period, your sales charge is based on the total amount you intend to invest. You can combine your purchase of Class A Shares of any of the Spirit of America Investment Funds to fulfill your Letter of Intent. You are not legally required to complete the purchases indicated in your Letter of Intent. However, if you do not fulfill your Letter of Intent, additional sales charges may be due and shares in your account would be liquidated to cover those sales charges.

**Sales Charges – Class C Shares**

Class C Shares are sold without an initial front-end sales charge so that the full amount of your purchase is invested in the Fund. A deferred sales charge of 1.00% applies, however, if Class C Shares are sold within 13 months of purchase.

Shares acquired through reinvestment of dividends or capital gains distributions are not subject to a deferred sales charge. In addition, the deferred sales charge may be waived in certain circumstances. See "Waiver of Deferred Sales Charge – Class C Shares" below. The deferred sales charge is based upon the lesser of: (1) the NAV of the shares redeemed or (2) the cost of such shares.

To keep your deferred sales charges as low as possible, each time you place a request to sell shares, we will first sell any shares in your account that are not subject to a deferred sales charge. If there are not enough of these shares available, we will then sell shares in the order of purchase.

*For purposes of the deferred sales charge, we use the effective date for each individual purchase.*

**Waiver of Deferred Sales Charge – Class C Shares**

The deferred sales charge on Class C Shares may be waived for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certain post-retirement withdrawals from an IRA or other retirement plan if you are over 70 ½;

2. Redemptions by certain eligible 401(a) and 401(k) plans and certain retirement plan rollovers;

3. Redemptions where your dealer of record notifies the Distributor, prior to the time of investment, that the dealer waives the 1.00% advance payment otherwise payable to such dealer;

4. Withdrawals resulting from shareholder death or disability provided that the redemption is requested within one year of death or disability; and

5. Withdrawals through the Systematic Withdrawal Plan.

In order to verify your eligibility for these discounts, reductions and waivers, you may need to provide the Fund or your investment professional with certain information, including account statements and records that reflect any investments in the Fund by you, your spouse, or your children under 21. If you or your investment professional believe that you qualify, please notify the Fund by calling your investment professional. If the Distributor is notified of your eligibility, it will reduce or eliminate the sales charge, as applicable, once it confirms your qualification. If the Distributor is not notified, you will receive the discount or waivers only on subsequent purchases for which the Distributor is notified, and not retroactively on past purchases. The deferred sales charges applicable to the Shares offered in this Prospectus, and the break-point discounts offered with respect to such Shares, are described in full in this Prospectus.

More information about deferred sales charge reductions is provided in the SAI.

**Purchases at Net Asset Value**

Class A Shares of the Energy Fund may be purchased at NAV (i.e., without any initial sales charge) by certain investors, including: (i) investment advisory clients of the Adviser or its affiliates; (ii) (a) officers and present or former directors of the Fund, (b) directors and present and full-time employees of selected dealers or agents, or the spouse, or minor children (up to age 18) of any such person, or any trust, individual retirement account or retirement plan account for the benefit of any such person or relative, or the estate of any such person or relative, if such shares are purchased for investment purposes (such shares may not be resold except to the Fund); (iii) the Adviser, DLA and their affiliates, and certain employee benefit plans for employees of the Adviser and DLA; (iv) persons who establish, to DLA's satisfaction, that they are investing, within ninety (90) days, proceeds of redemption of shares of such other, substantially similar open-end, registered investment companies, as may be determined from time to time in the discretion of DLA; and (v) investors who redeem shares of the Spirit of America Investment Funds and then decide to reinvest their redemption proceeds in additional shares of the Fund within 30 days.

**DIVIDENDS, DISTRIBUTIONS AND TAXES**

**Dividends and Distributions**

The Energy Fund intends to declare and pay a fixed rate semi-annual distribution (May and November) to shareholders. To the extent such distributions exceed the Fund's current and accumulated earnings and profits, a portion of such distribution is expected to be characterized as return of capital distributions generated from the Fund's holdings. A "return of capital" is a return, in whole or in part, of the funds that you previously invested in the Fund. Return of capital distributions will generally not be taxable to a shareholder for U.S. federal income tax purposes to the extent of the shareholder's tax basis in the shareholder's shares in the Fund, however, such distributions will reduce the shareholder's tax basis in the shareholder's shares in the Fund (but not below zero), which could result in the shareholder having to pay higher taxes in the future when shares are sold, even if the shareholder sells the shares at a loss from the shareholder's original investment. Income dividends and capital gains distributions are generally taxable to the shareholder whether received in cash or reinvested in shares for U.S. federal income tax purposes. The final determination of the amount of the Fund's return of capital distributions for the period will be made after the end of each calendar year.

The Fund anticipates that a significant portion of its distributions to shareholders will consist of a tax-free return of capital with respect to an investor's principal investment for U.S. federal income tax purposes. In general, a distribution will constitute a return of capital to a shareholder, rather than a dividend, to the extent such distribution exceeds the Fund's current and accumulated earnings and profits, as determined for U.S. federal income tax purposes, and does not exceed such shareholder's adjusted tax basis in the shares. ****To the extent that the amount of any distribution exceeds the Fund's current and accumulated earnings and profits for a taxable year, as determined for U.S. federal income tax purposes, the distribution will first be treated as a tax-free return of capital, causing a reduction in the adjusted basis of the shares (thereby increasing the amount of gain, or decreasing the amount of loss, to be recognized by a U.S. Holder, as defined below under "U.S. Federal Income Taxes", on a subsequent disposition of the shares), and the balance in excess of such adjusted basis will be taxed as capital gain if the shares are held as capital assets. Any such capital gain will generally be long-term capital gain if such U.S. Holder has held the applicable shares for more than one year. Unless requested otherwise by you, dividends and other distributions will be automatically reinvested in additional shares of the Fund at the NAV per share in effect on the day after the record date.

Each dividend and distribution, if any, declared by the Energy Fund on its outstanding shares will be paid in additional shares of the Fund having an aggregate net asset value as of the payment date of such dividend or distribution equal to the cash amount of such income dividend or distribution, unless payment in cash is specified by the shareholder by written request. An election to receive income dividends and distributions in cash may be made at the time shares are initially purchased or may be changed in writing at any time prior to the record date for a particular dividend or distribution. There is no sales or other charge in connection with the reinvestment of distributions.

If you buy shares of the Fund just before the Fund deducts a distribution, you will pay full price for the shares and then receive a portion of the price back as a taxable distribution from its NAV.

Any check tendered in payment of dividends or other distributions which cannot be delivered by the U.S. post office or which remains uncashed for a period of more than one year may be reinvested in the shareholder's account at the then current NAV, and the dividend option may be changed from cash to reinvest. Interest will not accrue on amounts represented by uncashed checks.

**U.S. Federal Income Taxes**

The discussion below and disclosure in the SAI under the heading "U.S. Federal Income Taxes" provides a summary of certain material U.S. federal income tax consequences relating to the purchase, ownership, and disposition of shares of the Fund by U.S. Holders (as described below) who hold their shares as capital assets (as defined for U.S. federal income tax purposes). For purposes of these discussions, a "U.S. Holder" means a beneficial owner of the Fund's shares that is any of the following for U.S. federal income tax purposes:

● An individual who is a citizen or resident of the United States or someone treated as a U.S. citizen for U.S. federal income tax purposes;

● A corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia;

● An estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

● A trust if: (a) a U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are authorized to control all substantial decisions of the trust, or (b) the trust has a valid election in effect under applicable Treasury Regulations (as defined below) to be treated as a U.S. person.

For purposes of this summary, the term "Non-U.S. Holder" means a beneficial owner of the Fund's shares that is not a U.S. Holder.

This summary is for general information purposes only and is not exhaustive of all of the U.S. federal income tax considerations that may be relevant to a decision to purchase shares in the Fund. This discussion is based upon current provisions of the Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations promulgated under the Code by the U.S. Treasury Department (including final proposed and temporary regulations (the "Treasury Regulations")), rulings, current administrative interpretations, and official pronouncements by the Internal Revenue Service (the "IRS"), and judicial decisions, all as currently in effect and all of which are subject to differing interpretations or to change, including possibly with a retroactive effect. Such changes could materially and adversely affect the tax consequences to a holder described below. No assurance can be given that the IRS will not assert, or that a court would not sustain, a position contrary to any of the tax consequences described below. We cannot predict whether, when or to what extent U.S. federal tax laws, regulations, interpretations, or rulings will be issued.

The discussion primarily describes the U.S. federal income tax treatment of a U.S. Holder and, unless expressly provided, does not discuss the application of these rules to a Non-U.S. Holder. In addition, the possible application of U.S. federal estate or gift taxes or any aspect of state, local, or non-U.S. tax laws is not considered. This summary does not address all aspects of U.S. federal income taxation that may be important to a particular U.S. Holder in light of its investment or tax circumstances or to a U.S. Holder that is subject to special tax rules, including if the Holder is:

● a dealer in securities or currencies;

● a financial institution;

● a regulated investment company;

● a real estate investment trust;

● an insurance company;

● a tax-exempt organization;

● a person holding shares as part of a hedging, integrated or conversion transaction, a constructive sale or a straddle;

● a trader in securities that has elected the mark-to-market method of accounting for its securities;

● a person liable for alternative minimum tax;

● a partnership or other pass-through entity for U.S. federal income tax purposes; or

● a U.S. Holder whose "functional currency" is not the U.S. dollar.

If an entity treated as a partnership for U.S. federal income tax purposes holds shares, the U.S. federal income tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A holder of shares in a partnership and partners in such partnership should consult their own tax advisors regarding the U.S. federal income tax consequences of holding and disposing of the shares.

Prospective U.S. Holders are urged to consult their tax advisors as to the particular tax consequences of purchasing, owning and disposing of the shares, including the application of U.S. federal, state and local tax laws.

**Taxation as a Regulated Investment Company**

The Fund intends to elect to be treated as a regulated investment company ("RIC") under Subchapter M of the Code. As a RIC, the Fund will not have to pay corporate-level federal income taxes on any income that the Fund distributes to its stockholders from its earnings and profits, as determined for U.S. federal income tax purposes. To qualify for and maintain its qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, in order to obtain RIC tax treatment, the Fund must distribute to its stockholders, for each taxable year, at least 90% of its "investment company taxable income," which is generally its net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses, or the Annual Distribution Requirement.

If the Fund:

● qualifies as a RIC; and

● satisfies the Annual Distribution Requirement,

then it will not be subject to federal income tax on the portion of its income that it distributes (or is deemed to distribute) to stockholders. The Fund will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gains not distributed (or deemed distributed) to its stockholders.

The Fund will be subject to a 4% nondeductible federal excise tax on certain undistributed income unless it distributes in a timely manner an amount at least equal to the sum of (1) 98% of its net ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year period ending on October 31 during that calendar year and (3) any income recognized, but not distributed, in preceding years and on which it paid no U.S. federal income tax, or the Excise Tax Avoidance Requirement. The Fund generally will endeavor in each taxable year to avoid any U.S. federal excise tax on its earnings.

In order to qualify as a RIC for U.S. federal income tax purposes, the Fund, among other things, must:

● continue to qualify under the 1940 Act at all times during each taxable year;

● derive in each taxable year at least 90% of its gross income from dividends, interest, payments with respect to certain securities, loans, gains from the sale of stock or other securities, net income from certain "qualified publicly-traded partnerships," or other income derived with respect to its business of investing in such stock or securities, or the 90% Income Test; and

● diversify its holdings so that at the end of each quarter of the taxable year:

● at least 50% of the value of its assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of the Fund's assets or more than 10% of the outstanding voting securities of such issuer; and

● no more than 25% of the value of its assets is invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by the Fund and that are engaged in the same or similar or related trades or businesses or of certain "qualified publicly-traded partnerships," or the Diversification Tests.

For federal income tax purposes, the Fund may be required to recognize taxable income in circumstances in which the Fund does not receive a corresponding payment in cash. For example, if the Fund holds debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), it must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Fund in the same taxable year. The Fund may also have to include in income other amounts that it has not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock.

Because any original issue discount or other amounts accrued will be included in its investment company taxable income for the year of the accrual, the Fund may be required to make a distribution to its stockholders in order to satisfy the Annual Distribution Requirement, even though it will not have received any corresponding cash amount. As a result, it may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. The Fund may have to sell some of its investments at times and/or at prices that would not be considered advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If the Fund is not able to obtain cash from other sources, it may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

The remainder of this discussion assumes that the Fund qualifies as a RIC and has satisfied the Annual Distribution Requirement.

**Failure to Qualify as a RIC**

If the Fund is unable to qualify for treatment as a RIC, it would be subject to tax on all of its taxable income at regular corporate rates, regardless of whether it makes any distributions to its stockholders. Distributions would not be required, and any distributions to the extent of current or accumulated earnings and profits would be taxable to its stockholders as ordinary dividend income. Subject to certain additional limitations in the Code, such distributions would be eligible for the preferential maximum rate applicable to individual stockholders. Subject to certain limitations under the Code, corporate distributees would be eligible for the dividends-received deduction with respect to such distributions. Distributions in excess of the Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of (and in reduction of) the stockholder's tax basis (but not below zero), and any remaining distributions would be treated as a capital gain.

*MLP Equity Securities*

The Fund invests in securities and other assets of energy and energy related companies, including MLPs, equity securities, fixed income securities, open-end and closed-end investment companies, ETFs and certain private equity and debt investments as described in this Prospectus (and in the SAI). MLPs are generally treated as partnerships for U.S. federal income tax purposes, but could potentially be treated as corporations to the extent that they do not satisfy the gross income test. If a publicly traded partnership derives at least 90% of its gross income from qualifying sources as described in Section 7704 of the Code, the publicly traded partnership will be treated as a partnership for U.S. federal income tax purposes. These qualifying sources include interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide.

When the Fund invests in the equity securities of an MLP, the Fund will be a partner in such MLP. Accordingly, the Fund will be required to include in its taxable income the Fund's allocable share of the income, gains, losses, deductions and credits recognized by each MLP, whether or not the MLP distributes cash to the Fund. A distribution from an MLP is generally treated as a tax-free return of capital to the extent the amount of the distribution does not exceed the Fund's tax basis in its MLP interest and as gain from the sale or exchange of the MLP interest to the extent the distribution exceeds the Fund's tax basis in its MLP interest. If the Fund retains an investment until the basis is reduced to zero, subsequent distributions will be taxable to the Fund at ordinary income rates and shareholders may receive a corrected Form 1099. Based upon a review of the historic results of the type of MLPs in which the Fund intends to invest, the Fund expects that the cash distributions it will receive with respect to its investments in equity securities of MLPs will exceed the taxable income allocated to the Fund from such MLPs. No assurance, however, can be given in this regard.

*Taxation of Distributions*

The gross amount of distributions by the Fund in respect of shares will be taxable to a U.S. Holder as dividend income to the extent the distributions are paid out of the Fund's current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. Such income will be included in a U.S. Holder's gross income on the day actually or constructively received by such U.S. Holder. Subject to certain holding period and other requirements, such dividend income will generally be eligible for the dividends received deduction in the case of corporate U.S. Holders and will generally be treated as "qualified dividend income" for non-corporate U.S. Holders (including individuals) and will be eligible for reduced rates of taxation at the rates applicable to long-term capital gains.

To the extent that the amount of any distribution exceeds the Fund's current and accumulated earnings and profits, as determined for U.S. federal income tax purposes, the distribution will first be treated as a tax-free return of capital, causing a reduction in the adjusted basis of the shares (thereby increasing the amount of gain, or decreasing the amount of loss, to be recognized by a U.S. Holder on a subsequent disposition of the shares), and the balance in excess of such adjusted basis will be taxed as capital gain. Any such capital gain will generally be long-term capital gain if such U.S. Holder has held the applicable shares for more than one year.

Distributions by the Fund of net capital gain (which is generally long-term capital gains in excess of net short-term capital losses) properly designated by the Fund as "capital gain dividends" generally are taxable to U.S. Holders as long-term capital gain, to the extent of the Fund's current or accumulated earnings and profits, regardless of the length of time the shares of the Fund have been held by such U.S. Holders.

A corporation's earnings and profits are generally calculated by making certain adjustments to the corporation's reported taxable income. Based upon the historic performance of similar MLPs in which the Fund intends to invest, the Fund anticipates that the distributed cash from the MLPs in its portfolio will exceed its earnings and profits. Thus, the Fund anticipates that only a portion of its distributions will be treated as dividends to its shareholders for U.S. federal income tax purposes, although no assurance can be given in this regard.

All distributions of taxable net investment income and net capital gain, whether received in shares or in cash, must be reported by each taxable U.S. Holder on his or her or its federal income tax return. Dividends or distributions declared in October, November or December as of a record date in such a month, if any, will be deemed to have been received by U.S. Holders on December 31, if paid during January of the following year. Redemptions of shares may result in tax consequences (gain or loss) to the U.S. Holder and are also subject to these reporting requirements.

*Taxation of Sales, Exchanges or Other Dispositions*

A U.S. Holder will generally recognize taxable gain or loss on any sale, exchange or other disposition of shares in an amount equal to the difference between the amount realized for the shares and the U.S. Holder's adjusted tax basis in such shares. Generally, a U.S. Holder's adjusted tax basis in the shares will be equal to the cost of the U.S. Holder's shares, reduced by adjustments for distributions paid by the Fund in excess of its earnings and profits (*i.e.*, returns of capital). Such gain or loss will generally be long-term capital gain or loss provided that the U.S. Holder held the shares for more than one year at the time of disposition. It is possible that a return of capital could cause a U.S. Holder to pay a tax on capital gains with respect to shares that are sold for an amount less than the price originally paid for them. Capital gains of non-corporate U.S. Holders (including individuals) derived with respect to capital assets held for more than one year are generally eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.

*Net Investment Income Tax*

A U.S. Holder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, will be subject to a 3.8% tax on the lesser of (1) the U.S. Holder's "net investment income" for the relevant taxable year and (2) the excess of the U.S. Holder's modified adjusted gross income for the taxable year over a certain threshold (which, in the case of individuals, will be between $125,000 and $250,000 depending on the individual's circumstances). A U.S. Holder's "net investment income" may generally include portfolio income (such as interest and dividends), and income and net gains from an activity that is subject to certain passive activity limitations, unless such income or net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). If you are a U.S. holder that is an individual, estate or trust, you should consult your tax advisors regarding the applicability of the Net Investment Income Tax to your ownership and disposition of shares of the Fund.

*Information Reporting and Backup Withholding*

Generally, information reporting requirements will apply to distributions on our common shares or proceeds on the disposition of our common shares or warrants paid within the U.S. (and, in certain cases, outside the U.S.) to U.S. Holders. Such payments will generally be subject to backup withholding tax at the rate of 24% if: (a) a U.S. Holder fails to furnish such U.S. Holder's correct U.S. taxpayer identification number to the payor (generally on Form W-9), as required by the Code and Treasury Regulations, (b) the IRS notifies the payor that the U.S. Holder's taxpayer identification number is incorrect, (c) a U.S. Holder is notified by the IRS that it has previously failed to properly report interest and dividend income, or (d) a U.S. Holder fails to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number. However, certain exempt persons generally are excluded from these information reporting and backup withholding rules.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or as a credit against a U.S. Holder's U.S. federal income tax liability provided the required information is timely furnished to the IRS.

*Non-U.S. Holders*

Dividends paid to a Non-U.S. Holder generally will be subject to U.S. withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty. If a Non-U.S. Holder is eligible for a reduced rate of withholding tax under an applicable tax treaty, the Non-U.S. Holder will be required to provide an applicable IRS Form W-8 certifying its entitlement to benefits under the treaty in order to obtain a reduced rate of withholding tax. However, if the distributions are effectively connected with a U.S. trade or business of the Non-U.S. Holder (or, if an income tax treaty applies, attributable to a permanent establishment in the United States of the Non-U.S. Holder), then the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. persons, plus, in certain cases where the Non-U.S. Holder is a corporation, a branch profits tax at a 30% rate (or lower rate provided in an applicable treaty). If the Non-U.S. Holder is subject to such U.S. income tax on a distribution, then the Fund is not required to withhold U.S. federal tax if the Non-U.S. Holder complies with applicable certification and disclosure requirements.

Special certification requirements apply to a Non-U.S. Holder that is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisors.

Special U.S. federal income tax rules will apply to Non-U.S. Holders that hold shares in the Fund. Non-U.S. Holders should consult their own tax advisors to determine the U.S. federal, state, local and other tax consequences that may be relevant to them.

*Payments to Foreign Financial Institutions*

The Foreign Account Tax Compliance Act ("FATCA") generally provides that a 30% withholding tax may be imposed on payments of U.S. source income, such as U.S. source interest and dividends, to certain non-U.S. entities unless such entities enter into an agreement with the IRS to disclose the name, address and taxpayer identification number of certain U.S. persons that own, directly or indirectly, interests in such entities, as well as certain other information relating to such interests. Non-U.S. Holders are encouraged to consult with their own tax advisors regarding the possible implications and obligations of FATCA. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of shares on or after January 1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury regulations are issued.

*Investment by Tax-Exempt Investors*

Employee benefit plans and most other organizations exempt from U.S. federal income tax, including individual retirement accounts and other retirement plans, are generally subject to U.S. federal income tax on unrelated business taxable income ("UBTI"). Because the Fund is treated as a corporation for U.S. federal income tax purposes, an owner of shares will not report on its federal income tax return any items of income, gain, loss, deduction and credit that are allocated to the Fund from the MLPs in which the Fund invests. Moreover, dividend income from, and gain from the sale of, corporate stock generally does not constitute UBTI unless the corporate stock is debt-financed. Therefore, a tax-exempt investor generally should not have UBTI attributable to its ownership, sale or the redemption of any Fund shares unless its ownership of shares is debt-financed. In general, shares are considered to be debt-financed if the tax-exempt owner of shares incurred debt to acquire the shares or otherwise incurred a debt that would not have been incurred if the shares had not been acquired.

*Other Taxation*

The Fund's shareholders may be subject to state, local and foreign taxes on its distributions. Shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

THE FOREGOING SUMMARY OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL INFORMATION ONLY AND IS NOT TAX ADVICE. IT DOES NOT DISCUSS ALL ASPECTS OF U.S. FEDERAL INCOME TAXATION THAT MAY BE RELEVANT TO A SHAREHOLDER IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES AND INCOME TAX SITUATION. PROSPECTIVE SHAREHOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE SPECIFIC TAX CONSEQUENCES THAT WOULD RESULT FROM THE PURCHASE, OWNERSHIP AND DISPOSITION OF THE SHARES, INCLUDING THE APPLICATION AND EFFECT OF FEDERAL, STATE, LOCAL, FOREIGN AND OTHER TAX LAWS (INCLUDING ESTATE AND GIFT TAX RULES) AND THE POSSIBLE EFFECTS OF CHANGES IN FEDERAL OR OTHER TAX LAWS.

**How Transactions Are Taxed**

When you sell or redeem your Energy Fund shares, you will generally realize a capital gain or loss. For tax purposes, an exchange of your Energy Fund shares for shares of a different Spirit of America Fund is the same as a sale. The Energy Fund is required to report to you and the IRS annually on Form 1099-B not only the gross proceeds of Fund shares you sell or redeem but also the cost basis for shares purchased or acquired. Cost basis will be calculated using the Energy Fund's default cost basis calculation method, which is currently the first in, first out (FIFO) method, unless you instruct the Fund to use a different calculation method. Shareholders should carefully review the cost basis information provided by the Energy Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held by your investment representative (financial advisor or other broker), please contact that representative with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected. Additional information regarding cost basis reporting is available in the Energy Fund's SAI.

**FINANCIAL HIGHLIGHTS**

The financial highlights table is intended to help you understand the Energy Fund's financial performance for the periods indicated of the Fund's operations. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in the Fund, assuming reinvestment of all dividends and distributions.

This information has been audited by Tait, Weller & Baker LLP, whose report, along with the Fund's financial statements, is included in the Fund's most recent Form N-CSR filing for the fiscal year ended November 30, 2025, which is available upon request. Please turn to the back cover of this Prospectus to find out how you can obtain a free copy of the Fund's financial statements.

**FINANCIAL HIGHLIGHTS — CLASS A SHARES**

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

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

---

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

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

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

**FINANCIAL HIGHLIGHTS — CLASS C SHARES**

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

---

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

---

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

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

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

**FINANCIAL HIGHLIGHTS — INSTITUTIONAL SHARES**

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

---

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

---

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

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

**Investment Adviser**

Spirit of America Management Corp.

477 Jericho Turnpike

P.O. Box 9006

Syosset, NY 11791-9006

**Distributor (DLA)**

David Lerner Associates, Inc.

477 Jericho Turnpike

P.O. Box 9006

Syosset, NY 11791-9006

**Shareholder Services**

Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, OH 45246

(800) 452-4892

**Counsel**

Blank Rome LLP

1271 Avenue of the Americas

New York, NY 10020

**Custodian**

Argent Institutional Trust Company

500 E Reynolds Drive

Ruston, LA 71270

**Independent Registered Public Accounting Firm**

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16th Street, Suite 2900

Philadelphia, PA 19102

Additional information about the Energy Fund is contained in the SAI. The SAI and financial statements included in the Fund's most recent Form N-CSR filing for the fiscal year ended November 30, 2025, including the notes thereto and report of the independent registered public accounting firm thereon, are incorporated by reference into this Prospectus (*i.e.* legally made a part of this Prospectus).

Additional information about the investments of the Energy Fund is available in its annual and semi-annual reports to shareholders and in the Energy Fund's Form N-CSR filings. In the Energy Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Energy Fund's performance during its last fiscal year. In the Energy Fund's Form N-CSR filings, you will find the Fund's annual and semi-annual financial statements.

To obtain an SAI, annual report or semi-annual report for the Energy Fund, financial statements for the Energy Fund without charge, or request other information or make shareholder inquiries, call (800) 452-4892.

The Energy Fund's reports, SAI, Form N-CSR filings and other information are available on the EDGAR Database on the SEC's website at <u>http://www.sec.gov</u>. Copies of this information can be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: <u>publicinfo@sec.gov</u>, or by writing the SEC's Public Reference Section, Washington, D.C. 20549-0102. The Energy Fund's prospectus, reports, financial statements, and SAI are available on its website, (www.soafunds.com).

Investment Company File No. 811-08231

**SPIRIT OF AMERICA ENERGY FUND**

**Class A Shares – TICKER: SOAEX**

**Class C Shares – TICKER: SACEX**

**Institutional Shares – TICKER: SAIEX**

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

477 Jericho Turnpike

P.O. Box 9006

Syosset, New York 11791-9006

STATEMENT OF ADDITIONAL INFORMATION

March 30, 2026

This Statement of Additional Information ("SAI") is not a prospectus but supplements, and should be read in conjunction with, the current Prospectus for the Spirit of America Energy Fund (the "Energy Fund"), dated March 30, 2026 (the "Prospectus"). The Prospectus is hereby incorporated by reference, which means it is legally part of this document. No investment in shares should be made without first reading the Prospectus. A copy of the Prospectus may be obtained, without charge, by contacting the distributor of Spirit of America Investment Fund, Inc. (the "Company"), David Lerner Associates, Inc. (the "Distributor"), 477 Jericho Turnpike, P.O. Box 9006, Syosset, New York 11791-9006, or by calling (800) 452-4892.

The financial statements included in the Energy Fund's most recent Form N-CSR filing for the fiscal year ended November 30, 2025, including the notes thereto and the report of the independent registered public accounting firm thereon, are incorporated by reference into this SAI. The financial statements and annual and semi-annual reports are available without charge by calling (800) 452-4892. The Energy Fund's Prospectus, SAI, Form N-CSR filings and annual and semi-annual reports to shareholders are available on the Securities and Exchange Commission's (the "SEC") web site at <u>http://www.sec.gov</u>.

**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
| FUND HISTORY | 1 |
| INVESTMENT STRATEGIES, POLICIES AND RELATED RISKS | 1 |
| DISCLOSURE OF PORTFOLIO HOLDINGS | 4 |
| MANAGEMENT OF THE FUNDS | 5 |
| CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES | 12 |
| INVESTMENT ADVISORY AND OTHER SERVICES | 13 |
| INFORMATION ABOUT PORTFOLIO MANAGER | 13 |
| HOW TO PURCHASE SHARES | 17 |
| RETIREMENT PLANS | 18 |
| HOW TO REDEEM SHARES | 18 |
| NET ASSET VALUE | 20 |
| DIVIDENDS, DISTRIBUTIONS AND TAXES | 20 |
| BROKERAGE AND PORTFOLIO TRANSACTIONS | 27 |
| CAPITAL STOCK | 27 |
| FINANCIAL STATEMENTS | 28 |

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- i -

**FUND HISTORY**

The Company, a Maryland corporation organized on May 15, 1997, is an open-end management investment company. The Company is comprised of the Spirit of America Real Estate Income and Growth Fund (the "Real Estate Fund"), the Spirit of America Large Cap Value Fund (the "Value Fund"), the Spirit of America Municipal Tax Free Bond Fund (the "Municipal Tax Free Bond Fund"), the Spirit of America Income Fund (the "Income Fund"), the Spirit of America Utilities Fund (the "Utilities Fund") and the Spirit of America Energy Fund (the "Energy Fund" or the "Fund") (collectively referred to as the "Spirit of America Investment Funds" and individually as a "Spirit of America Investment Fund"). Each Fund currently offers Class A Shares, Class C Shares and Institutional Shares. Spirit of America Management Corp. (the "Adviser") currently serves as adviser to the Spirit of America Investment Funds.

**INVESTMENT STRATEGIES, POLICIES AND RELATED RISKS**

The following supplements the information contained in the Prospectus concerning a description of securities and investment practices of the Energy Fund. You should read it together with the Energy Fund's section in the Prospectus entitled "Additional Information About The Investment Objective, Principal Investment Strategies, and Related Risks of the Energy Fund."

The Energy Fund seeks to achieve its investment objective by investing at least 80% of its net assets plus any borrowings in a combination of securities and other assets of energy and energy related companies. The investment practices described below are not fundamental and may be changed without the approval of the Energy Fund's shareholders.

**Master Limited Parterships ("MLPs").** The Fund invests in MLPs that primarily derive their revenue from energy infrastructure assets and energy related assets or activities, including businesses: (i) involved in the gathering, transporting, processing, treating, terminalling, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products or coal, (ii) primarily engaged in the acquisition, exploitation and development of crude oil, natural gas and natural gas liquids, (iii) that process, treat, and refine natural gas liquids and crude oil, and (iv) engaged in owning, managing, and the transportation of alternative energy infrastructure assets including alternative fuels such as ethanol, hydrogen and biodiesel.

**Common Stocks.** The Fund may invest in common stocks. Common stocks represent the residual ownership interest in the issuer and are entitled to the income and increase in the value of the assets and business of the entity after all of its obligations and preferred stock are satisfied. Common stocks generally have voting rights. Common stocks fluctuate in price in response to many factors including historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity.

**Convertible Securities.** The Fund may invest in income-producing convertible securities. Convertible securities are instruments that are convertible at a stated exchange rate into common stock. Prior to their conversion, convertible securities have the same general characteristics as nonconvertible securities which provide a stable stream of income with generally higher yields than those of equity securities of the same or similar issuers. The market value of convertible securities tends to decline as interest rates increase and, conversely, to increase as interest rates decline.

**Preferred Stock.** The Fund may invest in preferred stock. A preferred stock blends the characteristics of a bond and common stock. It can offer the higher yield of a bond and has priority over common stock in equity ownership, but does not have the seniority of a bond and its participation in the issuer's growth may be limited. Preferred stock has preference over common stock in the receipt of dividends and in any residual assets after payment to creditors if the issuer is dissolved. Although the dividend is set at a fixed annual rate, in some circumstances it can be changed or omitted by the issuer. When investing in preferred stocks, the Fund may invest in the lowest credit rating category.

**Greenfield Projects**. Greenfield projects are energy-related projects built by private joint ventures formed by energy infrastructure companies. Greenfield projects may include the creation of a new pipeline, processing plant or storage facility or other energy infrastructure asset that is integrated with the company's existing assets. The Fund may invest in the equity of greenfield projects. However, the Fund's investment also may be structured as pay-in-kind securities with minimal or no cash interest or dividends until construction is completed, at which time interest payments or dividends would be paid in cash. Greenfield projects involve less investment risk than typical private equity financing arrangements. The primary risk involved with greenfield projects is execution risk or construction risk. Changing project requirements, elevated costs for labor and materials, and unexpected construction hurdles all can increase construction costs. Financing risk exists should changes in construction costs or financial markets occur. Regulatory risk exists should changes in regulation occur during construction or the necessary permits are not secured prior to beginning construction.

**Limited Liability Company ("LLC") Common Units**. Some energy infrastructure companies in which the Fund may invest have been organized as LLCs. Such LLCs are generally treated in the same manner as MLPs for federal income tax purposes. Consistent with its investment objective and policies, the Fund may invest in common units or other securities of such LLCs.

LLC common units represent an equity ownership interest in an LLC, entitling the holders to a share of the LLC's success through distributions and/or capital appreciation. Similar to MLPs, LLCs typically do not pay federal income tax at the entity level and are required by their operating agreements to distribute a large percentage of their current operating earnings. LLC common unitholders generally have first right to a minimum quarterly distribution ("MQD") prior to distributions to subordinated unitholders and typically have arrearage rights if the MQD is not met. In the event of liquidation, LLC common unitholders have first right to the LLC's remaining assets after bondholders, other debt holders and preferred unitholders, if any, have been paid in full. LLC common units trade on a national securities exchange or OTC. In contrast to MLPs, LLCs have no general partner and there are generally no incentives that entitle management or other unitholders to increased percentages of cash distributions as distributions reach higher target levels. In addition, LLC common unitholders typically have voting rights with respect to the LLC, whereas MLP common units have limited voting rights.

**MLP Affiliates and I-Shares**

*Other MLP Equity Securities*. The Fund may invest in the equity and debt securities issued by affiliates of MLPs, including the general partners or managing members of MLPs and companies that own MLP general partner interests and are energy infrastructure companies. Such issuers may be organized and/or taxed as corporations and therefore may not offer the advantageous tax characteristics of MLP units. The Fund may purchase such other MLP equity securities through market transactions, but may also do so through direct placements.

*I-Shares*. I-Shares represent an indirect ownership interest in an MLP and are issued by an MLP affiliate. The MLP affiliate uses the proceeds from the sale of I-Shares to purchase limited partnership interests in the MLP in the form of I-units. Thus, I-Shares represent an indirect interest in an MLP limited partnership interest. I-units have similar features as MLP common units in terms of voting rights, liquidation preference and distribution. I-Shares themselves have limited voting rights and are similar in that respect to MLP common units. I-Shares differ from MLP common units primarily in that instead of receiving cash distributions, holders of I-Shares will receive distributions of additional I-Shares in an amount equal to the cash distributions received by common unit holders. I-Shares are traded on the New York Stock Exchange ("NYSE"). Issuers of MLP I-Shares are treated as corporations and not partnerships for tax purposes. MLP affiliates also include publicly traded limited liability companies that own, directly or indirectly, general partner interests of MLPs.

**Money Market Instruments**. The Fund may invest in cash and cash equivalents, bankers' acceptances, certificates of deposit, demand and time deposits, savings shares and commercial paper of domestic banks and savings and loans, or instruments that are insured by the Bank Insurance Fund or the Savings Institution Insurance Fund of the Federal Deposit Insurance Corporation ("FDIC"). The Fund will not invest in any money market debt instruments.

**Pay-in-kind ("PIK") Securities**. PIK securities are securities which pay interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, PIK securities also carry additional risk as holders of these types of securities realize no cash until the cash payment date unless a portion of such securities is sold. If the issuer defaults, the Fund may obtain no return at all on its investment. The market price of PIK securities is affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that of securities which pay interest in cash.

**Private Equity and Debt Investments**. Private equity investments, which include private investments in public equity, and private debt investments, involve an extraordinarily high degree of business and financial risk and can result in substantial or complete losses. Some portfolio companies in which the Fund may invest may be operating at a loss or with substantial variations in operating results from period to period and may need substantial additional capital to support expansion or to achieve or maintain competitive positions. Such companies may face intense competition, including competition from companies with much greater financial resources, much more extensive development, production, marketing and service capabilities and a much larger number of qualified managerial and technical personnel. The Fund can offer no assurance that the marketing efforts of any particular portfolio company will be successful or that its business will succeed. Additionally, privately held companies are not subject to the SEC's reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, the Adviser may not have timely or accurate information about the business, financial condition and results of operations of the privately held companies in which the Fund invests.

**Private Investments in Public Equity ("PIPEs")**. The Fund may purchase equity securities in a private placement that are issued by issuers who have outstanding, publicly traded equity securities of the same class, or PIPEs. Shares in PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restricted period can last many months. Until the public registration process is completed, PIPEs are restricted as to resale and the portfolios cannot freely trade the securities. Generally, such restrictions cause the PIPEs to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect.

**Illiquid Securities.** The Energy Fund may invest up to 15% of its net assets in illiquid securities. An illiquid investment is any investment that may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the conversion to cash significantly changing the market value of the investment. Historically, illiquid securities have included securities subject to contractual or legal restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), securities which are otherwise not readily marketable and repurchase agreements having a maturity of longer than seven days. Securities which have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. Mutual funds do not typically hold a significant amount of these restricted or other illiquid securities because of the potential for delays on resale and uncertainty in valuation. Limitations on resale may have an adverse effect on the marketability of portfolio securities and a mutual fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. A mutual fund might also have to register such restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

In recent years, however, a large institutional market has developed for certain securities that are not registered under the Securities Act, including repurchase agreements, commercial paper, foreign securities, municipal securities and corporate bonds and notes. Institutional investors depend on an efficient institutional market in which the unregistered security can be readily resold or on an issuer's ability to honor a demand for repayment. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments.

The Energy Fund may invest in restricted securities issued under Section 4(a)(2) of the Securities Act, which exempts from registration transactions by an issuer not involving any public offering. Section 4(a)(2) instruments are restricted in the sense that they can only be resold through the issuing dealer to institutional investors and in private transactions; they cannot be resold to the general public without registration.

Rule 144A under the Securities Act allows a broader institutional trading market for securities otherwise subject to restriction on resale to the general public. Rule 144A establishes a safe harbor from the registration requirements of the Securities Act for resales of certain securities to qualified institutional buyers. An insufficient number of qualified institutional buyers interested in purchasing certain restricted securities held by the Energy Fund, however, could affect adversely the marketability of such portfolio securities and the Energy Fund may be unable to dispose of such securities promptly or at reasonable prices.

**Rights and Warrants.** The Energy Fund has no current intention to invest in rights and warrants, although the Energy Fund may invest up to 15% of its net assets in rights or warrants only if the underlying equity securities are themselves deemed appropriate by the Adviser for inclusion in the Energy Fund's portfolio. Rights and warrants entitle the holder to buy equity securities at a specific price for a specific period of time. Rights are similar to warrants except that they have a substantially shorter duration. Rights and warrants may be considered more speculative than certain other types of equity investments in that they do not entitle a holder to dividends or voting rights with respect to the underlying securities nor do they represent any rights in the assets of the issuing company. The value of rights or warrants does not necessarily change with the value of the underlying security, although the value of a right or warrant may decline because of a decrease in the value of the underlying security, the passage of time or a change in perception as to the potential of the underlying security, or any combination thereof. If the market price of the underlying security is below the exercise price set forth in the warrant on the expiration date, the warrant will expire worthless. Moreover, a right or warrant ceases to have value if it is not exercised prior to the expiration date.

**Caps, Floors and Collars.** The Fund may enter into caps, floors and collars relating to securities, interest rates or currencies. In a cap or floor, the buyer pays a premium (which is generally, but not always a single up-front amount) for the right to receive payments from the other party if, on specified payment dates, the applicable rate, index or asset is greater than (in the case of a cap) or less than (in the case of a floor) an agreed level, for the period involved and the applicable notional amount. A collar is a combination instrument in which the same party buys a cap and sells a floor. Depending upon the terms of the cap and floor comprising the collar, the premiums will partially or entirely offset each other. The notional amount of a cap, collar or floor is used to calculate payments, but is not itself exchanged. The Fund may be both a buyer and a seller of these instruments. In addition, the Fund may engage in combinations of put and call options on securities (also commonly known as collars), which may involve physical delivery of securities. Like swaps, caps, floors and collars are very flexible products. The terms of the transactions entered by the Fund may vary from the typical examples described here.

**Portfolio Turnover**

It is the Energy Fund's policy to sell any security whenever, in the judgment of the Adviser, its appreciation possibilities have been substantially realized or the business or market prospects for such security have deteriorated, irrespective of the length of time that such security has been held. The Energy Fund may hold securities for the sole purpose of receiving interest income, regardless of appreciation potential. A 100% annual turnover rate would occur if all securities in the Energy Fund's portfolio were replaced once within a period of one year. The following table sets forth the Energy Fund's portfolio turnover rate for the fiscal periods indicated:

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| | |
|:---|:---|
| **Fiscal Period Ended** | **Portfolio Turnover Rate** |
| November 30, 2023 | 15% |
| November 30, 2024 | 13% |
| November 30, 2025 | 6% |

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**Temporary Investments**

From time to time, the Energy Fund may take a temporary defensive position that is inconsistent with its principal investment strategies. For temporary defensive purposes, the Energy Fund may invest in publicly traded debt instruments such as U.S. government and corporate bonds or mortgage backed securities. The Energy Fund may sell short U.S. Treasury Contracts. The Energy Fund will assume a temporary defensive position only when economic and other factors adversely affect the equity market. When the Energy Fund maintains a temporary defensive position, it may not achieve its investment objective.

**Fundamental Policies of the Energy Fund**

In addition to the Energy Fund's investment objective, the following fundamental policies may not be changed without approval by the vote of a majority of the Energy Fund's outstanding voting securities, which means the affirmative vote of the holders of (i) 67% or more of the shares represented at a meeting at which more than 50% of the outstanding shares are represented, or (ii) more than 50% of the outstanding shares, whichever is less. As a matter of fundamental policy the Energy Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) with respect to 75% of its total assets, have such assets represented by other than: securities of any one issuer (other than the U.S. Government and its agencies or instrumentalities) not greater than 5% of the Fund's total assets; and to not more than 10% of the outstanding voting securities of such issuer.

b) invest 25% or more of its total assets in the securities of issuers located in any one industry except that this restriction does not apply to securities in the energy sector and to securities issued by the U.S. government, agencies, states, municipalities or their instrumentalities;

c) purchase or sell real estate;

d) borrow money except for temporary or emergency purposes or to meet redemption requests, in an amount not exceeding the maximum permitted by the 1940 Act;

e) pledge, lend, hypothecate, mortgage or otherwise encumber its assets, except to secure permitted borrowings;

f) make loans except through the purchase of debt obligations in accordance with its investment objectives and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) participate on a joint or joint and several basis in any securities trading account;

h) purchase or sell commodities or commodity contracts in accordance with the regulations under the 1940 Act other than as permitted in the Prospectus or this SAI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) invest in interests in oil, gas, or other mineral exploration or development programs in accordance with the regulations under the 1940 Act other than as permitted in the Prospectus or this SAI;

j) purchase securities on margin, except for such short-term credits as may be necessary for the clearance of transactions;

k) act as an underwriter of securities, except that the Fund may acquire restricted securities under circumstances in which, if such securities were sold, the Fund might be deemed to be an underwriter for purposes of the Securities Act; and

l) issue any senior security

**Non-Fundamental Policies of the Energy Fund**

The following restrictions are imposed by the management of the Energy Fund and may be changed by the Board without shareholder approval at any time. The Energy Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engage in time zone arbitrage transactions, buy back transactions, dollar roll transactions or even linked bond transactions.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The following policies and procedures describe the circumstances under which the Company, its administrator, Ultimus Fund Solutions, LLC, ("Ultimus") or its Adviser (collectively, the "Service Provider(s)"), may disclose the Energy Fund's portfolio securities. The principal Service Provider responsible for dissemination of information about the Energy Fund's portfolio securities is Ultimus. The Company and its Service Providers shall only disclose information concerning securities held in the Energy Fund's portfolios under the following circumstances:

The Company or a Service Provider may disclose the Energy Fund's portfolio securities holdings to selected third parties in advance of general release when the Company has a legitimate business purpose for doing so and it shall authorize in writing its Service Providers to disclose the Energy Fund's portfolio holdings; examples of instances in which selective disclosure of the Energy Fund's portfolio securities may be appropriate include disclosure for due diligence purposes to an investment adviser that is in merger or acquisition talks with the Adviser; disclosure to a newly hired investment adviser or sub-adviser prior to its commencing its duties; disclosure to third party service providers of auditing, custody, proxy voting and other services to the Company; or disclosure to a rating or ranking agency. From time to time, the Energy Fund may also disclose their top ten holdings on their web-site with little or no lag time.

As required by the federal securities laws, including the 1940 Act, the Company shall disclose the Energy Fund's portfolio holdings in applicable regulatory filings, including reports on Form N-CSR, Form N-PORT, or such other filings, reports or disclosure documents as the applicable regulatory authorities may require. These filings are made publicly available.

In the event that the Company or a Service Provider discloses the Energy Fund's portfolio securities holdings to a selected third party for a legitimate business purpose, such third party shall be required to keep the information confidential and shall not trade on such information.

Neither the Company, a Service Provider nor any of their affiliated persons (as that term is defined in the 1940 Act) shall receive compensation in any form, whether in cash or otherwise, in connection with the disclosure of information about the Energy Fund's portfolio securities.

Ultimus is responsible for portfolio holdings disclosure to third party service providers of auditing, custody, proxy voting and other services to the Company, or disclosure to a rating or ranking organization. Ultimus or the Company may also send portfolio holdings information on an on-going basis to mutual fund analysts and rating and trading entities, such as Morningstar, Inc.; Lipper, Inc.; Bloomberg; Standard & Poor's; Refinitiv; and Vickers-Stock. In these instances, portfolio holdings as of a month end will be supplied within approximately 30 days after that month end. With respect to any other disclosure of the Company's portfolio holdings, the Company's President and Treasurer, or the Adviser's President shall be authorized to disclose such information.

In order to ensure that the disclosure of the Energy Fund's portfolio securities is in the best interests of the Energy Fund's shareholders and to avoid any potential or actual conflicts of interest with Ultimus, the Adviser, the Company's principal underwriter or any affiliated person (as that term is defined in the 1940 Act) of such entities, the disclosure of any of the Energy Fund's portfolio securities for legitimate business purposes shall be approved by the Company's Board in advance of such disclosure. This requirement shall not apply to the disclosure of the Energy Fund's portfolio securities to the Company's existing service providers of auditing, custody, proxy voting and other services to the Company in connection with the provision of their services to the Company, or as otherwise provided herein.

The Board shall receive quarterly reports stating whether disclosures were made concerning the Energy Fund's portfolio holdings in contravention of these policies and procedures during the previous quarter, and if so, such report shall describe to whom and under what circumstance such disclosures were made.

**MANAGEMENT OF THE FUNDS**

**Directors and Officers**

The Board has responsibility for the overall management and operations of the Energy Fund. The Board establishes the Energy Fund's policies and oversees and reviews the management of the Energy Fund. The Board meets regularly to review the activities of the officers, who are responsible for day-to-day operations of the Energy Fund.

Set forth below are the directors and executive officers of the Energy Fund, their ages, business addresses, positions and terms of office, their principal occupations during the past five years, and other directorships held by them.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and <br> (Year of Birth)** | **Position(s) Held<br> with the Company** | **Term of Office<sup>1</sup> and Length of<br> Time Served** | **Principal Occupation(s)<br> During Past Five Years** | **Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Director** | **Other**<br> **Directorships Held<br> by Director During Past Five Years** |
| **INTERESTED DIRECTORS** | **INTERESTED DIRECTORS** | **INTERESTED DIRECTORS** | **INTERESTED DIRECTORS** | **INTERESTED DIRECTORS** | **INTERESTED DIRECTORS** |
| David Lerner<sup>2</sup> c/o Spirit of America Investment Fund, Inc.<br> 477 Jericho Turnpike<br> Syosset, New York 11791<br> (1936) | Director, Chairman of the Board and President<br>| Since 1998 | Founder, David Lerner Associates, Inc., a registered broker-dealer and the Company's Distributor; and President, Spirit of America Management Corp., the Company's investment adviser. | 6 | President and a Director of Spirit of America Management Corp., the Company's investment adviser. |
| Daniel Lerner<sup>2</sup> c/o Spirit of America Investment Fund, Inc.<br> 477 Jericho Turnpike<br> Syosset, New York 11791<br> (1961) | Director | Since 1998 | Senior Vice President, Investment Counselor with David Lerner Associates, Inc., a registered broker-dealer and the Company's Distributor, since September 2000. | 6 | Director of David Lerner Associates, Inc., a registered broker-dealer and the Company's Distributor. |
| **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** |
| John J. Desmond <br> c/o Spirit of America Investment Fund, Inc.<br> 477 Jericho Turnpike<br> Syosset, New York 11791<br> (1950) | Lead Director | Since 2022 | Former Senior Audit Partner, Partner in Charge of Long Island office and Partnership Board Member of Grant Thornton, LLP, August 1980 to July 2015. | 6 | Director and Member of the Compensation Committee, Risk Committee and Ad-Hoc Strategic Planning Committee and Chair of the Audit Committee, The First Long Island Corporation and its wholly owned subsidiary, The First National Bank of Long Island, 2016 to present; Director and Chair of the Audit Committee, Clip Money Inc., 2022 to present.<br>Former Director and Member of the Legal and Audit Committee, Nassau Health Care Corporation, 2024 to 2025.<br>Former Director, Former Chair of the Audit Committee and Former Member of the Compensation Committee and Nominating & Corporate Governance Committee, MusclePharm Corporation, 2017 to 2021. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and <br> (Year of Birth)** | **Position(s) Held<br> with the Company** | **Term of Office<sup>1</sup> and Length of<br> Time Served** | **Principal Occupation(s)<br> During Past Five Years** | **Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Director** | **Other**<br> **Directorships Held<br> by Director During Past Five Years** |
| Phillip R. Thune<sup>3</sup> c/o Spirit of America Investment Fund, Inc.<br> 477 Jericho Turnpike<br> Syosset, New York 11791<br> (1970) | Director | Since 2025 | Chief Executive Officer of Adthena, Ltd. and its subsidiaries since March 2023; Executive Partner of Salt Creek Capital, January 2022 to February 2023; Chief Executive Officer of Textbroker International LLC, November 2010 to October 2021. | 6 | Director, Adthena, Ltd. and its subsidiaries, March 2023 to present; Board Member, Darren Waller Foundation, February 2021 to June 2024. |
| David Feinblatt<br> c/o Spirit of America Investment Fund, Inc.<br> 477 Jericho Turnpike<br> Syosset, New York 11791<br> (1963) | Director | Since 2025 | President, Duck Pond Realty, April 2012 to December 2023. | 6 | Director, New York State Broadcasters Association, 2002 to 2009 and 2011 to present (Former Chairman, January 2013 to December 2013). |
| **DIRECTORS EMERITI** | **DIRECTORS EMERITI** | **DIRECTORS EMERITI** | **DIRECTORS EMERITI** | **DIRECTORS EMERITI** | **DIRECTORS EMERITI** |
| Allen Kaufman<sup>4</sup> c/o Spirit of America Investment Fund, Inc.<br> 477 Jericho Turnpike<br> Syosset, New York 11791<br> (1936) | Director Emeritus | Since 2025 | Vice President of K.G.K. Agency, Inc. since 2019; Former President and Chief Executive Officer of K.G.K. Agency, Inc., a property and casualty insurance agency, 1963 to 2019.<sup>5</sup> | 6 | Former Director of the Company, 1998 to 2025; Director of K.G.K. Agency, Inc., a property and casualty insurance agency. |
| Stanley S. Thune<sup>4</sup> c/o Spirit of America Investment Fund, Inc.<br> 477 Jericho Turnpike<br> Syosset, New York 11791<br> (1936) | Director Emeritus | Since 2025 | Private equity investor. Former President and Chief Executive Officer, Freight Management Systems, Inc., a third party logistics management company, 1994 to 2012. | 6 | Former Lead Director of the Company, 1998 to 2025; Former Director of Freight Management Systems, Inc. and Former Chairman of the Board and a Director of Delta Queen Steamboat Company. |

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| | |
|:---|:---|
| 1 | Each Director serves for an indefinite term, until his success is elected. |
| 2 | David Lerner is an "interested" director, as defined in the 1940 Act, by reason of his positions with the Adviser, and Daniel Lerner is an "interested" director by reason of his position with the Distributor. Daniel Lerner is the son of David Lerner. |
| 3 | Phillip R. Thune is the son of Stanley S. Thune. |
| 4 | Each of Stanley S. Thune and Allen Kaufman became a Director Emeritus of the Company to serve for a one-year term effective August 20, 2025. |
| 5 | K.G.K. Agency, Inc. provides insurance to David Lerner Associates, Inc. and affiliated entities. However, the Board has determined that Mr. Kaufman is not an "interested" director because the insurance services are less than $120,000 in value. |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and** <br> **(Year of Birth)** | **Position(s) Held<br> with the Company** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupation(s)<br> During Past Five Years** |
| **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** |
| David Lerner<br> *(see biography above)* | President |  |  |
| Alan P. Chodosh <br> c/o Spirit of America Investment Fund, Inc.<br> 477 Jericho Turnpike<br> Syosset, New York 11791<br> (1954) | Treasurer and Secretary | Since 2003 and 2005, respectively | Senior Advisor, David Lerner Associates, Inc. from April 2016 to present; Executive Vice President and Chief Financial Officer of David Lerner Associates, Inc. from June 1999 to August 2015. |
| Joseph Pickard <br> c/o Spirit of America Investment Fund, Inc.<br> 477 Jericho Turnpike<br> Syosset, New York 11791<br> (1960) | Chief Compliance Officer | Since 2007 | Chief Compliance Officer of Spirit of America Investment Fund, Inc. and Spirit of America Management Corp. since July 2007; Counsel to Interested Directors of Spirit of America Investment Fund, Inc. since July 2002; Senior Vice President and General Counsel of David Lerner Associates, Inc. since July 2002. |

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**Other Experience, Skills, Attributes and Qualifications of the Directors**

The Board believes that the significance of each director's experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one director may not have the same value for another) and that these factors are best evaluated at the Board level, with no single director, or particular factor, being indicative of the Board's effectiveness. The Board determined that each of the directors is qualified to serve as a director of the Fund based on a review of the experience, qualifications, attributes and skills of each director. In reaching this determination, the Board has considered a variety of criteria, including, among other things: character and integrity; ability to review critically, evaluate, question and discuss information provided, to exercise effective business judgment in protecting shareholder interests and to interact effectively with the other directors, the Adviser, other service providers, counsel and the independent registered accounting firm; and willingness and ability to commit the time necessary to perform the duties of a director. Each director's ability to perform his duties effectively is evidenced by his experience or achievements in the following areas: management or board experience in the investment management industry or companies in other fields, educational background and professional training; and experience as a director of the Energy Fund. Information as of December 31, 2025 indicating the specific experience, skills, attributes and qualifications of each director, which led to the Board's determination that the director should serve in this capacity, is provided below.

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| | |
|:---|:---|
| *David Lerner* | Mr. David Lerner is the founder of the Adviser and has been a Director and President of the Company since inception. He has over 50 years of securities industry experience and is the President and a director of the Adviser. |
| *Daniel Lerner* | Mr. Daniel Lerner has been a Director of the Company since inception. He has over 30 years of securities industry experience and is also a Senior Vice President and a Director of the Distributor. |
| *John J. Desmond* | Mr. John Desmond has been a Director of the Company since 2022. He is a Certified Public Accountant has over 40 years of business leadership experience, including as an audit partner on publicly and privately held companies, both international and domestic. He received his B.S. in Accountancy from St. John's University. |

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| | |
|:---|:---|
| *Phillip R. Thune* | Mr. Phillip Thune has been a Director of the Company since 2025. He has served in various executive positions over the past 30 years, including as Chief Executive Officer, President, Chief Operating Officer and/or Chief Financial Officer of both private and public companies. He received a degree in Political Economics from Princeton University. |
| *David Feinblatt* | Mr. David Feinblatt has been a Director of the Company since 2025. He served as President of Duck Pond Realty from 2012 through 2023, where he was involved in all aspects of operations in the acquisition, development, management and disposition of multi-family properties in the South East region of the United States. He has served on multiple boards, including as the Chairman and a Director of the New York State Broadcasters Association. He has a B.A. in Economics from the State University of New York, Oneonta. |

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Specific details regarding each director's principal occupations during the past five years are included in the table above. The summaries set forth above as to the experience, qualifications, attributes and/or skills of the directors do not constitute holding out the Board or any director as having any special expertise or experience, and do not impose any greater responsibility or liability on any such person or on the Board as a whole than would otherwise be the case.

**Leadership Structure and Responsibilities of the Board of Directors and Committees**

The Board is responsible for overseeing the management of the Funds. The Board also elects the Company's officers who conduct the daily business of the Funds. The Board meets at least four times during the year to review the investment performance of each Fund and other operational matters, including policies and procedures with respect to compliance with regulatory and other requirements.

The Directors interact directly with the Chairman of the Board, each other as directors and committee members, the Funds' officers, and senior management of the Adviser and other service providers of the Funds at scheduled meetings and between meetings, as appropriate. Each Director was appointed to serve on the Board because of his experience, qualifications, attributes and/or skills as set forth in the subsection "Directors and Officers," above.

As of the filing of this SAI, the Board is comprised of five individuals, two of whom are considered "Interested" Directors as defined by the 1940 Act. The remaining Directors are referred to as "Disinterested" or "Independent" Directors. Mr. David Lerner, the Funds' President, is the Chairman of the Board and is an Interested Director. Mr. Desmond is the lead director of the Board and is Disinterested. The lead director chairs sessions among the Disinterested Directors, serves as a spokesperson for the Disinterested Directors and serves as a liaison between the Disinterested Directors and the Funds' management between Board meetings. The Board believes that it is beneficial to have a representative of Funds' management as its Chairman. Mr. David Lerner is the founder of the Distributor and is a director and president of the Adviser, and oversees the investment and business affairs of the Funds. Accordingly, the Board believes his participation in the Board's deliberations helps assure that the Board's decisions are informed and appropriate. Mr. David Lerner's presence on the Board ensures that the Board's decisions are accurately communicated to and implemented by Funds' management.

The Board believes that its structure facilitates the orderly and efficient flow of information to the Directors from the Adviser and other service providers with respect to services provided to the Funds, potential conflicts of interest that could arise from these relationships and other risks that the Funds may face. The Board further believes that its structure allows all of the Directors to participate in the full range of the Board's oversight responsibilities. The Board believes that the orderly and efficient flow of information and the ability to bring each Director's talents to bear in overseeing the Funds' operations is important, in light of the size and complexity of the Funds and the risks that the Funds face. The Board and its committees review their structure regularly, to help ensure that it remains appropriate as the business and operations of the Funds, and the environment in which the Funds operate, change.

Currently, the Board has an Audit Committee, Compliance Committee and a Nominating Committee. The responsibilities of each committee and its members are described below.

The Audit Committee is comprised of Messrs. Desmond, Thune and Feinblatt. Mr. Desmond serves as the Audit Committee Chair. The Audit Committee makes recommendations to the Board with respect to the engagement of independent auditors, approves all auditing and other services provided to the company and reviews with the independent auditors the plan and results of the audit engagement and matters having a material effect on the Funds' financial operations. During the fiscal year ended December 31, 2025, there were four Audit Committee meetings.

The Compliance Committee consists of Messrs. Desmond, Thune and Feinblatt and Joseph Pickard, as the Company's Chief Compliance Officer. Mr. Desmond serves as the Compliance Committee Chair. The Compliance Committee has the responsibility of, among other things, monitoring the Company's compliance with applicable law. During the fiscal year ended December 31, 2025, there were four Compliance Committee meetings.

The Nominating Committee consists of Messrs. Desmond, Thune and Feinblatt. Mr. Desmond serves as the Nominating Committee Chair. The Nominating Committee evaluates the size and composition of the Board, identifies and screens independent director candidates for appointment to the Board and submits final recommendations to the full Board for approval, reviews independent director compensation and expense reimbursement policies, and reviews memoranda prepared by independent legal counsel relating to positions, transactions and relationships that could reasonably bear on the independence of directors. The Nominating Committee met one time during the fiscal year ended December 31, 2025.

Consequently, while the Nominating Committee will consider candidates timely recommended by shareholders to serve as a director, the Nominating Committee may only act upon such recommendations if there is a vacancy on the Board or the Nominating Committee determines that the selection of a new or additional Independent Director is in the best interests of the Company. In the event that a vacancy arises or a change in Board membership is determined to be advisable, the Nominating Committee will, in addition to any timely submitted shareholder recommendations, consider candidates identified by other means, including candidates proposed by members of the Nominating Committee or other Independent Directors. For shareholder recommendations to be considered, a shareholder must provide contact information for the candidate, including all the information about a candidate that would be required to be included in a proxy statement seeking approval of that candidate, and a notarized letter executed by that candidate which states his or her willingness to serve on the Board if elected.

The Board has designated the Adviser as the Valuation Designee to perform the fair value determinations, who will carry out these functions for some or all of each Fund's investments. This designation is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board's ability to effectively oversee the Funds' fair value determinations. The Valuation Designee is responsible for performing fair value determinations relating to fund investments and certain other risk assessments, testing, evaluations, and reporting. Fair value determinations are required for securities: (i) for which market quotations are not readily available (or for which market quotations are deemed unreliable); or (ii) for which, in the judgment of the Valuation Designee, the value does not represent a fair value of the security. The Valuation Designee may obtain assistance from others in fulfilling its duties. For example, it may seek assistance from pricing services, fund administrators, accountants, or counsel; it also may consult the Fair Value Committee (described below). The Valuation Designee, however, remains responsible for the final fair value determination and may not designate or assign that responsibility to any third party.

To carry out the responsibility to determine the fair value of any securities or other assets for which market quotations are not readily available at a valuation time, the Board has approved the Valuation Designee's use of a fair valuation pricing committee (the "Fair Value Committee"), to assist in making fair value determinations. The Fair Value Committee consists of the following standing members: (a) the Funds' Treasurer or designee, (b) a representative of Ultimus, typically from the Accountant, and (c) on an ad hoc basis at a particular valuation time for which a fair value or fair valuation method is being determined for a Fund, a representative of the investment Adviser, who may be the Valuation Designee. The Fair Value Committee, at its discretion, may also include the Funds' Chief Compliance Officer as a non-voting member.

**Risk Oversight** 

Through its direct oversight role, and indirectly through its Committees, officers and service providers, the Board performs a risk oversight function for the Company consisting, among other things, of the following activities: (1) at regular and special Board meetings, and on an ad hoc basis as needed, receiving and reviewing reports related to the performance and operations of the Energy Fund; (2) reviewing and approving, as applicable, the compliance policies and procedures of the Board; (3) meeting with the portfolio management team to review investment strategies, techniques and the processes used to manage related risks; (4) meeting the representatives of key service providers, including the investment adviser, administrator, the distributor, the transfer agent, the custodian and the independent registered public accounting firm of the Energy Fund, to review and discuss the activities of the Energy Fund and to provide direction with respect thereto; and (5) engaging the services of the Chief Compliance Officer of the Company to test the compliance procedures of the Energy Fund and the service providers.

**Security and Other Interests** 

The following table sets forth the aggregate dollar range of equity securities beneficially owned by each director in the Energy Fund as of December 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Director** | **David Lerner** | **Daniel Lerner** | **John Desmond** | **Phillip Thune** | **David Feinblatt** |
| Energy Fund | Over $100,000 | Over $100,000 |  |  | $10001 - $50000 |
| **All Registered Investment Companies Overseen by Director within the Spirit of America Investment Funds** | Over $100,000 | Over $100,000 |  |  | Over $100,000 |

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With respect to the Directors who are not "interested persons" of the Company as defined in the 1940 Act, as of December 31, 2025, neither they or any of their immediate family members owned, beneficially or of record, any securities in the Adviser or Distributor of the Company, or any securities in a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Adviser or Distributor of the Company.

**Compensation** 

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. For the fiscal year ended December 31, 2025, 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 quarterly Board meeting attended; $500 for each committee meeting attended, and $500 for each special Board meeting attended, plus reimbursement for certain travel and other out-of-pocket expenses incurred in connection with attending Board meetings. Beginning in November 2025, Allen Kaufman and Stanley Thune will each receive four quarterly payments of $2,500 for compensation as Director Emeritus. The Company does not compensate the officers for the services they provide. There are no directors' fees paid to affiliated directors of the Company. For the year ended December 31, 2025, the Company paid $24,000 for the Chief Compliance Officer fee, of which $7,343 was allocated to the Energy Fund. In addition, David Lerner Associates, Inc., a registered broker-dealer affiliated with the Adviser and the Energy Fund's Distributor, did not receive any brokerage commissions for the year ended December 31, 2025.

The table below sets forth the compensation paid to the directors of the Company for the fiscal year ended December 31, 2025. No pension or retirement benefits are accrued or paid to the directors of the Company upon retirement.

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| | | |
|:---|:---|:---|
| **Name of Director** | **Aggregate Compensation from<br> Energy Fund<sup>(1)</sup>** | **Total Compensation from Spirit<br> of America Investment Funds**<br> **Paid to Directors<sup>(2)</sup>**  |
| **David Lerner** | $0 | $0 |
| **Daniel Lerner** | $0 | $0 |
| **Allen Kaufman** | $9074 | $28000<sup>(3)</sup> |
| **Stanley Thune** | $9074 | $28000<sup>(3)</sup> |
| **John Desmond** | $10778 | $34000 |
| **Phillip Thune** | $2413 | $8500 |
| **David Feinblatt** | $2413 | $8500 |

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<sup>(1)</sup> Director fees and expenses are allocated among all of the Spirit of America Investment Funds comprising the Company. For the fiscal year ended December 31, 2025, the director fees and expenses were allocated to each Fund as follows: $13,691 to the Real Estate Fund, $36,479 to the Value Fund, $5,313 to the Municipal Tax Free Bond Fund, $11,105 to the Income Fund, $6,659 to the Utilities Fund and $36,431 to the Energy Fund.

<sup>(2)</sup> These figures represent the annual aggregate compensation paid by the Spirit of America Investment Funds for the fiscal year ended December 31, 2025.

<sup>(3)</sup> Includes Director Emeritus compensation of $2,500.

**Elimination of the Sales Load**

The officers and present and former directors of the Energy Fund may purchase Class A Shares of the Fund at NAV (i.e. without any initial sales charge).

**Code of Ethics**

The Company, the Adviser and the Distributor have adopted a joint Code of Ethics under Rule 17j-1 under the 1940 Act. The Code of Ethics permits but restricts the investing activities of the Energy Fund's officers and directors and personnel of the Distributor and Adviser in an effort to prevent deceptive, manipulative or fraudulent activities in connection with securities held or to be acquired by the Energy Fund.

**Policy for Voting Proxies**

The Board has delegated to the Adviser the responsibility to vote proxies of companies held in the Energy Fund's portfolio according to the Company's Proxy Voting Policies and Procedures. It is the policy of the Energy Fund to vote portfolio company proxies in a manner reasonably expected to ensure that proxies are voted in the best interests of the Energy Fund and its shareholders. Thus, the Energy Fund generally votes in line with management's recommendations, as the Energy Fund believes that management of such portfolio companies has its shareholders' best interests in mind. However, in cases where there is strong evidence that the portfolio company's proxy proposal is not in the interest of the Energy Fund or its shareholders, the Fund will vote against management's recommendations.

In the event that a conflict arises between the interests of the Energy Fund's shareholders and those of the Adviser, the Distributor, or an affiliate of such parties or the Fund, in connection with voting proxies, the Adviser will contact an independent director of the Energy Fund. The Adviser will disclose the conflict of interest to such independent director, propose the manner in which it believes the vote should be cast (*e.g*., for or against management, or abstain), and seek the independent director's consent to voting in such manner. In the event the independent director determines not to consent to such proposed manner of voting, the Adviser will vote the proxy in the manner directed by the independent director.

Upon receiving proxy materials on behalf of the Energy Fund, the Energy Fund's portfolio manager reviews all issues up for a vote, votes such proxies in accordance with the Proxy Voting Policies and Procedures, and submits them to the issuer in a timely manner.

Information regarding how the Energy Fund voted proxies relating to portfolio securities for the 12-month period ended June 30<sup>th</sup> is available without charge by calling (800) 452-4892, by sending an email request to Fulfillment@ultimusfundsolutions.com, by visiting the Fund's website at www.soafunds.com, and on the SEC's website at <u>http://www.sec.gov</u>.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

As of March 4, 2026, the officers and directors, as a group, owned beneficially less than 1.00% of each of the Class A Shares and Class C Shares of the Energy Fund.

As of March 4, 2026, the David Lerner Revocable Trust, David Lerner, Trustee of the aforementioned Trust, and Director of the Company, owned beneficially 100% of the Institutional Shares of the Energy Fund.

As of March 4, 2026, no organizations or individuals held of record or beneficially 5% or more of the shares of the Class A Shares of the Energy Fund.

As of March 4, 2026, the following organizations or individuals held of record or beneficially 5% or more of the C Shares of the Energy Fund:

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| | | |
|:---|:---|:---|
| **C Shares** | **C Shares** | **C Shares** |
| **Name and Address** | **Percent of Ownership** | **Nature of Ownership** |
| RBC Capital Markets LLC/<br> Shandel I Strasberg<br> Jaco Strasberg<br> JT TEN/WROS<br> 3 Jonathan Place<br> Spring Valley, NY 10977-2109 | 6.05% | Record |
| RBC Capital Markets LLC/<br> Sarathi Roy<br> Arpita De<br> JT TEN/WROS<br> 7 Cedargate Lane<br> Wesport, CT 06880-3759 | 5.80% | Record |

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| | | |
|:---|:---|:---|
| **C Shares** | **C Shares** | **C Shares** |
| **Name and Address** | **Percent of Ownership** | **Nature of Ownership** |
| RBC Capital Markets LLC/<br> Eileen M Simon<br> IRA<br> RBC Capital Markets LLC Customer<br> 6 Pittsford Way<br> Nanuet, NY 10954-3518 | 6.02% | Record |

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Any shareholder that owns 25% or more of the outstanding shares of a portfolio or class may be presumed to "control" (as that term is defined in the 1940 Act) the portfolio or class. Shareholders controlling a portfolio or class could have the ability to vote a majority of the shares of the portfolio or class on any matter requiring approval of the shareholders of the portfolio or class.

**INVESTMENT ADVISORY AND OTHER SERVICES**

**The Adviser**

Mr. David Lerner is the sole shareholder, director and controlling person of the Adviser. Therefore, Mr. Lerner is an affiliated person of the Energy Fund and the Adviser.

The Company employs the Adviser to manage the investment and reinvestment of the assets of the Energy Fund, to determine in its discretion the assets to be held uninvested, to provide the Company with records concerning the Adviser's activities which the Company is required to maintain, and to render regular reports to the Energy Fund's officers and Board concerning the Adviser's discharge of the foregoing responsibilities. The annual advisory fee payable by the Energy Fund is 0.95% of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

**INFORMATION ABOUT PORTFOLIO MANAGER**

**Other Accounts Managed**

As of November 30, 2025, the Portfolio Manager does not provide portfolio management for any other mutual funds (series) or pooled investment vehicles that are not a series of the Company. Since October 11, 2018, the Portfolio Manager has provided portfolio management for SOA Premier Assets ("SOA Premier"), an SEC-registered retail investment adviser, which is not a series of the Spirit of America Investment Funds. In addition, the Portfolio Manager manages two additional mutual fund (series) and serves as Co-Portfolio Manager of two additional mutual funds (series) within the Spirit of America Investment Funds complex. Neither the Adviser nor SOA Premier charges investment advisory fees based on the performance of the series they manage.

**Description of Compensation**

The Portfolio Manager's compensation consists of a fixed base salary and a bonus which is based on the sale of shares of all of the Funds, the increase in value of all of the Funds and under certain conditions, a percentage of the income earned by the Adviser for its management of all of the Funds.

**Potential Conflicts of Interest**

The management of multiple funds may give rise to potential conflicts of interest if the funds have different objectives, benchmarks, time horizons and fees. The Portfolio Manager may be required to allocate time and investment ideas across multiple funds. The Portfolio Manager may execute transactions for a fund that may adversely impact the value of securities held by another fund. Securities selected for one fund may outperform the securities selected for another fund. The Portfolio Manager's management of his personal accounts may also give rise to potential conflicts of interest.

The Portfolio Manager of the Energy Fund, Douglas Revello, is also the Portfolio Manager of the Spirit of America Large Cap Value Fund and the Spirit of America Real Estate Income and Growth Fund, and serves as the Co-Portfolio Manager of both the Spirit of America Municipal Tax Free Bond Fund and the Spirit of America Income Fund. Conflicts of interest may arise because Mr. Revello has day-to-day management responsibilities with respect to all of these Funds. Mr. Revello also provides portfolio management for SOA Premier strategies which, among other things, offers investments that invest in mutual funds and ETFs. These potential conflicts include:

*Limited Resources.* The Portfolio Manager cannot devote his full time and attention to the management of each of the accounts that he manages. Accordingly, the Portfolio Manager may be limited in his ability to identify investment opportunities for each of the accounts that are as attractive as might be the case if the Portfolio Manager were to devote substantially more attention to the management of a single account. The effects of this potential conflict may be more pronounced where the accounts have different investment strategies.

*Different Investment Strategies.* The accounts managed by the Portfolio Manager have differing investment strategies. If the Portfolio Manager determines that an investment opportunity may be appropriate for only some of the accounts or decide that certain of the accounts should take different positions with respect to a particular security, the Portfolio Manager may effect transactions for one or more accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other accounts.

*Selection of Brokers.* The Portfolio Manager selects the brokers that execute securities transactions for the accounts that he supervises. In addition to executing trades, some brokers provide the Portfolio Manager with research and other services which may require the payment of higher brokerage fees than might otherwise be available. The Portfolio Manager's decision as to the selection of brokers could yield disproportionate costs and benefits among the accounts that he manages, since the research and other services provided by brokers may be more beneficial to some accounts than to others.

**Conflicts of Interest**

Where conflicts of interest arise between the Energy Fund and other accounts managed by the Portfolio Manager, the Portfolio Manager will use good faith efforts so that the Energy Fund will not be treated materially less favorably than other accounts. There may be instances where similar portfolio transactions may be executed for the same security for other accounts overseen by the Portfolio Manager.

**Ownership of Securities** 

The following table sets forth the dollar range of Energy Fund shares beneficially owned by the Portfolio Manager as of December 31, 2025.

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| | |
|:---|:---|
| **Fund** | **Douglas Revello** |
| Energy Fund | $1 - $10000 |

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**Principal Distributor**

David Lerner Associates, Inc. is located at 477 Jericho Turnpike, P.O. Box 9006, Syosset, New York 11791-9006. Mr. David Lerner, the founder of the Distributor, is also the sole shareholder and director of the Adviser and an affiliated person of the Company and the Distributor. The shares of the Energy Fund are offered continuously.

**Distribution and Service Plans**

The Energy Fund has adopted a Rule 12b-1 Plan (the "Plan") with respect to its Class A Shares and Class C Shares.

The Plan provides that the Distributor may use the fees paid by the Energy Fund under the Plan ("12b-1 fees") to finance the distribution of the Fund's shares. These expenses include, among other things, preparing and distributing advertisements, sales literature, and prospectuses and reports used for sales purposes, compensating sales and marketing personnel and paying distribution and maintenance fees to brokers, dealers and others.

The Plan is characterized as a compensation plan because the distribution and service fees will be paid to the Distributor without regard to the distribution or shareholder services expenses incurred by the Distributor or the amount of payments made to financial institutions and intermediaries.

The Plan provides that the Distributor will use the 12b-1 fees received from the Energy Fund for expenses incurred in the promotion and distribution of the shares of the Fund. 12b-1 fees received from the Energy Fund will not be used to pay any interest expenses, carrying charges or other financing costs of the Distributor.

The Energy Fund's Class A Shares are not obligated under its Plan to pay any 12b-1 fees in excess of an annual rate of 0.25% of its average daily net assets. All expenses of distribution and marketing in excess of the maximum amounts permitted by the Plan per annum will be borne by the Distributor.

With respect to the Energy Fund's Class C Shares, the fee paid to the Distributor by the Fund is 1.00% of the average daily net assets of the Class C Shares. Of this amount, 0.75% represents 12b-1 fees and 0.25% represents shareholder servicing fees paid to institutions that have agreements with the Distributor to provide such services.

The Energy Fund intends to operate the Plan in accordance with its terms and in accordance with the rules of FINRA concerning sales charges.

The fees paid to the Distributor under the Plan are subject to annual review and approval by the Energy Fund's independent directors who have the authority to reduce the fees or terminate the Plan at any time. All payments made pursuant to the Plan shall be made for the purpose of selling shares issued by the Energy Fund or servicing shareholder accounts.

Under the Plan, the Distributor reports the amounts expended under the Plan and the purposes for which such expenditures were made, to the directors of the Fund for their review on a quarterly basis. Also, the Plan provides that the selection and nomination of future independent directors are committed to the discretion of such independent directors then in office. Such independent directors must comprise a majority of the Board and those independent directors shall select and nominate any other independent directors of the Company. Additionally, any person who acts as legal counsel for the independent directors of the Company is an independent legal counsel as defined in Rule 0-1(a)(6) under the 1940 Act.

The Adviser may from time to time make payments for distribution services to the Distributor from its own funds or such other resources as may be permitted by rules of the SEC. The Distributor may in turn pay part or all of such compensation to brokers or other persons for their distribution assistance.

In the event that the Plan is terminated or not continued, no Fund or class of shares would owe any distribution fees (other than current amounts accrued but not yet paid) to the Distributor.

David Lerner is the Founder of the Distributor and he is an interested person of the Energy Fund. Daniel Lerner is an interested person of the Fund.

The Plan was adopted because of its anticipated benefit to the Energy Fund. These anticipated benefits include: increased promotion and distribution of the Energy Fund's shares, an enhancement in the Energy Fund's ability to maintain accounts and improve asset retention, increased stability of net assets for the Energy Fund, and, to the extent that assets remain invested in the Energy Fund, greater flexibility in achieving investment objectives.

The following chart indicates the principal type of activities for which 12b-1 fees were used for the fiscal periods ended as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended**  | **Payments for<br> Advertising**  | **Payments for<br> Printing and<br> Mailing**  | **Payments for<br> Compensation<br> to Broker-<br> Dealers**  |
| November 30, 2023$557683<sup>(1)</sup> | $0 | $5307 | $520719 |
| November 30, 2024$551142<sup>(2)</sup> | $0 | $4819 | $507973 |
| November 30, 2025$450312<sup>(3)</sup> | $0 | $2992 | $430047 |

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(1) The amount reported for 12b-1 fees paid to the Distributor for the fiscal year ended November 30, 2023, represents $535,994 paid on Class A Shares and $21,689 paid on Class C Shares.

(2) The amount reported for 12b-1 fees paid to the Distributor for the fiscal year ended November 30, 2024, represents $530,403 paid on Class A Shares and $20,739 paid on Class C Shares.

(3) The amount reported for 12b-1 fees paid to the Distributor for the fiscal year ended November 30, 2025, represents $434,553 paid on Class A Shares and $15,759 paid on Class C Shares.

The table below sets forth the aggregate amounts of sales charges paid by shareholders for the fiscal years ended as indicated.

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| | |
|:---|:---|
| **November 30, 2023** | **November 30, 2023** |
| **Aggregate<br> Amount<br> Paid** | **Amount**<br> **Received by<br> Distributor** |
| $1474495 | $1474495 |

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| | |
|:---|:---|
| **November 30, 2024** | **November 30, 2024** |
| **Aggregate<br> Amount<br> Paid** | **Amount<br> Received by<br> Distributor** |
| $656087 | $656087 |

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| | |
|:---|:---|
| **November 30, 2025** | **November 30, 2025** |
| **Aggregate<br> Amount<br> Paid** | **Amount<br> Received by<br> Distributor** |
| $489292 | $489292 |

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| | | |
|:---|:---|:---|
| **Fiscal Year Ended** | **Net Underwriting<br> Discounts and<br> Commissions** | **Compensation on<br> Redemptions<br> and Repurchases** |
| November 30, 2025 | $46898 | $0 |

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CDSC fees collected for the fiscal year ended November 30, 2025 were $18 for Class A Shares and $6 for Class C Shares.

**Administrative Services Agent, Fund Accountant and Transfer Agent**

Ultimus, located at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, provides the back office services for the Energy Fund. The services include the day-to-day administration of matters necessary to the Energy Fund's operations, maintenance of records and books, preparation of reports and compliance monitoring.

Ultimus also serves as the accounting agent for the Energy Fund and maintains the accounting books and records of the Fund, calculates the Fund's NAVs in accordance with the provisions of the Fund's current Prospectus and prepares for the Fund's approval and use various government reports, tax returns, and proxy materials.

Ultimus serves as the Energy Fund's transfer agent and maintains the records of each shareholder's account, answers shareholder inquiries, processes purchases and redemptions and acts as dividend disbursing agent.

The fees paid paid to Ultimus by the Energy Fund were as follows:

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| | | |
|:---|:---|:---|
| **Fiscal Year Ended** | **Accounting &<br> Administration<br> Fee Paid** | **Transfer <br> Agent Fees** |
| November 30, 2023 | $155903 | $63869 |
| November 30, 2024 | $167394 | $57012 |
| November 30, 2025 | $155914 | $47878 |

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**Custodian**

The Argent Institutional Trust Company ("Argent") is custodian of the Energy Fund's assets pursuant to a custodian agreement. Effective in March 2026, Huntington National Bank ("HNB") assigned its custodial responsibilities under the Custody Agreement with the Company to Argent. At the time of the assignment, Argent began acting as custodian on behalf of the Funds. Argent is subject to the terms and conditions set forth in the Custody Agreement between the Trust and HNB. Argent is located at 500 E Reynolds Drive, Ruston, Louisiana 71270. Under the custodian agreement, Argent: (i) maintains a separate account or accounts in the name of the Energy Fund, (ii) holds and transfers portfolio securities on account of the Energy Fund, (iii) accepts receipts and makes disbursements of money on behalf of the Energy Fund, (iv) collects and receives all income and other payments and distributions on account of the Energy Fund's securities and (v) makes periodic reports to the directors concerning the Energy Fund's operations.

**Independent Registered Public Accounting Firm**

Tait, Weller & Baker LLP has been selected to serve as the independent registered public accounting firm for the Energy Fund for the fiscal year ending November 30, 2026. As independent registered public accounting firm for the Energy Fund, Tait, Weller & Baker LLP reviews the financial statements of the Energy Fund contained in the Fund's annual reports. Upon completion of this review, Tait, Weller & Baker LLP issues an opinion with regard to the financial statements.

**Shareholder Reports and Inquiries**

The Energy Fund issues unaudited financial information semi-annually and audited financial statements annually, which, along with the Energy Fund's most recent annual and semi-annual reports, are available for download at the Fund's website (www.soafunds.com) or by calling (800) 452-4892. Shareholder inquiries should be addressed to the Energy Fund c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246. Purchase and redemption transactions should be made through Ultimus by calling (800) 452-4892.

**HOW TO PURCHASE SHARE**S

**General**

The Energy Fund's Class A Shares are sold at the NAV next determined after the Company's transfer agent, Ultimus (the "Transfer Agent"), receives an order plus an initial maximum sales charge of up to 5.75% of the offering price (6.10% of the net amount invested), reduced on investments of $25,000 or more. A Contingent Deferred Sales Charge ("CDSC") of 1.00% may be imposed at the time of redemption on shares that were purchased within one year of the redemption date where an indirect commission was paid. The minimum initial investment for Class A Shares and Class C Shares of the Fund is $500; the minimum subsequent investment is $50. See "Distribution Arrangements" in the Prospectus for more complete information.

Class C Shares are sold without an initial front-end sales charge so that the full amount of your purchase is invested in the Fund. A deferred sales charge of 1.00% applies, however, if Class C Shares are sold within 13 months of purchase.

Institutional Shares are sold without an initial front-end sales charge and are not subject to a deferred sales charge. The minimum initial investment for Institutional Shares is $100,000; the minimum subsequent investment is $10,000.

Purchase orders for shares of the Energy Fund that are received by the Transfer Agent in proper form (i.e., a completed application and the correct minimum investment) by the close of the NYSE, on any day that the NYSE is open for trading, will be purchased at the Fund's next determined NAV (plus any applicable sales charge). Orders for Fund shares received after 4:00 p.m. Eastern Time will be purchased at the NAV (plus any applicable sales charge) determined on the following business day.

The Company does not have any arrangements with any person to permit frequent purchases and redemptions of Fund shares or any agreements to maintain assets in the Energy Fund.

**Reduction of Sales Charges on Class A Shares**

If you qualify for a reduction or waiver of Class A Shares' sales charges, you must notify the Energy Fund's Transfer Agent, your financial adviser or other intermediary at the time of purchase and you also must provide any required evidence showing that you qualify. The value of cumulative quantity discount eligible shares equals the current value of those shares. The current value of shares is determined by multiplying the number of shares by the current NAV. In order to obtain a sales charge reduction, you may need to provide your financial intermediary or the Energy Fund's Transfer Agent, at the time of purchase, with information regarding shares of the Funds held in other accounts which may be eligible for aggregation. Such information may include account statements or other records regarding shares or the Funds held in (i) all accounts (e.g. retirement accounts) with the Funds and your financial intermediary; (ii) accounts with other financial intermediaries; and (iii) accounts in the name of immediate family household members (spouse and children under age 21). You should retain any records necessary to substantiate historical costs because the Fund, its Transfer Agent and financial intermediaries may not maintain this information. Otherwise, you may not receive the reduction or waiver.

Investors may be able to reduce or eliminate front-end sales charges on Class A Shares through one or more of the following methods:

● **A larger investment.** The sales charge decreases as the amount of your investment increases, as described above.

● **Rights of accumulation.** To qualify for the reduced Class A Shares sales charge that would apply to a larger purchase than you are currently making (as shown in the table above), you and other immediate family members [which includes your spouse and children under the age of 21 as permitted under the Uniform Gifts to Minors Act ("UGMA") or the Uniform Transfers to Minors Act ("UTMA")], a trust established by you or a family member as grantor, and those family members living at the same address can add the current value of any Class A Shares in all Spirit of America Funds that you currently own or are currently purchasing to the value of your Class A Shares purchase. You must notify your investment adviser, the Fund's Transfer Agent or other intermediaries, at the time of purchase, of your intent to qualify for this reduction and provide any required evidence showing that you qualify. Rights of accumulation breakpoints are calculated based on the greater of cost or current market value (NAV). Cost is defined as: Gross purchases plus reinvested dividends minus redemptions.

● **Letter of Intent discount.** If you declare in writing that you and other immediate family members [which includes your spouse and children under the age of 21 as permitted under the Uniform Gifts to Minors Act ("UGMA") or the Uniform Transfers to Minors Act ("UTMA")] and those family members living at the same address intend to purchase at least $25,000 in Class A Shares during a 13-month period, your sales charge is based on the total amount you intend to invest. You can combine your purchase of Class A Shares of any of the Spirit of America Investment Funds to fulfill your Letter of Intent. You are not legally required to complete the purchases indicated in your Letter of Intent. However, if you do not fulfill your Letter of Intent, additional sales charges may be due and shares in your account would be liquidated to cover those sales charges.

**RETIREMENT PLANS**

The Energy Fund may be a suitable investment vehicle for part or all of the assets held in various types of retirement plans, such as those listed below. The Energy Fund has available forms of such plans pursuant to which investments can be made in the Fund. Persons desiring information concerning these plans should contact David Lerner Associates, Inc. at (516) 921-4200, or write to:

David Lerner Associates, Inc.

477 Jericho Turnpike

P.O. Box 9006

Syosset, New York 11791-9006

**Traditional Individual Retirement Account ("IRA")**

Individuals who receive compensation, including earnings from self-employment, may be entitled to establish and make contributions to an IRA. Taxation of the income and gains paid to an IRA by the Fund is deferred until distribution from the IRA.

**Roth IRAs**

The Taxpayers Relief Act of 1997 created the Roth IRA. While contributions to a Roth IRA are not currently deductible, the amounts invested in a Roth account accumulate tax-free and qualified distributions will not be included in a shareholder's taxable income. The contribution limits for 2023 are $6,500 annually if under age 50 and $7,500 if age 50 and over. Certain income phase-outs apply.

**Coverdell Education Savings Account**

Formerly known as the Education IRA, the Coverdell Education Savings Account was created with the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001. Funds can be used for primary and secondary education expenses with tax-free withdrawals for qualified education expenses. Total contributions may not exceed $2,000 per beneficiary.

**Employer-Sponsored Qualified Retirement Plans**

Sole proprietors, partnerships and corporations may sponsor qualified money purchase pension and profit-sharing plans, including Section 401(k) plans ("qualified plans"), under which annual tax-deductible contributions are made within prescribed limits based on compensation paid to participating individuals.

**Simplified Employee Pension Plan ("SEP")**

Sole proprietors, partnerships and corporations may sponsor a SEP under which they make annual tax-deductible contributions to an IRA established by each eligible employee within prescribed limits based on employee compensation.

**403(b)(7) Retirement Plan**

Certain tax-exempt organizations and public educational institutions may sponsor retirement plans under which an employee may agree that monies deducted from his or her compensation (minimum $25 per pay period) may be contributed by the employer to a custodial account established for the employee under the plan.

Distributions from retirement plans are subject to certain Internal Revenue Code of 1986 (the "Code") requirements in addition to normal redemption procedures. For additional information please contact the Distributor.

**HOW TO REDEEM SHARES**

You may redeem your shares of the Energy Fund on any business day that the NYSE is open for business. Redemptions will be effected at the NAV (subject to any applicable CDSC fees) next determined after receipt by the Transfer Agent of a redemption request meeting the requirements described below.

**General Redemption Information**

The Fund typically expects to pay redemption proceeds for shares redeemed within the following days after receipt by the Transfer Agent of a redemption request in proper form:

● For payment by check, the Fund typically expects to mail the check within one to three business days;

● For payment by wire or ACH, the Fund typically expects to process the payment within one to three business days.

Payment of redemption proceeds may take longer than the time the Fund typically expects and may take up to 7 days as permitted under the 1940 Act. Under unusual circumstances as permitted by the SEC, the Fund may suspend the right of redemption or delay payment of redemption proceeds for more than 7 days. When a request for redemption is made shortly after the purchase of shares by check, you will not receive the redemption proceeds until the check(s) for the shares purchased has cleared. Although the redemption proceeds may be delayed, the redemption request will be processed at the NAV next determined after receipt of the redemption request in good order. The Energy Fund will mail the redemption proceeds as soon as the purchase check clears, which may take up to fifteen calendar days from the date of the purchase. You may avoid such delays by purchasing shares by federal funds wire.

The Energy Fund may suspend the right of redemption or postpone the date of payment for more than seven days during any period when (i) trading on the NYSE is restricted or the NYSE is closed for other than customary weekends and holidays, (ii) the SEC has by order permitted such suspension for the protection of the Energy Fund's shareholders, or (iii) an emergency exists making disposal of portfolio securities or valuation of net assets of any fund not reasonably practicable.

Redemption proceeds sent by check by the Energy Fund and not cashed within 180 days of the redemption date will be reinvested in the applicable class of shares at the current day's NAV. Redemption proceeds that are reinvested are subject to market risk like any other investment in the Energy Fund.

Redemption proceeds may be wired directly to any bank previously designated on your new account application. There is a $15.00 charge for redemptions made by wire to domestic banks. Wires to foreign or overseas banks may be charged at higher rates. Banks may impose a fee for wire services. In addition, there may be fees for redemptions made through brokers, financial institutions and service organizations. If you execute your redemption order through an intermediary, you may be subject to additional charges.

The Energy Fund has elected, pursuant to Rule 18f-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), to redeem shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any one shareholder. The Energy Fund will satisfy redemption requests for cash to the fullest extent feasible, as long as such payments would not, in the opinion of the Adviser, result in the need for the Energy Fund to sell assets under disadvantageous conditions or to the detriment of the remaining shareholders of the Energy Fund. The Energy Fund has reserved the right, in whole or in part, to make payment for a redemption in securities rather than cash, which is known as a "redemption in kind." Redemptions in kind will be made only under extraordinary circumstances and if the Fund deems it advisable for the benefit of all shareholders, such as a very large redemption that could affect Fund operations (for example, more than 1% of the Fund's net assets). Under these conditions, a Fund might pay all or part of redemption proceeds in liquid securities with a market value equal to the value of the Fund shares being redeemed. A redemption in kind will consist of securities equal in market value to the Fund shares being redeemed, using the same valuation procedures that the Fund uses to compute its NAV. Pursuant to procedures adopted by the Board, redemption in kind transactions will typically be made by delivering readily marketable securities to the redeeming shareholder within 7 days after the Fund's receipt of the redemption order in proper form. Marketable securities are assets that are regularly traded or where updated price quotations are available. Illiquid securities are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Certain illiquid securities may be valued using estimated prices from one of the Trust's approved pricing agents. If the Fund redeems your shares in kind, it will value the securities pursuant to the policies and procedures adopted by the Board. See "Pricing Fund Shares" in the Energy Fund's prospectus. You will bear the market risks associated with maintaining or selling the securities that are transferred as redemption proceeds. In addition, when you sell these securities, you will pay taxes and brokerage charges associated with selling the securities.

**Minimum Balances**

Due to the relatively high cost of maintaining smaller accounts, the Energy Fund reserves the right to involuntarily redeem shares in any account at their then current NAV if at any time the account balance is less than $500 for Class A Shares and Class C Shares and less than $100,000 for Institutional Shares as a result of shareholder redemptions, but not market fluctuations. You will be notified in writing if the value of your account is less than the required minimum, and will be allowed at least 60 days to bring the value of your account up to the minimum before the redemption is processed. No CDSC will be imposed on any involuntary redemption.

**Exchange of Shares**

You are permitted to exchange your Class A Shares of the Energy Fund for Class A Shares of another Fund offered by the Company, provided that those shares may legally be sold in the state of your residence. You must meet the minimum investment requirement and you may only exchange your shares once every six months. No transaction fees are charged for exchanges but an exchange of shares is treated for Federal Income tax purposes as a redemption of shares and an exchanging shareholder may, therefore, realize a taxable gain or loss in connection with the exchange. Class C Shares of the Energy Fund may be exchanged for Class C Shares of any other Fund in the Company offering such shares. Institutional Shares of the Energy Fund may be exchanged for Institutional Shares of any other Fund in the Company offering such shares.

**NET ASSET VALUE**

The NAV per share for the Energy Fund is computed by adding the value of the Energy Fund's investments, cash and other assets attributable to the Fund, deducting liabilities of the Fund and dividing the result by the number of shares outstanding. The public offering price is the Energy Fund's NAV plus the applicable sales charge.

Portfolio securities are valued and NAV per share is calculated as of the close of regular trading on the NYSE, currently 4:00 p.m. (Eastern Time), on each day the NYSE is open for trading.

The Energy Fund's securities are valued at the official close or the last reported sales price on the principal exchange on which the security trades, or if no sales price is reported, the mean of the latest bid and asked prices is used. Securities traded over-the-counter are priced at the mean of the latest bid and asked prices. Securities for which the primary market is the NASDAQ will be valued at the NASDAQ official closing price. Unlisted securities traded in the over-the-counter market are valued using an evaluated quote provided by the independent pricing service, or, if an evaluated quote is unavailable, such securities are valued using prices received from dealers, provided that if the dealer supplies both bid and ask prices, the price to be used is the mean of the bid and asked prices. The independent pricing service derives an evaluated quote by obtaining dealer quotes, analyzing the listed markets, reviewing trade execution data and employing sensitivity analysis. Evaluated quotes may also reflect appropriate factors such as individual characteristics of the issue, communications with broker-dealers, and other market data.

Fund securities for which market quotations are not readily available are valued at their fair value as determined in good faith by the Valuation Designee under procedures approved by the Board. Other assets, such as receivables, are valued at their book value, unless the Valuation Designee determines that they should be valued on another basis.

**DIVIDENDS, DISTRIBUTIONS AND TAXES**

**Dividends and Distributions**

The Energy Fund intends to declare and pay a fixed rate semi-annual distribution (May and November) to shareholders. To the extent such distributions exceed the Fund's current and accumulated earnings and profits, a portion of such distribution is expected to be characterized as return of capital distributions generated from the Fund's holdings. A "return of capital" is a return, in whole or in part, of the funds that you previously invested in the Fund. Return of capital distributions will generally not be taxable to a shareholder for U.S. federal income tax purposes to the extent of the shareholder's tax basis in the shareholder's shares in the Fund, however, such distributions will reduce the shareholder's tax basis in the shareholder's shares in the Fund (but not below zero), which could result in the shareholder having to pay higher taxes in the future when shares are sold, even if the shareholder sells the shares at a loss from the shareholder's original investment. Income dividends and capital gains distributions are generally taxable to the shareholder whether received in cash or reinvested in shares for U.S. federal income tax purposes. The final determination of the amount of the Fund's return of capital distributions for the period will be made after the end of each calendar year.

The Energy Fund anticipates that a significant portion of its distributions to shareholders will consist of a tax-free return of capital with respect to an investor's principal investment for U.S. federal income tax purposes. In general, a distribution will constitute a return of capital to a shareholder, rather than a dividend, to the extent such distribution exceeds the Fund's current and accumulated earnings and profits, as determined for U.S. federal income tax purposes and does not exceed such shareholder's adjusted tax basis in the shares. To the extent that the amount of any distribution exceeds the Fund's current and accumulated earnings and profits for a taxable year, as determined for U.S. federal income tax purposes, the distribution will first be treated as a tax-free return of capital, causing a reduction in the adjusted basis of the shares (thereby increasing the amount of gain, or decreasing the amount of loss, to be recognized by a U.S. Holder on a subsequent disposition of the shares), and the balance in

excess of such adjusted basis will be taxed as capital gain if the shares are held as capital assets. Any such capital gain will generally be long-term capital gain if such U.S. Holder has held the applicable shares for more than one year. Unless requested otherwise by you, dividends and other distributions will be automatically reinvested in additional shares of the Fund at the NAV per share in effect on the day after the record date.

Each dividend and distribution, if any, declared by the Energy Fund on its outstanding shares will be paid in additional shares of the Fund having an aggregate NAV as of the payment date of such dividend or distribution equal to the cash amount of such income dividend or distribution, unless payment in cash is specified by the shareholder by written request. An election to receive income dividends and distributions in cash may be made at the time shares are initially purchased or may be changed in writing at any time prior to the record date for a particular dividend or distribution. There is no sales or other charge in connection with the reinvestment of distributions.

If you buy shares of the Fund just before the Fund deducts a distribution, you will pay full price for the shares and then receive a portion of the price back as a taxable distribution from its NAV.

Any check tendered in payment of dividends or other distributions which cannot be delivered by the U.S. post office or which remains uncashed for a period of more than one year may be reinvested in the shareholder's account at the then current NAV, and the dividend option may be changed from cash to reinvest. Interest will not accrue on amounts represented by uncashed checks.

**U.S. Federal Income Taxes**

The following is a general discussion of certain material U.S. federal income tax consequences relating to the purchase, ownership, and disposition of shares of the Fund by U.S. Holders (as described below) who hold their shares as capital assets (as defined for U.S. federal income tax purposes). For purposes of this discussion, a "U.S. Holder" means a beneficial owner shares that is any of the following for U.S. federal income tax purposes:

● An individual who is a citizen or resident of the United States or someone treated as a U.S. citizen for U.S. federal income tax purposes;

● A corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia;

● An estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

● A trust if: (a) a U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are authorized to control all substantial decisions of the trust, or (b) the trust has a valid election in effect under applicable Treasury Regulations (as defined below) to be treated as a U.S. person.

For purposes of this summary, the term "Non-U.S. Holder" means a beneficial owner of the Fund's shares that is not a U.S. Holder.

This summary is for general information purposes only and is not exhaustive of all of the U.S. federal income tax considerations that may be relevant to a decision to purchase shares in the Fund. This discussion is based upon current provisions of the Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations promulgated under the Code by the U.S. Treasury Department (including final proposed and temporary regulations (the "Treasury Regulations")), rulings, current administrative interpretations, and official pronouncements by the Internal Revenue Service (the "IRS"), and judicial decisions, all as currently in effect and all of which are subject to differing interpretations or to change, including possibly with a retroactive effect. Such changes could materially and adversely affect the tax consequences to a holder described below. No assurance can be given that the IRS will not assert, or that a court would not sustain, a position contrary to any of the tax consequences described below. We cannot predict whether, when, or to what extent U.S. federal tax laws, regulations, interpretations, or rulings will be issued.

The discussion primarily describes the U.S. federal income tax treatment of a U.S. Holder and, unless expressly provided, does not discuss the application of these rules to a Non-U.S. Holder. In addition, the possible application of U.S. federal estate or gift taxes or any aspect of state, local, or non-U.S. tax laws is not considered. This summary does not address all aspects of U.S. federal income taxation that may be important to a particular U.S. Holder in light of its investment or tax circumstances or to a U.S. Holder that is subject to special tax rules, including if the Holder is:

● a dealer in securities or currencies;

● a financial institution;

● a regulated investment company;

● a real estate investment trust;

● an insurance company;

● a tax-exempt organization;

● a person holding shares as part of a hedging, integrated or conversion transaction, a constructive sale or a straddle;

● a trader in securities that has elected the mark-to-market method of accounting for its securities;

● a person liable for alternative minimum tax;

● a partnership or other pass-through entity for U.S. federal income tax purposes; or

● a U.S. Holder whose "functional currency" is not the U.S. dollar.

If an entity treated as a partnership for U.S. federal income tax purposes holds shares, the U.S. federal income tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A holder of shares in a partnership and partners in such partnership should consult their own tax advisors regarding the U.S. federal income tax consequences of holding and disposing of the shares.

Prospective U.S. Holders are urged to consult their tax advisors as to the particular tax consequences of purchasing, owning and disposing of the shares, including the application of U.S. federal, state and local tax laws.

**Taxation as a Regulated Investment Company**

The Energy Fund intends to elect to be treated as a regulated investment company ("RIC") under Subchapter M of the Code. As a RIC, the Fund will not have to pay corporate-level federal income taxes on any income that the Fund distributes to its stockholders from its earnings and profits, as determined for U.S. federal income tax purposes. To qualify for and maintain its qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, in order to obtain RIC tax treatment, the Fund must distribute to its stockholders, for each taxable year, at least 90% of its "investment company taxable income," which is generally its net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses, or the Annual Distribution Requirement.

If the Energy Fund:

● qualifies as a RIC; and

● satisfies the Annual Distribution Requirement,

then it will not be subject to federal income tax on the portion of its income that it distributes (or is deemed to distribute) to stockholders. The Energy Fund will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gains not distributed (or deemed distributed) to its stockholders.

The Energy Fund will be subject to a 4% nondeductible federal excise tax on certain undistributed income unless it distributes in a timely manner an amount at least equal to the sum of (1) 98% of its net ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year period ending on October 31 during that calendar year and (3) any income recognized, but not distributed, in preceding years and on which it paid no U.S. federal income tax, or the Excise Tax Avoidance Requirement. The Fund generally will endeavor in each taxable year to avoid any U.S. federal excise tax on its earnings.

In order to qualify as a RIC for U.S. federal income tax purposes, the Energy Fund, among other things must:

● continue to qualify under the 1940 Act at all times during each taxable year;

● derive in each taxable year at least 90% of its gross income from dividends, interest, payments with respect to certain securities, loans, gains from the sale of stock or other securities, net income from certain "qualified publicly-traded partnerships," or other income derived with respect to its business of investing in such stock or securities, or the 90% Income Test; and

● diversify its holdings so that at the end of each quarter of the taxable year:

● at least 50% of the value of its assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of the Fund's assets or more than 10% of the outstanding voting securities of such issuer; and

● no more than 25% of the value of its assets is invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by the Fund and that are engaged in the same or similar or related trades or businesses or of certain "qualified publicly-traded partnerships," or the Diversification Tests.

For federal income tax purposes, the Fund may be required to recognize taxable income in circumstances in which the Fund does not receive a corresponding payment in cash. For example, if the Fund holds debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), it must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Fund in the

same taxable year. The Fund may also have to include in income other amounts that it has not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock.

Because any original issue discount or other amounts accrued will be included in its investment company taxable income for the year of the accrual, the Fund may be required to make a distribution to its stockholders in order to satisfy the Annual Distribution Requirement, even though it will not have received any corresponding cash amount. As a result, it may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. The Fund may have to sell some of its investments at times and/or at prices that would not be considered advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If the Fund is not able to obtain cash from other sources, it may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

The remainder of this discussion assumes that the Fund qualifies as a RIC and has satisfied the Annual Distribution Requirement.

**Failure to Qualify as a RIC** 

If the Energy Fund were unable to qualify for treatment as a RIC, it would be subject to tax on all of its taxable income at regular corporate rates, regardless of whether it makes any distributions to its stockholders. Distributions would not be required, and any distributions to the extent of current or accumulated earnings and profits would be taxable to its stockholders as ordinary dividend income. Subject to certain additional limitations in the Code, such distributions would be eligible for the preferential maximum rate applicable to individual stockholders. Subject to certain limitations under the Code, corporate distributees would be eligible for the dividends-received deduction with respect to such distributions. Distributions in excess of the Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of (and in reduction of) the stockholder's tax basis (but not below zero), and any remaining distributions would be treated as a capital gain.

*MLP Equity Securities*

The Fund invests in securities and other assets of energy and energy related companies, including MLPs, equity securities, fixed income securities, open-end and closed-end investment companies, ETFs and certain private equity and debt investments as described in this SAI (and in the Prospectus). MLPs are generally treated as partnerships for U.S. federal income tax purposes. However, these entities could potentially be treated as corporations to the extent that they do not satisfy the gross income test. If a publicly traded partnership derives at least 90% of its gross income from qualifying sources as described in Section 7704 of the Code, the publicly traded partnership will be treated as a partnership for U.S. federal income tax purposes. These qualifying sources include interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide.

If the MLPs are taxed as partnerships, the MLPs will be taxed differently from corporations for U.S. federal income tax purposes. A corporation is required to pay U.S. federal income tax on its income, and, to the extent the corporation makes distributions to its stockholders in the form of dividends from current or accumulated earnings and profits, its stockholders are required to pay U.S. federal income tax on such dividends. For this reason, corporate income is essentially taxed at two levels. MLPs, in contrast, are generally taxed as partnerships for U.S. federal income tax purposes if they meet the income requirements discussed above. In such case, no U.S. federal income tax would be imposed at the MLP entity level. A partnership's items of taxable income, gain, loss, deductions and credits are generally allocated among all the partners in proportion to their interests in the partnership. Each partner is required to include in income its allocable shares of these tax items. Partnership income is thus said to be taxed only at one level—the partner level.

Although distributions from MLPs resemble corporate dividends, they are treated differently for U.S. federal income tax purposes. A distribution from an MLP is treated as a tax-free return of capital to the extent the amount of the distribution does not exceed the partner's tax basis in its MLP interest and as gain from the sale or exchange of the MLP interest to the extent the distribution exceeds the partner's tax basis in its MLP interest.

When the Fund invests in the equity securities of an MLP, the Fund will be a partner in such MLP. Accordingly, the Fund will be required to include in its taxable income the Fund's allocable share of the income, gains, losses, deductions and credits recognized by each MLP, whether or not the MLP distributes cash to the Fund. Based upon a review of the historic results of the type of MLPs in which the Fund intends to invest, the Fund expects that the cash distributions it will receive with respect to its investments in equity securities of MLPs will exceed the taxable income allocated to the Fund from such MLPs. No assurance, however, can be given in this regard.

The Fund will recognize gain or loss on the sale, exchange or other taxable disposition of an equity security of an MLP equal to the difference between the amount realized by the Fund on the sale, exchange or other taxable disposition and the Fund's adjusted tax basis in such equity security. Any such gain will increase the taxable income of the Fund and the amount required to be distributed by the Fund to satisfy the Annual Distribution Requirement and Excise Tax Avoidance Requirement. The amount realized by the Fund generally will be the amount paid by the purchaser of the equity security plus the portion of the Fund's allocable share, if any, of the MLP's debt that will be allocated to the purchaser as a result of the sale, exchange or other taxable disposition. The Fund's adjusted tax basis in its equity securities in an MLP is generally equal to the amount the Fund paid for the equity securities, (x) increased by the Fund's allocable share of the MLP's net taxable income, the Fund's allocable share of the MLPs' tax-exempt income, and the Fund's allocable share of the MLP's debt, if any, and (y) decreased by the Fund's allocable share of the MLP's net losses, the Fund's allocable share of the MLP's non-deductible expenses, reductions in the Fund's allocable share of the MLP's debt (if any) and any distributions received by the Fund from the MLP. Although any distribution by an MLP to the Fund in excess of the Fund's allocable share of such MLP's net taxable income generally will not be taxable to the extent the distribution does not exceed the Fund's tax basis in the MLP, such distribution will reduce the Fund's tax basis and thus increase the amount of gain (or decrease the amount of loss) that will be recognized on the sale of an equity security in the MLP by the Fund or on a subsequent distribution by the MLP to the Fund.

*Taxation of Distributions*

The gross amount of distributions by the Fund in respect of shares will be taxable to a U.S. Holder as dividend income to the extent the distributions are paid out of the Fund's current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. Such income will be included in a U.S. Holder's gross income on the day actually or constructively received by such U.S. Holder. Subject to certain holding period and other requirements, such dividend income will generally be eligible for the dividends received deduction in the case of corporate U.S. Holders and will generally be treated as "qualified dividend income" for non-corporate U.S. Holders (including individuals) and will be eligible for reduced rates of taxation at the rates applicable to long-term capital gains.

To the extent that the amount of any distribution exceeds the Fund's current and accumulated earnings and profits for a taxable year, as determined for U.S. federal income tax purposes, the distribution will first be treated as a tax-free return of capital, causing a reduction in the adjusted basis of the shares (thereby increasing the amount of gain, or decreasing the amount of loss, to be recognized by a U.S. Holder on a subsequent disposition of the shares), and the balance in excess of such adjusted basis will be taxed as capital gain. Any such capital gain will generally be long-term capital gain if such U.S. Holder has held the applicable shares for more than one year.

Distributions by the Fund of net capital gain (which is generally long-term capital gains in excess of net short-term capital losses) properly designated by the Fund as "capital gain dividends" generally are taxable to U.S. Holders as long-term capital gain, to the extent of the Fund's current or accumulated earnings and profits, regardless of the length of time the shares of the Fund have been held by such U.S. Holders.

A corporation's earnings and profits are generally calculated by making certain adjustments to the corporation's reported taxable income. Based upon the historic performance of similar MLPs in which the Fund intends to invest, the Fund anticipates that the distributed cash from the MLPs in its portfolio will exceed its earnings and profits. Thus, the Fund anticipates that only a portion of its distributions will be treated as dividends to its shareholders for U.S. federal income tax purposes, although no assurance can be given in this regard.

All distributions of taxable net investment income and net capital gain, whether received in shares or in cash, must be reported by each taxable U.S. Holder on his or her or its federal income tax return. Dividends or distributions declared in October, November or December as of a record date in such a month, if any, will be deemed to have been received by U.S. Holders on December 31, if paid during January of the following year. Redemptions of shares may result in tax consequences (gain or loss) to the U.S. Holder and are also subject to these reporting requirements.

*Taxation of Sales, Exchanges or Other Dispositions*

A U.S. Holder will generally recognize taxable gain or loss on any sale, exchange or other disposition of shares in an amount equal to the difference between the amount realized for the shares and the U.S. Holder's adjusted tax basis in such shares. Generally, a U.S. Holder's adjusted tax basis in the shares will be equal to the cost of the U.S. Holder's shares, reduced by adjustments for distributions paid by the Fund in excess of its earnings and profits (*i.e.*, returns of capital). Such gain or loss will generally be long-term capital gain or loss provided that the U.S. Holder held the shares for more than one year at the time of disposition. It is possible that a return of capital could cause a U.S. Holder to pay a tax on capital gains with respect to shares that are sold for an amount less than the price originally paid for them. Capital gains of non-corporate U.S. Holders (including individuals) derived with respect to capital assets held for more than one year are generally eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.

*Net Investment Income Tax*

A U.S. Holder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, will be subject to a 3.8% tax on the lesser of (1) the U.S. Holder's "net investment income" for the relevant taxable year and (2) the excess of the U.S. Holder's modified adjusted gross income for the taxable year over a certain threshold (which, in the case of individuals, will be between $125,000 and $250,000 depending on the individual's circumstances). A U.S. Holder's "net investment income" may generally include portfolio income (such as interest and dividends), and income and net gains from an activity that is subject to certain passive activity limitations, unless such income or net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). If you are a U.S. holder that is an individual, estate or trust, you should consult your tax advisors regarding the applicability of the Net Investment Income Tax to your ownership and disposition of shares of the Fund.

*Information Reporting and Backup Withholding*

Generally, information reporting requirements will apply to distributions on our common shares or proceeds on the disposition of our common shares or warrants paid within the U.S. (and, in certain cases, outside the U.S.) to U.S. Holders. Such payments will generally be subject to backup withholding tax at the rate of 24% if: (a) a U.S. Holder fails to furnish such U.S. Holder's correct U.S. taxpayer identification number to the payor (generally on Form W-9), as required by the Code and Treasury Regulations, (b) the IRS notifies the payor that the U.S. Holder's taxpayer identification number is incorrect, (c) a U.S. Holder is notified by the IRS that it has previously failed to properly report interest and dividend income, or (d) a U.S. Holder fails to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number. However, certain exempt persons generally are excluded from these information reporting and backup withholding rules.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or as a credit against a U.S. Holder's U.S. federal income tax liability provided the required information is timely furnished to the IRS.

*Non-U.S. Holders*

Dividends paid to a Non-U.S. Holder generally will be subject to U.S. withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty. If a Non-U.S. Holder is eligible for a reduced rate of withholding tax under an applicable tax treaty, the Non-U.S. Holder will be required to provide an applicable IRS Form W-8 certifying its entitlement to benefits under the treaty in order to obtain a reduced rate of withholding tax. However, if the distributions are effectively connected with a U.S. trade or business of the Non-U.S. Holder (or, if an income tax treaty applies, attributable to a permanent establishment in the United States of the Non-U.S. Holder), then the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. persons, plus, in certain cases where the Non-U.S. Holder is a corporation, a branch profits tax at a 30% rate (or lower rate provided in an applicable treaty). If the Non-U.S. Holder is subject to such U.S. income tax on a distribution, then the Fund is not required to withhold U.S. federal tax if the Non-U.S. Holder complies with applicable certification and disclosure requirements.

Special certification requirements apply to a Non-U.S. Holder that is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisors.

Special U.S. federal income tax rules will apply to Non-U.S. Holders that hold shares in the Fund. Non-U.S. Holders should consult their own tax advisors to determine the U.S. federal, state, local and other tax consequences that may be relevant to them.

*Payments to Foreign Financial Institutions*

The Foreign Account Tax Compliance Act ("FATCA")generally provides that a 30% withholding tax may be imposed on payments of U.S. source income, such as U.S. source interest and dividends, to certain non-U.S. entities unless such entities enter into an agreement with the IRS to disclose the name, address and taxpayer identification number of certain U.S. persons that own, directly or indirectly, interests in such entities, as well as certain other information relating to such interests. Non-U.S. Holders are encouraged to consult with their own tax advisors regarding the possible implications and obligations of FATCA. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of shares on or after January 1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury regulations are issued.

*Investment by Tax-Exempt Investors*

Employee benefit plans and most other organizations exempt from U.S. federal income tax, including individual retirement accounts and other retirement plans, are generally subject to U.S. federal income tax on unrelated business taxable income ("UBTI"). Because the Fund is treated as a corporation for U.S. federal income tax purposes, an owner of shares will not report on its federal income tax return any items of income, gain, loss, deduction and credit that are allocated to the Fund from the MLPs in which the Fund invests. Moreover, dividend income from, and gain from the sale of, corporate stock generally does not

constitute UBTI unless the corporate stock is debt-financed. Therefore, a tax-exempt investor generally should not have UBTI attributable to its ownership, sale or the redemption of any Fund shares unless its ownership of shares is debt-financed. In general, shares are considered to be debt-financed if the tax-exempt owner of shares incurred debt to acquire the shares or otherwise incurred a debt that would not have been incurred if the shares had not been acquired.

*Other Taxation*

The Fund's shareholders may be subject to state, local and foreign taxes on its distributions. Shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

THE FOREGOING SUMMARY OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL INFORMATION ONLY AND IS NOT TAX ADVICE. IT DOES NOT DISCUSS ALL ASPECTS OF U.S. FEDERAL INCOME TAXATION THAT MAY BE RELEVANT TO A SHAREHOLDER IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES AND INCOME TAX SITUATION. PROSPECTIVE SHAREHOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE SPECIFIC TAX CONSEQUENCES THAT WOULD RESULT FROM THE PURCHASE, OWNERSHIP AND DISPOSITION OF THE SHARES, INCLUDING THE APPLICATION AND EFFECT OF FEDERAL, STATE, LOCAL, FOREIGN AND OTHER TAX LAWS (INCLUDING ESTATE AND GIFT TAX RULES) AND THE POSSIBLE EFFECTS OF CHANGES IN FEDERAL OR OTHER TAX LAWS.

Prior to the passing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, net operating losses ("NOLs") were subject to the Tax Cuts and Jobs Act (TCJA) but are now governed under the CARES Act. Under the CARES Act, NOLs arising in tax years beginning after December 31, 2017, and before January 1, 2021 may be carried back five tax years and carried forward twenty years. Since the enactment of the TCJA, NOLs generally could not be carried back but could be carried forward indefinitely. Further, the TCJA limited NOL absorption to 80% of taxable income. The CARES Act temporarily removes the 80% limitation, reinstating it for tax years beginning after December 31, 2020. In general, the Fund's NOL carryforwards from taxable years in which it was a "C" corporation for U.S. federal income tax purposes cannot offset its taxable income or gains as a RIC, provided, however, that such NOL carryforwards may be available to offset net "built-in gain" (*i.e.*, where an asset's fair market value as of the effective date of the RIC election exceeded such asset's tax basis) recognized, if any, during the five-year period beginning on the effective date of the RIC election.

Net capital loss carryforwards are available to offset future capital gains. Capital loss carryforwards can be carried forward for 5 years. During the fiscal year ended November 30, 2025, the Fund utilized $25,933,659 of available short-term capital loss carryforwards and $53,943,966 of available short-term capital loss carryforwards expired. At November 30, 2025, for federal income tax purposes and the treatment of distributions payable, the Fund had $7,445,727 of short-term capital loss carryforwards available to offset future gains, to the extent provided by the Treasury regulations.

**Cost Basis Information**

The Energy Fund is required to report to you and the IRS annually on Form 1099-B the cost basis of shares purchased or acquired by you where the cost basis of the shares is known by the Fund (referred to as "covered shares"). However, cost basis reporting is not required for certain shareholders, including shareholders investing in the Energy Fund through a tax-advantaged retirement account, such as a 401(k) plan or an individual retirement account. When required to report cost basis, the Energy Fund will calculate it using the Fund's default cost basis calculation method, which is currently the first in, first out (FIFO) method, unless you instruct the Fund to use a different calculation method. For additional information regarding the Energy Fund's available cost basis reporting methods, including the default method, please contact the Fund. If you hold your Fund shares through a broker (or other nominee), please contact that broker (nominee) with respect to reporting of cost basis and available elections for your account**.** The IRS permits the use of several methods to determine the cost basis of mutual fund shares. The method used will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing share prices**,** and the entire position is not sold at one time. The Energy Fund does not recommend any particular method of determining cost basis, and the use of other methods may result in more favorable tax consequences for some shareholders. It is important that you consult with your tax advisor to determine which method is best for you and then notify the Fund if you intend to utilize a method other than the Energy Fund's default method for covered shares. If you do not notify the Fund of your elected cost basis method at the time of the initial purchase into your account, the default method will be applied to your covered shares. The Energy Fund will compute and report the cost basis of your Fund shares sold or exchanged by taking into account all of the applicable adjustments to cost basis and holding periods as required by the Code and Treasury regulations for purposes of reporting these amounts to you and the IRS. However, the Energy Fund is not required to, and in many cases the Fund does not possess the information to, take all possible basis, holding period or other adjustments into account in reporting cost basis information to you. Therefore, shareholders should carefully review the cost basis information provided by the Fund.

**BROKERAGE AND PORTFOLIO TRANSACTIONS**

The Adviser has the responsibility for allocating the Energy Fund's brokerage orders and may direct orders to any unaffiliated broker. It is the Adviser's general policy to seek to execute securities transactions in such a manner that the total cost or proceeds in each transaction is the most favorable, taking into account such factors as the price (including the applicable brokerage commission or spread), size of order, the difficulty of execution and the full range and quality of a broker-dealer's services. In the purchase and sale of over-the-counter securities, it is the Adviser's policy to use the primary market makers except when a better price can be obtained by using a broker. The brokers selected for trades will be regularly evaluated and monitored for performance and execution quality by the Adviser. While the Adviser generally seeks reasonably competitive spreads or commissions, payments of the lowest spread or commission are not necessarily consistent with obtaining the best net results. Accordingly, the Fund will not necessarily be paying the lowest spread or commission available.

The Adviser is authorized by the Energy Fund to direct portfolio transactions to broker-dealers who may provide bona fide research and other services in the execution of orders. The use of broker-dealers who may supply supplemental research and analysis and other services may result in the payment of higher commissions than those available from other brokers and dealers who provide only the execution of portfolio transactions although, the extent to which commissions may reflect an element of value for research cannot presently be determined. To the extent that research services of value are provided by broker-dealers with or through whom the Energy Fund places portfolio transactions, the Adviser may be relieved of expenses which it might otherwise bear. In addition, the supplemental research and analysis and other services that may be obtained from brokers and dealers through which brokerage transactions are affected may be useful to the Adviser in connection with potential advisory clients other than the Fund.

The Energy Fund has a Directed Brokerage Policy adopted pursuant to Rule 12b-1(h) under the 1940 Act. The policy ensures that the Energy Fund's selection of broker-dealers is not impacted by considerations about the sale of Fund shares. The policy is designed to prevent persons accountable for selecting broker-dealers from taking broker-dealer promotional or sales efforts into consideration as part of the selection process and to prevent the Energy Fund, its adviser, or its distributor from entering into an agreement under which the Fund directs brokerage transactions (or revenue generated by those transactions) to a broker-dealer to pay for distribution of the Fund's shares. Currently, there are no outside brokers selling Fund shares. The Energy Fund paid brokerage commissions according to the chart below:

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| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Fiscal Year Ended<br> November 30,<br> 2025** | **Fiscal Year Ended<br> November 30,<br> 2024** | **Fiscal Year Ended<br> November 30,<br> 2023** |
| Energy Fund | $24816 | $26024 | $28319 |

---

No brokerage commissions were paid by the Funds to an affiliated broker-dealer (i.e. the Distributor) during the fiscal year ended November 30, 2025.

As of November 30, 2025, the Energy Fund did not hold securities of its regular brokers or dealers.

**CAPITAL STOCK**

The Company currently has six series: the Real Estate Fund, the Value Fund, the Municipal Tax Free Bond Fund, the Income Fund, the Utilities Fund, and the Energy Fund. The authorized capital stock of the Real Estate Fund currently consists of 750 million shares of Common Stock each having a par value of $.001 per share. The authorized capital stock of the Value Fund currently consists of 750 million shares of Common Stock each having a par value of $.001 per share. The authorized capital stock of the Municipal Tax Free Bond Fund currently consists of 750 million shares of Common Stock each having a par value of $.001 per share. The authorized capital stock of the Income Fund currently consists of 750 million shares of Common Stock each having a par value of $.001 per share. The authorized capital stock of the Utilities Fund currently consists of 750 million shares of Common Stock each having a par value of $.001 per share. The authorized capital stock of the Energy Fund currently consists of 750 million shares of Common Stock each having a par value of $.001 per share. Under Maryland law, the Funds' directors may increase the number of authorized shares without shareholder approval. Each Fund currently offers three classes of shares: Class A Shares, Class C Shares and Institutional Shares. All shares of the Spirit of America Investment Funds, when issued, are fully paid and non-assessable. Each issued and outstanding share of common stock is entitled to one vote on matters submitted to a vote of shareholders. A shareholder in any of the Spirit of America Investment Funds will be entitled to his or her pro rata share with other holders of shares of all dividends and distributions arising from that Fund's assets and, upon redeeming shares, will receive the then current NAV of the appropriate Spirit of America Investment Fund represented by the redeemed shares.

Under Maryland law, the Spirit of America Investment Funds are not required, and do not intend, to hold annual meetings of shareholders unless, under certain circumstances, they are required to do so under the 1940 Act. Shareholders of 10% or more of any Fund's outstanding shares may request that a special meeting be called to consider the removal of any directors.

The directors are authorized to reclassify and issue any unissued shares to any number of additional series and classes without shareholder approval. Accordingly, the directors in the future, for reasons such as the desire to establish one or more additional series with different investment objectives, policies or restrictions, may create additional classes or series of shares. Any issuance of shares of another class or series would be governed by the 1940 Act and the laws of the State of Maryland. Generally, shares of all series would vote as a single series on matters, such as the election of directors, that affected both portfolios in substantially the same manner. As to matters affecting each series differently, such as approval of an advisory agreement and changes in investment policy, shares of each series vote separately. Only shareholders of a particular class may vote on matters related solely to that class, including the Plan associated with that class. Procedures for calling a shareholders' meeting for the removal of directors of a Fund, similar to those set forth in Section 16(c) of the 1940 Act, will be available to shareholders of each Fund.

Shares are freely transferable, are entitled to dividends as determined by the directors, and, in liquidation of any Fund, are entitled to receive the net assets of the appropriate Fund.

**FINANCIAL STATEMENTS**

The financial statements and financial highlights of the Energy Fund included in the Fund's most recent Form N-CSR filing for the fiscal year ended November 30, 2025, including the notes thereto, are incorporated herein by reference. The annual financial statements have been audited by Tait, Weller & Baker LLP, an independent registered public accounting firm, for the fiscal year ended November 30, 2025. The report of Tait, Weller & Baker LLP is included in the Fund's [Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1039667/000158064226000745/soa_ncsr.htm) filing. Please turn to the front cover of this SAI to find out how you can obtain a copy of the financial statements.

 **Part C — OTHER INFORMATION**

Item 28. Exhibits.

(a) (i) [Articles of Incorporation - incorporated by reference to the Spirit of America Investment Fund, Inc. (the "Registrant") Initial Registration Statement on Form N-1A, file number 333-27925, filed May 28, 1997.](http://www.sec.gov/Archives/edgar/data/1039667/000092144697000107/0000921446-97-000107.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Articles Supplementary dated February 26, 2001 – incorporated by reference to Post-Effective Amendment No. 5, filed February 28, 2002.](http://www.sec.gov/Archives/edgar/data/1039667/000093066102000602/dex9923aii.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Articles Supplementary dated July 16, 2002 – incorporated by reference to Post-Effective Amendment No.7, filed July 23, 2002.](http://www.sec.gov/Archives/edgar/data/1039667/000102140802009726/dex99aiii.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Articles of Amendment dated July 16, 2002 – incorporated by reference to Post-Effective Amendment No.7, filed July 23, 2002.](http://www.sec.gov/Archives/edgar/data/1039667/000102140802009726/dex99aiv.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Articles of Amendment dated June 19, 2006 – incorporated by reference to Post-Effective Amendment No. 14, filed June 19, 2006.](http://www.sec.gov/Archives/edgar/data/1039667/000119312506131992/dex99av.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Articles Supplementary dated September 24, 2007 – incorporated by reference to Post-Effective Amendment No. 16, filed December 14, 2007.](http://www.sec.gov/Archives/edgar/data/1039667/000119312507265723/dex99avi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [Articles Supplementary dated December 18, 2008 – incorporated by reference to Post-Effective Amendment No. 22, filed April 30, 2009.](http://www.sec.gov/Archives/edgar/data/1039667/000119312509094271/dex99avii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [Articles Supplementary dated July 10, 2014 – incorporated by reference to Post-Effective Amendment No. 66, filed April 29. 2020.](https://www.sec.gov/Archives/edgar/data/1039667/000139834420008695/fp0053117_ex9928aviii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [Articles Supplementary dated July 10, 2014 – incorporated by reference to Post-Effective Amendment No. 66, filed April 29. 2020.](https://www.sec.gov/Archives/edgar/data/1039667/000139834420008695/fp0053117_ex9928aix.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [Articles Supplementary dated March 24, 2016 – incorporated by reference to Post-Effective Amendment No. 66, filed April 29. 2020.](https://www.sec.gov/Archives/edgar/data/1039667/000139834420008695/fp0053117_ex9928ax.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [Articles Supplementary dated March 30, 2020 – incorporated by reference to Post-Effective Amendment No. 66, filed April 29. 2020.](https://www.sec.gov/Archives/edgar/data/1039667/000139834420008695/fp0053117_ex9928axi.htm)

(xii) [Articles Supplementary dated January 26, 2023 – incorporated by reference to Post-Effective Amendment No. 76, filed March 30, 2023.](https://www.sec.gov/Archives/edgar/data/1039667/000158064223001798/ex99a_xii.htm)

(b) [By-Laws - incorporated by reference to Registrant's Initial Registration Statement on Form N-1A, file number 333-27925, filed May 28, 1997.](http://www.sec.gov/Archives/edgar/data/1039667/000092144697000107/0000921446-97-000107.txt)

(c) Not Applicable

(d) (i) [Investment Advisory Agreement between Spirit of America Management Corp. and the Registrant - incorporated by reference to Registrant's Pre- Effective Amendment No.1, filed December 18, 1997.](http://www.sec.gov/Archives/edgar/data/1039667/000092144697000278/0000921446-97-000278.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Investment Advisory Contract – Amendment to Investment Advisory Agreement between Spirit of America Management Corp. and the Registrant – incorporated by reference to Post-Effective Amendment No. 7, filed July 23, 2002.](http://www.sec.gov/Archives/edgar/data/1039667/000102140802009726/dex99di.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Investment Advisory Contract – Amendment to Investment Advisory Agreement between Spirit of America Management Corp. and the Registrant – incorporated by reference to Post-Effective Amendment No. 17, filed February 26, 2008.](http://www.sec.gov/Archives/edgar/data/1039667/000119312508038881/dex99diii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Investment Advisory Contract – Amendment to Investment Advisory Agreement between Spirit of America Management Corp. and the Registrant – incorporated by reference to Registrant's Post-Effective Amendment No. 22, filed April 30, 2009.](http://www.sec.gov/Archives/edgar/data/1039667/000119312509094271/dex99div.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Investment Advisory Contract – Amendment to Investment Advisory Agreement between Spirit of America Management Corp and the Registrant dated May 8, 2013 – incorporated by reference to Registrant's Post-Effective Amendment No. 34, filed April 25, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514159417/d688837dex99dv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Investment Advisory Contract – Amendment to Investment Advisory Agreement between Spirit of America Management Corp. and the Registrant dated May 14, 2014 – incorporated by reference to Registrant's Post-Effective Amendment No. 36, filed July 9, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514263799/d711260dex99dvi.htm)

(vii) [Investment Advisory Contract – Amendment to Investment Advisory Agreement between Spirit of America Management Corp. and the Registrant dated January 24, 2023 – incorporated by reference to Registrant's Post-Effective Amendment No. 75, filed January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1039667/000158064223000455/ex99d_vii.htm)

(e) (i) [Underwriting Agreement between David Lerner Associates Inc. and the Registrant – incorporated by reference to Registrant's Post-Effective Amendment No. 22, filed April 30, 2009.](http://www.sec.gov/Archives/edgar/data/1039667/000119312509094271/dex99e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Amendment to Underwriting Agreement dated May 8, 2013 – incorporated by reference to Registrant's Post-Effective Amendment No. 34, filed April 25, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514159417/d688837dex99eii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Amendment to Underwriting Agreement dated May 14, 2014 – incorporated by reference to Registrant's Post-Effective Amendment No. 36, filed July 9, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514263799/d711260dex99eiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Sub-Distribution Agreement between David Lerner Associates, Inc., Ultimus Fund Distributors, LLC and Registrant dated March 31, 2017 – incorporated by reference to Registrant's Post-Effective Amendment No. 50, filed March 28, 2017.](http://www.sec.gov/Archives/edgar/data/1039667/000119312517099453/d330638dex99eiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Sub-Distribution Agreement between David Lerner Associates, Inc., Ultimus Fund Distributors, LLC and Registrant dated February 1, 2019 – incorporated by reference to Registrant's Post-Effective Amendment No. 58, filed March 29, 2019.](http://www.sec.gov/Archives/edgar/data/1039667/000139834419005805/fp0040592_ex9928ev.htm)

(vi) [Amendment to Underwriting Agreement dated January 24, 2023 between David Lerner Associates Inc. and the Registrant – incorporated by reference to Registrant's Post-Effective Amendment No. 75, filed January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1039667/000158064223000455/ex99e_vi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [Amendment to Sub-Distribution Agreement dated January 24, 2023 between David Lerner Associates, Inc., Ultimus Fund Distributors, LLC and the Registrant – incorporated by reference to Registrant's Post-Effective Amendment No. 75, filed January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1039667/000158064223000455/ex99e_vii.htm)

(viii) [Sub-Distribution Agreement between David Lerner Associates, Inc., Ultimus Fund Distributors, LLC and Registrant dated July 1, 2025 – filed herewith](ex99e_viii.htm) .

(f) Not Applicable

(g) (i) [Custodian Services Agreement between The Bank of New York Mellon and Registrant – incorporated by reference to Post-Effective No. 6, filed on May 24, 2002.](http://www.sec.gov/Archives/edgar/data/1039667/000102140802007639/dex9923g.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [First Amendment to Custodian Services Agreement between The Bank of New York Mellon and Registrant – incorporated by reference to Post-Effective Amendment No. 18, filed April 29, 2008.](http://www.sec.gov/Archives/edgar/data/1039667/000119312508095451/dex99gii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Second Amendment to Custodian Services Agreement between The Bank of New York Mellon and Registrant – incorporated by reference to Post-Effective Amendment No. 18, filed April 29, 2008.](http://www.sec.gov/Archives/edgar/data/1039667/000119312508095451/dex99giii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Amendment to Custodian Services Agreement between The Bank of New York Mellon and Registrant – incorporated by reference to Registrant's Post-Effective Amendment No. 22, filed April 30, 2009.](http://www.sec.gov/Archives/edgar/data/1039667/000119312509094271/dex99giv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Custody Agreement between Huntington National Bank and Registrant dated September 1, 2012 – incorporated by reference to Registrant's Post-Effective Amendment No. 34, filed April 25, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514159417/d688837dex99gv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Amendment to Appendix B to Custody Agreement – incorporated by reference to Registrant's Post-Effective Amendment No. 34, filed April 25, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514159417/d688837dex99gvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [Amendment to Appendix B to Custody Agreement between Huntington National Bank and Registrant dated December 1, 2015 – incorporated by reference to Registrant's Post-Effective Amendment No. 46, filed March 15, 2016.](http://www.sec.gov/Archives/edgar/data/1039667/000119312516505154/d102424dex99gvii.htm)

(viii) [Amendment to Appendix B to Custody Agreement between The Huntington National Bank and Registrant dated January 24, 2023 – incorporated by reference to Registrant's Post-Effective Amendment No. 75, filed January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1039667/000158064223000455/ex99g_viii.htm)

(h) (i) [Administration and Accounting Services Agreement between BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon") and Registrant – incorporated by reference to Registrant's Post-Effective Amendment No. 22, filed April 30, 2009.](http://www.sec.gov/Archives/edgar/data/1039667/000119312509094271/dex99hi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Transfer Agency Services Agreement between BNY Mellon and Registrant – incorporated by reference to Registrant's Post-Effective Amendment No. 22, filed April 30, 2009.](http://www.sec.gov/Archives/edgar/data/1039667/000119312509094271/dex99hii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [FIN 48 Tax Services Agreement between BNY Mellon and Registrant – incorporated by reference to Registrant's Post-Effective Amendment No. 22, filed April 30, 2009.](http://www.sec.gov/Archives/edgar/data/1039667/000119312509094271/dex99hiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Operating Expenses Agreement between Spirit of America Management Corp. and the Registrant – incorporated by reference to Post-Effective Amendment No. 1, filed December 18, 1997.](http://www.sec.gov/Archives/edgar/data/1039667/000092144697000274/0000921446-97-000274.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Amendment to Operating Expenses Agreement – incorporated by reference to Post-Effective Amendment No. 7, filed July 23, 2002.](http://www.sec.gov/Archives/edgar/data/1039667/000102140802009726/dex99hii.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Amendment to Operating Expenses Agreement – incorporated by reference to Post-Effective Amendment No. 17, filed February 26, 2008.](http://www.sec.gov/Archives/edgar/data/1039667/000119312508038881/dex99hxi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [Amendment to Operating Expenses Agreement – incorporated by reference to Registrant's Post-Effective Amendment No. 22, filed April 30, 2009.](http://www.sec.gov/Archives/edgar/data/1039667/000119312509094271/dex99hvii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [Mutual Fund Services Agreement between Huntington Asset Services, Inc. and Registrant for fund accounting, fund administration and compliance services dated September 1, 2012 – incorporated by reference to Registrant's Post-Effective Amendment No. 34, filed April 25, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514159417/d688837dex99hviii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [Amendment to Operating Expenses Agreement dated May 8, 2013 – incorporated by reference to Registrant's Post-Effective Amendment No. 34, filed April 25, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514159417/d688837dex99hix.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [Mutual Fund Services Agreement between Huntington Asset Services, Inc. and Registrant for transfer agency and anti-money laundering services dated June 1, 2013 – incorporated by reference to Registrant's Post-Effective Amendment No. 34, filed April 25, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514159417/d688837dex99hx.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [Fee Agreement relating to Mutual Fund Services Agreement between Huntington Asset Services, Inc. and Registrant for transfer agency and anti-money laundering services dated June 11, 2014 – incorporated by reference to Registrant's Post-Effective Amendment No. 36, filed July 9, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514263799/d711260dex99hxi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [Fee Agreement relating to Mutual Fund Services Agreement between Huntington Asset Services, Inc. and Registrant for fund accounting, fund administration and compliance services dated June 11, 2014 – incorporated by reference to Registrant's Post-Effective Amendment No. 36, filed July 9, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514263799/d711260dex99hxii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) [Amendment to Operating Expenses Agreement dated May 14, 2014 – incorporated by reference to Registrant's Post-Effective Amendment No. 36, filed July 9, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514263799/d711260dex99hxiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) [Amendment to Operating Expenses Agreement dated December 1, 2015 – incorporated by reference to Registrant's Post-Effective Amendment No. 46, filed March 15, 2016.](http://www.sec.gov/Archives/edgar/data/1039667/000119312516505154/d102424dex99hxiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) [Amendment to Exhibit A to Mutual Fund Services Agreement between Ultimus Asset Services, LLC (formerly, Huntington Asset Services, Inc.) and Registrant for fund accounting, fund administration and compliance services dated December 1, 2015 – incorporated by reference to Registrant's Post-Effective Amendment No. 46, filed March 15, 2016.](http://www.sec.gov/Archives/edgar/data/1039667/000119312516505154/d102424dex99hxv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [Amendment to Exhibit A to Mutual Fund Services Agreement between Ultimus Asset Services, LLC (formerly, Huntington Asset Services, Inc.) and Registrant for transfer agency services dated December 1, 2015 – incorporated by reference to Registrant's Post-Effective Amendment No. 46, filed March 15, 2016.](http://www.sec.gov/Archives/edgar/data/1039667/000119312516505154/d102424dex99hxvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) [Amendment to Mutual Fund Services Agreement for Transfer Agency Services and Anti-Money Laundering Services between Ultimus Asset Services, LLC and Registrant dated June 1, 2016 – incorporated by reference to Registrant's Post-Effective Amendment No. 50, filed March 28, 2017.](http://www.sec.gov/Archives/edgar/data/1039667/000119312517099453/d330638dex99hxvii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) [Amendment to Mutual Fund Services Agreement for Fund Administration, Fund Accounting and Compliance Support Services between Ultimus Asset Services, LLC and Registrant dated June 1, 2016 – incorporated by reference to Registrant's Post-Effective Amendment No. 50, filed March 28, 2017.](http://www.sec.gov/Archives/edgar/data/1039667/000119312517099453/d330638dex99hxviii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) [Amendment to Operating Expenses Agreement dated November 9, 2016 – incorporated by reference to Registrant's Post-Effective Amendment No. 50, filed March 28, 2017.](http://www.sec.gov/Archives/edgar/data/1039667/000119312517099453/d330638dex99hxviv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) [Amendment to Mutual Fund Services Agreement for Fund Administration, Fund Accounting and Compliance Support Services between Ultimus Asset Services, LLC and Registrant dated June 1, 2018 – incorporated by reference to Registrant's Post-Effective Amendment No. 56, filed April 27, 2018.](http://www.sec.gov/Archives/edgar/data/1039667/000119312518139337/d522643dex99hxvv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) [Amendment to Operating Expenses Agreement dated February 28, 2018 – incorporated by reference to Registrant's Post-Effective Amendment No. 56, filed April 27, 2018.](http://www.sec.gov/Archives/edgar/data/1039667/000119312518139337/d522643dex99hxvvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) [Amendment to Mutual Fund Services Agreement for Fund Administration, Fund Accounting and Compliance Support Services between Ultimus Asset Services, LLC and Registrant dated November 7, 2018 – incorporated by reference to Registrant's Post-Effective Amendment No. 58, filed March 29, 2019.](http://www.sec.gov/Archives/edgar/data/1039667/000139834419005805/fp0040592_ex9928hxix.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) [Amendment to Operating Expenses Agreement dated November 7, 2018, and effective April 30, 2019 – incorporated by reference to Registrant's Post-Effective Amendment No. 64, filed March 30, 2020.](http://www.sec.gov/Archives/edgar/data/1039667/000139834420007136/fp0052362_ex9928hxxiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) [Amendment to Operating Expenses Agreement effective April 28, 2020 – incorporated by reference to Post-Effective Amendment No. 66, filed April 29. 2020.](https://www.sec.gov/Archives/edgar/data/1039667/000139834420008695/fp0053117_ex9928hxxiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) [Master Services Agreement dated June 1, 2019, for fund accounting, fund administration and transfer agent and shareholder servicing services between Ultimus Fund Solutions, LLC and the Registrant – incorporated by reference to Post-Effective Amendment No. 66, filed April 29. 2020.](https://www.sec.gov/Archives/edgar/data/1039667/000139834420008695/fp0053117_ex9928hxxv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) [Amendment to Master Services Agreement dated January 1, 2020 between Ultimus Fund Solutions, LLC and the Registrant – incorporated by reference to Post-Effective Amendment No. 66, filed April 29. 2020.](https://www.sec.gov/Archives/edgar/data/1039667/000139834420008695/fp0053117_ex9928hxxvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) [Amendment to Master Services Agreement dated February 26, 2020 between Ultimus Fund Solutions, LLC and the Registrant – incorporated by reference to Post-Effective Amendment No. 66, filed April 29. 2020.](https://www.sec.gov/Archives/edgar/data/1039667/000139834420008695/fp0053117_ex9928hxxvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) [Amended and Restated Revolving Credit Agreement dated May 28, 2014, and any and all accompanying amendments thereto, between Huntington National Bank and the Registrant – incorporated by reference to Post-Effective Amendment No. 66, filed April 29. 2020.](https://www.sec.gov/Archives/edgar/data/1039667/000139834420008695/fp0053117_ex9928hxxviii.htm)

(xxix) [Amendment to Operating Expenses Agreement effective May 1, 2021 and expiring May 1, 2022 – incorporated by reference to Post-Effective Amendment No. 70, filed April 29, 2021.](https://www.sec.gov/Archives/edgar/data/1039667/000158064221001932/ex99h_xxvix.htm)

(xxx) [Amendment to Operating Expenses Agreement effective May 1, 2022 and expiring May 1, 2023 – incorporated by reference to Post-Effective Amendment No. 73, filed April 28, 2022.](https://www.sec.gov/Archives/edgar/data/1039667/000158064222002305/ex99h_xxvx.htm)

(xxxi) [Amended and Restated Operating Expenses Agreement effective January 24, 2023 and expiring April 30, 2024 – incorporated by reference to Registrant's Post-Effective Amendment No. 75, filed January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1039667/000158064223000455/ex99h_xxxi.htm)

(xxxii) [Amendment to Master Services Agreement dated January 24, 2023 between Ultimus Fund Solutions, LLC and the Registrant – incorporated by reference to Registrant's Post-Effective Amendment No. 75, filed January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1039667/000158064223000455/ex99h_xxxii.htm)

(xxxiii) [Form of Amendment No. 12 to Amended and Restated Revolving Credit Agreement between the Registrant and The Huntington National Bank dated January 30, 2023 – incorporated by reference to Registrant's Post-Effective Amendment No. 75, filed January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1039667/000158064223000455/ex99h_xxxiii.htm)

(xxxiv) [Amendment No. 4 dated December 13, 2023 to Master Services Agreement dated June 1, 2019 between Ultimus Fund Solutions, LLC and the Registrant – incorporated by reference to Registrant's Post-Effective Amendment No. 78, filed March 28, 2024](https://www.sec.gov/Archives/edgar/data/1039667/000158064224001855/ex99h_xxxiv.htm) .

(xxxv) [Tailored Shareholder Report Services Addendum dated February 14, 2024 to the Master Services Agreement dated June 1, 2019 between Ultimus Fund Solutions, LLC and the Registrant – incorporated by reference to Registrant's Post-Effective Amendment No. 78, filed March 28, 2024.](https://www.sec.gov/Archives/edgar/data/1039667/000158064224001855/ex99h_xxxv.htm)

(xxxvi) [Amendment dated February 27, 2024 and effective May 1, 2024, to Amended and Restated Operating Expenses Agreement dated January 24, 2023 between the Registrant and Spirit of America Management Corp. – incorporated by reference to Registrant's Post-Effective Amendment No. 79 filed April 29, 2024.](https://www.sec.gov/Archives/edgar/data/1039667/000158064224002363/ex99h_xxxvi.htm)

(xxxvii) [Board Reporting Services Agreement dated January 28, 2025 between Access data Corp and Spirit of America Management Corp. on behalf of the Funds – incorporated by reference to Registrant's Post-Effective Amendment No. 80 filed March 28, 2025.](https://www.sec.gov/Archives/edgar/data/1039667/000158064225001972/spiritofamerica_ex99hxxxvii.htm)

(xxxviii) [Amendment dated May 1, 2025 to Amended and Restated Operating Expenses Agreement dated January 24, 2023 between the Registrant and Spirit of America Management Corp. – incorporated by reference to Registrant's Post-Effective Amendment No. 81 filed April 29, 2025.](https://www.sec.gov/Archives/edgar/data/1039667/000158064225002628/ex99h-xxxviii.htm)

(xxxix) [Amendment No. 5 effective June 1, 2026 to Master Services Agreement dated June 1, 2019 between Ultimus Fund Solutions, LLC and the Registrant – filed herewith](ex99h_xxxix.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xl) [Amendment No. 2 dated March 1, 2026 to the Second Amended and Restated Revolving Credit Agreement dated May 15, 2024 between The Huntington National Bank and the Registrant – filed herewith](ex99h-xl.htm) .

(i) (i) [Consent of Counsel – incorporated by reference to Post-Effective Amendment No. 19, filed October 24, 2008.](http://www.sec.gov/Archives/edgar/data/1039667/000119312508216139/dex99i.htm)

(ii) [Consent of Counsel – incorporated by reference to Registrant's Post-Effective Amendment No. 75, filed January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1039667/000158064223000455/ex99i_ii.htm)

(j) (i) [Consent of Independent Registered Public Accounting Firm with regard to the Spirit of America Energy Fund – filed herewith](ex99j1.htm) .

(k) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (i) [Investment Letter – incorporated by reference to Pre-Effective Amendment No. 2, filed December 31, 1997.](http://www.sec.gov/Archives/edgar/data/1039667/000092144697000295/0000921446-97-000295.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Purchase Agreement between Registrant and David Lerner, with respect to the Spirit of America Value Fund – incorporated by reference to Post-Effective Amendment No. 16, filed December 14, 2007.](http://www.sec.gov/Archives/edgar/data/1039667/000119312507265723/dex99li.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Purchase Agreement between David Lerner and Registrant with respect to Spirit of America High Yield Tax Free Bond Fund – incorporated by reference to Post-Effective Amendment No. 17, filed February 26, 2008.](http://www.sec.gov/Archives/edgar/data/1039667/000119312508038881/dex99liii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Purchase Agreement between David Lerner and Registrant with respect to Spirit of America Income Fund – incorporated by reference to Registrant's Post-Effective Amendment No. 22, filed April 30, 2009.](http://www.sec.gov/Archives/edgar/data/1039667/000119312509094271/dex99liv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Purchase Agreement between Registrant and John Dempsey with respect to Spirit of America Income & Opportunity Fund dated May 8, 2013 – incorporated by reference to Registrant's Post-Effective Amendment No. 34, filed April 25, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514159417/d688837dex99lv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Purchase Agreement between Registrant and David Lerner with respect to the Spirit of America Energy Fund dated May 14, 2014 – incorporated by reference to Registrant's Post-Effective Amendment No. 36, filed July 9, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514263799/d711260dex99lvi.htm)

(vii) [Form of Purchase Agreement between the Registrant and David Lerner with respect to the Spirit of America Utilities Fund dated January 31, 2023 – incorporated by reference to Registrant's Post-Effective Amendment No. 75, filed January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1039667/000158064223000455/ex99l_vii.htm)

(m) (i) [Distribution Plan of Spirit of America Real Estate Income and Growth Fund – Class A – incorporated by reference to Post-Effective Amendment No. 1, filed on February 5, 1998.](http://www.sec.gov/Archives/edgar/data/1039667/000100515098000089/0001005150-98-000089.txt)

(ii) [Distribution Plan of Spirit of America Investment Real Estate Income and Growth Fund - Class B – incorporated by reference to Post-Effective Amendment No. 1, filed on February 5, 1998.](http://www.sec.gov/Archives/edgar/data/1039667/000100515098000089/0001005150-98-000089.txt)

(iii) [Distribution Plan of Spirit of America Large Cap Value Fund – incorporated by reference to Post-Effective Amendment No.7, filed July 23, 2002.](http://www.sec.gov/Archives/edgar/data/1039667/000102140802009726/dex99miii.txt)

(iv) [Distribution Plan of Spirit of America High Yield Tax Free Bond Fund – incorporated by reference to Post-Effective Amendment No. 17, filed on February 26, 2008.](http://www.sec.gov/Archives/edgar/data/1039667/000119312508038881/dex99miv.htm)

(v) [Distribution Plan of Spirit of America Income Fund – incorporated by reference to Registrant's Post-Effective Amendment No. 22, filed April 30, 2009.](http://www.sec.gov/Archives/edgar/data/1039667/000119312509094271/dex99mv.htm)

(vi) [Addendums to Distribution Plans of Spirit of America Real Estate Income and Growth Fund – Class A, Spirit of America Investment Real Estate Income and Growth Fund - Class B, Spirit of America Large Cap Value Fund and Spirit of America High Yield Tax Free Bond Fund dated July 25, 2011, effective December 31, 2008 – incorporated by reference to Registrant's Post-Effective Amendment No. 27, filed April 25, 2012.](http://www.sec.gov/Archives/edgar/data/1039667/000119312512181760/d311205dex9928mvi.htm)

(vii) [Distribution Plan of Spirit of America Income & Opportunity Fund dated May 8, 2013 – incorporated by reference to Registrant's Post-Effective Amendment No. 34, filed April 25, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514159417/d688837dex99mvii.htm)

(viii) [Distribution Plan of Spirit of America Energy Fund dated May 14, 2014 – incorporated by reference to Registrant's Post-Effective Amendment No. 36, filed July 9, 2014.](http://www.sec.gov/Archives/edgar/data/1039667/000119312514263799/d711260dex99mviii.htm)

(ix) [Distribution Plan of Spirit of America Investment Fund, Inc., for Class C Shares, dated December 1, 2015, as amended January 24, 2023 – incorporated by reference to Registrant's Post-Effective Amendment No. 75, filed January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1039667/000158064223000455/ex99m_ix.htm)

(x) [Distribution Plan of Spirit of America Utilities Fund for Class A Shares dated January 24, 2023 – incorporated by reference to Registrant's Post-Effective Amendment No. 75, filed January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1039667/000158064223000455/ex99m_x.htm)

(n) (i) [18f-3 Plan with respect to Multiple Class Shares – incorporated by reference to Post-Effective Amendment No. 1, filed on February 5, 1998.](http://www.sec.gov/Archives/edgar/data/1039667/000100515098000089/0001005150-98-000089.txt)

(ii) [Amended 18f-3 Plan with respect to Multiple Class Shares dated December 1, 2015 – incorporated by reference to Registrant's Post-Effective Amendment No. 42, filed December 30, 2015.](http://www.sec.gov/Archives/edgar/data/1039667/000119312515417839/d102424dex99ni.htm)

(iii) [Amended and Restated 18f-3 Plan with respect to Multiple Class Shares dated February 26, 2020 – incorporated by reference to Registrant's Post-Effective Amendment No. 64, filed March 30, 2020.](http://www.sec.gov/Archives/edgar/data/1039667/000139834420007136/fp0052362_ex9928niii.htm)

(o) (i) [Code of Ethics of Spirit of America Investment Fund. Inc. and David Lerner Associates, Inc. – filed herewith](ex99o_i.htm) .

(ii) [Code of Ethics of Spirit of America Management Corp. – filed herewith](ex99o_ii.htm) .

(p) (i) [Powers of Attorney for David Lerner, Stanley Thune, Richard Weinberger, Daniel Lerner, Joseph Pickard, and Alan P. Chodosh dated November 9, 2011 and for Allen Kaufman dated December 8, 2011 – incorporated herein by reference to Registrant's Post-Effective Amendment No. 27, filed April 25, 2012.](http://www.sec.gov/Archives/edgar/data/1039667/000119312512181760/d311205dex9928q.htm)

(ii) [Power of Attorney for John J. Desmond dated November 14, 2022 – incorporated herein by reference to Registrant's Post-Effective Amendment No. 74 filed November 15, 2022.](https://www.sec.gov/Archives/edgar/data/1039667/000158064222005792/exp_ii.htm)

(iii) [Power of Attorney for Phillip Thune dated September 22, 2025 – filed herewith](ex99p_iii.htm) .

(iv) [Power of Attorney for David Feinblatt dated September 24, 2025 – filed herewith](ex99p_iv.htm) .

Item 29. Persons Controlled by or Under Common Control with Registrant.

None.

Item 30. Indemnification.

It is the Registrant's policy to indemnify its directors and officers, employees and other agents to the maximum extent permitted by Section 2-418 of the General Corporation Law of the State of Maryland, which is incorporated by reference herein, and as set forth in Article EIGHTH of Registrant's Articles of Incorporation, incorporated by reference in connection with Item 28(a) hereto, Article VII and Article VIII of Registrant's By-Laws, incorporated by reference in connection with Item 28(b) hereto. Spirit of America Management Corp.'s (the "Adviser") liability for any loss suffered by the Registrant or its shareholders is set forth in Section 6 of the proposed Advisory Agreement, incorporated by reference in connection with Item 28(d) hereto.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act") may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

In accordance with Release No. IC-11330 (September 2, 1980), the Registrant will indemnify its directors, officers, investment manager and principal underwriters only if (1) a final decision on the merits was issued by the court or other body before whom the proceeding was brought that the person to be indemnified (the "indemnitee") was not liable by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office ("disabling conduct") or (2) a reasonable determination is made, based upon a review of the facts, that the indemnitee was not liable by reason of disabling conduct, by (a) the vote of a majority of a quorum of the directors who are neither "interested persons" of the Registrant as defined in section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), nor parties to the proceeding ("disinterested, non-party directors"), or (b) an independent legal counsel in a written opinion. The Registrant will advance attorneys' fees or other expenses incurred by its directors, officers, investment adviser or principal underwriters in defending a proceeding, upon the undertaking by or on behalf of the indemnitee to repay the advance unless it is ultimately determined that he is entitled to indemnification and, as a condition to the advance, (1) the indemnitee shall provide a security for his undertaking, (2) the Registrant shall be insured against losses arising by reason of any lawful advances, or (3) a majority of a quorum of disinterested, non-party directors of the Registrant, or an independent legal counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the indemnitee ultimately will be found entitled to indemnification.

Item 31. Business and Other Connections of Investment Adviser.

Beginning August 2, 2018, portfolio managers at the Adviser have provided portfolio management for SOA Premier Assets, an SEC-registered retail investment adviser, which is not a series of the Registrant. From April 24, 1997 to November 18, 2012, David Lerner, a director and officer of the Adviser, served as the Chief Executive Officer and Director of David Lerner Associates, Inc. The business address of the company is 477 Jericho Turnpike, P.O. Box 9006, Syosset, New York 11791-9006.

For information as to any other business, vocation or employment of a substantial nature in which each Director or officer of the Registrant's investment adviser has been engaged for his own account or in the capacity of Director, officer, employee, or partner reference is made to Form ADV (File #801-54782) filed by the Adviser under the Investment Advisers Act of 1940, as amended.

Item 32. Principal Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) David Lerner Associates Inc., the Registrant's distributor, does not act as principal underwriter, depositor or investment adviser for any other investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The table below sets forth certain information with respect to each director, officer and control person of David Lerner Associates Inc.

---

| | | |
|:---|:---|:---|
| Name and Principal<br> Business Address | Position and Offices<br> With Underwriter | Position and Offices<br> With Registrant |
| David Lerner<br> 477 Jericho Turnpike<br> P.O. Box 9006<br> Syosset, NY 11791-9006 | Shareholder | Director, Chairman of the Board and President |
| Martin Kevin Walcoe<br> 477 Jericho Turnpike<br> P.O. Box 9006<br> Syosset, NY 11791-9006 | President |  |
| Daniel Lerner<br> 477 Jericho Turnpike<br> P.O. Box 9006<br> Syosset, NY 11791-9006 | Director, Senior Vice President and Investment Counselor | Director |
| Richard Ward<br> 477 Jericho Turnpike<br> P.O. Box 9006<br> Syosset, NY 11791-9006 | Chief Compliance Officer |  |
| Alan Chodosh<br> 477 Jericho Turnpike<br> P.O. Box 9006<br> Syosset, NY 11791-9006 | Senior Advisor | Treasurer and Secretary |

---

Joseph Pickard 477 Jericho Turnpike P.O. Box 9006 Syosset, NY 11791-9006 General Counsel Chief Compliance Officer <br>Erika Valeria Santos 477 Jericho Turnpike P.O. Box 9006 Syosset, NY 11791-9006 FINOP None

Item 33. Location of Accounts and Records.

All records described in Section 31(a) of the 1940 Act and the Rules 17 CFR 270.31a-1 to 31a-3 promulgated thereunder, are maintained by the Adviser, Spirit of America Management Corp., 477 Jericho Turnpike, P.O. Box 9006, Syosset, New York 11791-9006, except for those maintained by the Fund's Custodian, Huntington National Bank, 7 Easton Oval, Columbus, OH 43215 and the Fund's Administrator, Transfer Agent and Fund Accounting Services Agent, Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

Item 34. Management Services.

The Registrant has not entered into any management-related service contracts not discussed in Part A or B of this Registration Statement.

Item 35. Undertakings.

Not Applicable.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and the Registrant has duly caused this Post-Effective Amendment No. 82 to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Syosset, and State of New York on the 27<sup>th</sup> day of March, 2026.

---

| | |
|:---|:---|
|  | Spirit of America Investment Fund, Inc. |
|  | Registrant |
| By: | David Lerner\* |
|  | David Lerner, President |

---

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| <br> \*By: | <br> /s/ Joseph Pickard | <br> March 27, 2026 |
|  | Joseph Pickard, Attorney in Fact | Date |
| David Lerner\* | David Lerner\* | March 27, 2026 |
| David Lerner, Director, Chairman of the Board and President | David Lerner, Director, Chairman of the Board and President | Date |
| (Principal Executive Officer) | (Principal Executive Officer) |  |
| Daniel Lerner\* | Daniel Lerner\* | March 27, 2026 |
| Daniel Lerner, Director | Daniel Lerner, Director | Date |
| Phillip Thune\* | Phillip Thune\* | March 27, 2026 |
| Stanley Thune, Director | Stanley Thune, Director | Date |
| John J. Desmond\* | John J. Desmond\* | March 27, 2026 |
| John J. Desmond, Director | John J. Desmond, Director | Date |
| David Feinblatt\* | David Feinblatt\* | March 27, 2026 |
| David Feinblatt, Director | David Feinblatt, Director | Date |
| Alan Chodosh\* | Alan Chodosh\* | March 27, 2026 |
| Alan Chodosh, Treasurer | Alan Chodosh, Treasurer | Date |

---

(Principal Financial Officer and Principal Accounting Officer)

\* By Power of Attorney

**INDEX TO EXHIBITS**

(FOR REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND THE

INVESTMENT COMPANY ACT OF 1940)

------------------------------------------------------------

---

| | |
|:---|:---|
| EXHIBIT NO.<br> UNDER PART C<br> OF FORM N-1A | NAME OF EXHIBIT |
| [(e)(viii)](ex99e_viii.htm) | [Sub-Distribution Agreement between David Lerner Associates, Inc., Ultimus Fund Distributors, LLC and Registrant dated July 1, 2025](ex99e_viii.htm) |
| [(h)(xxxix)](ex99h_xxxix.htm) | [Amendment No. 5 effective June 1, 2026 to Master Services Agreement dated June 1, 2019 between Ultimus Fund Solutions, LLC and the Registrant](ex99h_xxxix.htm) |
| [(h)(xl)](ex99h-xl.htm) | [Amendment No. 2 dated March 1, 2026 to the Second Amended and Restated Revolving Credit Agreement dated May 15, 2024 between The Huntington National Bank and the Registrant](ex99h-xl.htm) |
| [(j)(1)](ex99j1.htm) | [Consent of Independent Registered Public Accounting Firm with regard to the Spirit of America Energy Fund](ex99j1.htm) |
| [(o)(i)](ex99o_i.htm) | [Code of Ethics of Spirit of America Investment Fund. Inc. and David Lerner Associates, Inc.](ex99o_i.htm) |
| [(o)(ii)](ex99o_ii.htm) | [Code of Ethics of Spirit of America Management Corp.](ex99o_ii.htm) |
| [(p)(iii)](ex99p_iii.htm) | [Power of Attorney for Phillip Thune dated September 22, 2025](ex99p_iii.htm) |
| [(p)(iv)](ex99p_iv.htm) | [Power of Attorney for David Feinblatt dated September 24, 2025](ex99p_iv.htm) |

---

## Ex-99.E

SUB-DISTRIBUTION AGREEMENT

This Agreement made this <u>1st</u> day of <u>July</u> , 2025, by and among Spirit of America Investment Fund, Inc., a Maryland corporation (the "Company"), David Lerner Associates, Inc., a New York corporation (the "Distributor"), and ULTIMUS FUND DISTRIBUTORS, LLC, an Ohio limited liability company (the "Sub-Distributor").

W I T N E S S E T H :

WHEREAS, the Company is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act"); and

WHEREAS, the Company's Articles of Incorporation permits the Board of Directors to divide the Company's shares of beneficial interest ("Shares") into separate series; and

WHEREAS, the Distributor has been appointed as the Company's principal distributor pursuant to an Underwriting Agreement between the Company and the Distributor; and

WHEREAS, the Distributor and the Sub-Distributor are each registered as a broker-dealer under the Securities Exchange Act of 1934 (the "1934 Act") and are each a member in good standing of Financial Industry Regulatory Authority, Inc. ("FINRA"); and

WHEREAS, the Distributor wishes to enter into an agreement with the Sub-Distributor with respect to the continuous offering of the Shares of the series of the Company set forth on Appendix A (the "Funds"), as such Appendix may be amended from time to time;

NOW, THEREFORE, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Appointment of Sub-Distributor. The Distributor hereby appoints the SubDistributor as its agent to sell and to arrange for the sale of the Shares, on the terms and for the period set forth in this Agreement, and the Sub-Distributor hereby accepts such appointment and agrees to act hereunder directly and/or through the Funds' transfer agent in the manner set forth in the Prospectus (as defined below).

It is understood and agreed that the services of the Sub-Distributor hereunder are not exclusive, and the Distributor may act as underwriter or distributor for the shares of any other registered investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Services and Duties of the Sub-Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Distributor agrees to sell the Shares, as agent for the Distributor, from time to time during the term of this Agreement upon the terms described in the Prospectus. As used in this Agreement, the term "Prospectus" shall mean the prospectus and statement of additional information with respect to the Funds included as part of the Company's Registration Statement, as such prospectus and statement of additional information may be amended or supplemented from time to time, and the term "Registration Statement" shall mean the Registration Statement most recently filed from time to time by the Company with the Securities and Exchange Commission ("SEC") and effective under the Securities Act of 1933 (the "1933 Act") and the 1940 Act, as such Registration Statement is amended by any amendments thereto at the time in effect. The Sub-Distributor shall not be obligated to sell any certain number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Distributor will hold itself available to receive orders, satisfactory to the Sub-Distributor, for the purchase of the Shares and will accept such orders and will transmit such orders and funds received by it in payment for such Shares as are so accepted to the Funds' transfer agent or custodian, as appropriate, as promptly as practicable. Purchase orders shall be deemed accepted and shall be effective at the time and in the manner set forth in the Funds' Prospectus. The Sub-Distributor shall not make any short sales of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The offering price of the Shares shall be the net asset value per share of the Shares, plus the sales charge, if any (determined as set forth in the Prospectus). The Distributor shall furnish the Sub-Distributor, with all possible promptness, an advice of each computation of net asset value and offering price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Distributor shall have the right to enter into selected dealer agreements with securities dealers of its choice ("selected dealers") for the sale of Shares. Shares sold to selected dealers shall be for resale by such dealers only at the offering price of the Shares as set forth in the Prospectus. The SubDistributor shall offer and sell Shares only to such selected dealers as are members in good standing with FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Fund/SERV Transactions. The Sub-Distributor agrees to process and transmit through the mutual fund service division of National Securities Clearing Corporation ("NSCC") all purchases, redemptions and other transactions in the Shares. The Company will be bound by all transactions entered into NSCC by the SubDistributor. The Sub-Distributor will utilize the services of NSCC for any other purpose as it deems to be appropriate or necessary relative to the processing or transmittal of transactions in the Shares. The authority of the Sub-Distributor under this paragraph shall continue in effect until such time as NSCC is otherwise notified by the Sub-Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Duties of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Maintenance of Federal Registration. The Company shall, at its expense, take, from time to time, all necessary action and such steps, including payment of the related filing fees, as may be necessary to register and maintain registration of a sufficient number of Shares under the 1933 Act. The Company agrees to file from time to time such amendments, reports and other documents as may be necessary in order that there may be no untrue statement of a material fact in a Registration Statement or Prospectus, or necessary in order that there may be no omission to state a material fact in the Registration Statement or Prospectus which omission would make the statements therein misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maintenance of "Blue Sky" Qualifications. The Company shall, at its expense, use its best efforts to qualify and maintain the qualification of an appropriate number of Shares for sale under the securities laws of such states as the Distributor and the Company may approve. The Company will advise the Sub-Distributor in writing of the states and jurisdictions in which the shares of each Fund are qualified for sale under, or exempt from the requirements of, applicable law. The Sub-Distributor shall furnish such information and other material relating to its affairs and activities as may be required by the Company or the Funds in connection with such qualifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Copies of Reports and Prospectuses. The Company shall, at its expense, keep the Sub-Distributor fully informed with regard to its affairs and in connection therewith shall furnish to the Sub-Distributor copies of all information, financial statements and other papers which the Sub-Distributor may reasonably request for use in connection with the distribution of Shares, including such

reasonable number of copies of Prospectuses and annual and interim reports as the Sub-Distributor may request and shall cooperate fully in the efforts of the SubDistributor to sell and arrange for the sale of the Shares and in the performance of the Sub-Distributor under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Conformity with Applicable Law and Rules. The Sub-Distributor agrees that in selling Shares hereunder it shall conform in all respects with the laws of the United States and of any state in which Shares may be offered, and with applicable rules and regulations of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Independent Contractor. In performing its duties hereunder, the Sub-Distributor shall be an independent contractor and neither the Sub-Distributor, nor any of its officers, directors, employees or representatives is or shall be an employee of the Company in the performance of the Sub-Distributor's duties hereunder. The Sub-Distributor shall be responsible for its own conduct and the employment, control, and conduct of its agents and employees and for injury to such agents or employees or to others through its agents or employees. The Sub-Distributor assumes full responsibility for its agents and employees under applicable statutes and agrees to pay all employee taxes thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Indemnification. The Distributor agrees to indemnify and hold harmless the Sub-Distributor and each of its present or former directors, officers, employees, representatives, agents, affiliates and stockholders against any and all losses, liabilities, damages, claims or expenses (including the reasonable costs of investigating or defending any alleged loss, liability, damage, claim or expense and reasonable legal counsel fees incurred in connection therewith) to which the SubDistributor or any such person may become subject under the 1933 Act, under any other statute, at common law, or otherwise, arising out of this Agreement.

The Distributor shall be entitled to participate, at its own expense, in the defense, or, if the Distributor so elects, to assume the defense of any suit brought against the Sub-Distributor and/or the other indemnified persons, but if the Distributor elects to assume the defense, such defense shall be conducted by legal counsel chosen by the Distributor and satisfactory to the Sub-Distributor and to the persons indemnified as defendant or defendants, in the suit. In the event that the Distributor elects to assume the defense of any such suit and retain such legal counsel, the Sub-Distributor and the persons indemnified as defendant or defendants in the suit shall bear the fees and expenses of any additional legal counsel retained by them. If the Distributor does not elect to assume the defense of any such suit, the Distributor will reimburse the Sub-Distributor and the persons indemnified as defendant or defendants in such suit for the reasonable fees and expenses of any legal counsel retained by them. The Distributor agrees to promptly notify the SubDistributor of the commencement of any litigation or proceedings against it or any of its directors, officers, employees or representatives in connection with the issue or sale of any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Authorized Representations. The Sub-Distributor is not authorized by the Company or the Distributor to give on behalf of the Company any information or to make any representations in connection with the sale of Shares other than the information and representations contained in a Registration Statement or Prospectus filed with the SEC under the 1933 Act and/or the 1940 Act, covering Shares, as such Registration Statement and Prospectus may be amended or supplemented from time to time, or contained in shareholder reports or other material that may be prepared by or on behalf of the Company for the Sub-Distributor's use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Term of Agreement. The term of this Agreement shall begin on the date first above written, and unless sooner terminated as hereinafter provided, this

Agreement shall remain in effect for a period of two years from the date first above written. Thereafter, this Agreement shall continue in effect from year to year, subject to the termination provisions and all other terms and conditions thereof, so long as such continuation shall be specifically approved at least annually by (1) the Board of Directors or by vote of a majority of the outstanding voting securities of each Fund and, (11) by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majority of the Directors of the Company who are not parties to this Agreement or interested persons of any such party. The Sub- Distributor shall furnish to the Company, promptly upon its request, such information as may reasonably be necessary to evaluate the terms of this Agreement or any extension, renewal or amendment hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Fees and Expenses. For performing its services under this Agreement, Sub-Distributor will receive a fee from the Company or the Distributor in accordance with agreements between them as permitted by applicable laws, including the Act and rules and regulations promulgated thereunder. The fee is _____ ____ ______, and shall be paid on a monthly basis. The Company or the Distributor shall promptly reimburse Sub-Distributor for any expenses that are to be paid by the Company in accordance with the following paragraph.

In the performance of its obligations under this Agreement, Sub-Distributor will pay only the costs incurred in qualifying as a broker or dealer under state and federal laws and in establishing and maintaining its relationships with the dealers selling the Shares. All other costs in connection with the offering of the Shares will be paid by the Company or the Distributor in accordance with agreements between them as permitted by applicable laws, including the Act and rules and regulations promulgated thereunder. These costs include, but are not limited to, licensing fees, filing fees (including FINRA), travel and such other expenses as may be incurred by Sub- Distributor on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Amendment or Assignment of Agreement. This Agreement may not be amended or assigned except as permitted by the 1940 Act, and this Agreement shall automatically and immediately terminate in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Termination of Agreement. This Agreement may be terminated by any party hereto, without the payment of any penalty, on not more than upon 60 days' nor less than 30 days' prior notice in writing to the other party; provided, that in the case of termination by the Company such action shall have been authorized by resolution of a majority of the Directors of the Company who are not parties to this Agreement or interested persons of any such party, or by vote of a majority of the outstanding voting securities of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

Nothing herein contained shall be deemed to require the Company to take any action contrary to its Articles of Incorporation or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Board of Directors of the Company of responsibility for and control of the conduct of the affairs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Definition of Terms. Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretation thereof, if any, by the United States courts or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940 Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment," and "affiliated person," as used in Paragraphs 8, 10 and 11 hereof, shall have the meanings assigned to them by Section 2 (a) of the 1940 Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is relaxed by a rule, regulation or order of the SEC, whether of special or of general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Compliance with Securities Laws. The Company represents that it is registered as an open-end management investment company under the 1940 Act, and agrees that it will comply with all the provisions of the 1940 Act and of the rules and regulations thereunder. The parties agree to comply with all of the applicable terms and provisions of the 1940 Act, the 1933 Act and, subject to the provisions of Section 4(d), all applicable "Blue Sky" laws. The Distributor and the SubDistributor each agree to comply with all of the applicable terms and provisions of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Limitation of Liability. It is expressly agreed that the obligations of the Company hereunder shall not be binding upon any of the Directors, shareholders, nominees, officers, agents or employees of the Company, personally, but bind only the company property of the Funds. The execution and delivery of this Agreement have been authorized by the Directors of the Company and signed by an officer of the Company, acting as such, and neither such authorization by such Directors nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the company property of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Notices. Any notice required to be given pursuant to this Agreement shall be deemed duly given if delivered or mailed by registered mail, postage prepaid, to the Company at 477 Jericho Turnpike, Syosset, New York 11791, or to the Distributor at 477 Jericho Turnpike, Syosset, New York 11791, or to the SubDistributor at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Governing Law. This Agreement shall be construed in accordance with the laws of the State of Ohio, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Ohio, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the later shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below on the date first written above.

---

| | |
|:---|:---|
| Spirit of America Investment Fund, Inc. | Spirit of America Investment Fund, Inc. |
| By: | /s/ David Lerner |
|  | Name: David Lerner |
|  | Title: President |
| David Lerner Associates, Inc. | David Lerner Associates, Inc. |
| By: | /s/ Martin Walcoe |
|  | Name: Martin Walcoe |
|  | Title: President |
| ULTIMUS FUND DISTRIBUTORS, LLC | ULTIMUS FUND DISTRIBUTORS, LLC |
| By: | /s/ Kevin Guerette |
|  | Name: Kevin Guerette |
|  | Title: President |

---

---

| |
|:---|
| **APPENDIX A** |
| **TO THE SUB-DISTRIBUTION AGREEMENT AMONG** |
| **SPIRIT OF AMERICA INVESTMENT FUND, INC.,** |
| **DAVID LERNER ASSOCIATES, INC.** |
| **AND** |
| **ULTIMUS FUND DISTRIBUTORS, LLC** |
| <u>FUNDS SUBJECT TO THIS AGREEMENT</u> |
| Spirit of America Real Estate Income and Growth Fund |
| Spirit of America Large Cap Value Fund |
| Spirit of America Municipal Tax Free Bond Fund |
| Spirit of America Income Fund |
| Spirit of America Energy Fund |
| Spirit of America Utilities Fund |

---

## Ex-99.H

**AMENDMENT NO. 5 TO<br> MASTER SERVICES AGREEMENT**

**THIS AMENDMENT NO. 5 TO MASTER SERVICES AGREEMENT** (this **"Amendment")** is effective as of June 1, 2026, and is made by and between Spirit of America Investment Fund, Inc., a Maryland corporation (the **"Company"),** and Ultimus Fund Solutions, LLC, a limited liability company organized under the laws of the state of Ohio **("Ultimus")(each** a **"Party"** and collectively, the **"Parties").**

**WHEREAS,** the Parties entered into that certain Master Services Agreement dated June **1,** 2019, as amended (the **"Agreement");** and

**WHEREAS,** the Parties desire to amend the Agreement as herein described.

**NOW, THEREFORE,** in consideration of the premises and the mutual covenants and agreements herein set forth, the Parties hereto agree as follows:

I.  **<u>Amendments.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Section 8.1</u> of the Agreement hereby is deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.***  ***Initial Term.*** This Agreement shall continue in effect, unless earlier terminated by either party as provided under this Section 8, for
a period of three (3) years from June **1,** 2026 (the **"Initial Term").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Fund Accounting and Fund Administration Fee Letter</u> to the Agreement hereby is deleted in its entirety and replaced with <u>Fund Accounting and Fund Administration Fee Letter</u> attached hereto.

II.  **<u>Miscellaneous.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Except
as hereby amended, the Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

**IN WITNESS WHEREOF,** each party hereto has caused this Amendment to be executed by its duly authorized officer as of the date and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **SPIRIT OF AMERICA INVESTMENT FUND, INC.** | **SPIRIT OF AMERICA INVESTMENT FUND, INC.** | **ULTIMUS FUND SOLUTIONS, LLC** | **ULTIMUS FUND SOLUTIONS, LLC** |
| By: | /s/ David Lerner | By: | /s/ Gary Tenkman |
|  | David Lerner |  | Gary Tenkman |
|  | President |  | Chief Executive Officer |

---

**<u>Fund Accounting and Fund Administration Fee Letter</u><br> for<br> the Funds listed on Schedule A<br> each a series of**

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

This Fund Accounting and Fund Administration Fee Letter (this "**Fee Letter**") applies to the Services provided by **Ultimus Fund Solutions, LLC** ("**Ultimus**") to **Spirit of America Investment Fund, Inc.** (the "**Company**"), for each of its series listed on Schedule A (each a "**Fund**"), pursuant to that certain Master Services Agreement dated June 1, 2019, and the Fund Accounting Addendum dated June 1, 2019, and the Fund Administration Addendum dated as of June 1, 2019 (the "Agreement"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**1.** **Fees** 

For the Fund Accounting Services and the Fund Administration Services provided under the Fund Accounting Addendum and the Fund Administration Addendum, respectively, Ultimus shall be entitled to receive from the Company on the first business day following the end of each month, or at such time(s) as Ultimus shall request and the parties hereto shall agree, a fee computed with respect to each Fund as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.***  ***Base Fees*** 

**Annual Basis Point Fees:**

[REDACTED]% for the first $250 million in average net assets of the Company;

[REDACTED]% from $250 million to $500 million in average net assets of the Company;

[REDACTED]% from $500 million to $1 billion in average net assets of the Company;

[REDACTED]% over $1 billion in average net assets of the Company.

---

| | |
|:---|:---|
| [i] | Fees do not include out-of-pocket expenses which include but are not limited to: postage, special reports, proxies, insurance, auditing fees, legal fees, bank fees, record storage, federal and state regulatory filing fees, and all other expenses incurred on behalf of the Company or its individual portfolios. Additional services and/or fees not contemplated in this schedule will be negotiated on a per occurrence basis. |

---

---

| | |
|:---|:---|
| [ii] | (a) The above fees, when added to the fees payable under the Transfer Agency an<u>d Shareh</u>older Services Fee Schedule, dated as of December 13, 2023, will be subject to an annual minimum of $_____ with respect to the Company. If a new Fund is added or an existing Fund is liquidated, the annual minimum fee will be increased or decreased by $_____. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Fees for CCO support services are included in the annual basis point fees above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** **Forms N-CEN and N-PORT** 

The Company or Fund agrees to pay Ultimus a one-time implementation fee of $_____ per Fund and an annual fee (based on the schedule below), for preparing Forms N-CEN and N-PORT and to meet the requirements of Rule 22e-4 under the 1940 Act. In addition, the Company or Fund agrees to pay Ultimus an annual fee as follows:

---

| | | |
|:---|:---|:---|
|  | **<u>Number of Securities</u>** | **<u>Annual Fee</u>** |
| **Equity Funds\*** | Less than 500 | $____ plus out of pocket charges |
|  | 501 to 2,000 | $____ plus out of pocket charges |
|  | Over 2,000 | TBD |
| **Fixed Income Funds** | **Fixed Income Funds** |  |
|  | Less than 500 | $____ plus out of pocket charges |
|  | 501 to 1,000 | $____ plus out of pocket charges |
|  | Over 1,000 | TBD |

---

<sup>\*</sup> Equity Fund is defined as any fund that has less than 25% debt exposure over the previous three-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** **Liquidity Risk Management Program** 

The Company agrees to pay Ultimus (i) a one-time implementation fee (payable in six equal installments) of $____ per investment adviser, commencing with the initial compliance date, for providing assistance in connection with the Company's adoption of the Company's Liquidity Risk Management Program ("LRMP") which meets the requirements of Rule 22e-4, (ii) an annual fee, based on the schedule below, for providing assistance in connection with the maintenance of the Company's LRMP, and (iii) other related fees stated below.

---

| | |
|:---|:---|
| Annual fee per investment adviser | $0 |
| Assistance in Form N-LIQUID preparation and related Board notification | $___per event |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** The
fees are computed daily and payable monthly, along with any out-of-pocket expenses. The Company agrees to pay all fees within 30 days
of receipt of each invoice. Ultimus retains the right to charge interest of 1.5% on any amounts that remain unpaid beyond such 30-day
period. Acceptance of such late charge shall in no event constitute a waiver by Ultimus of the Company's default or prevent Ultimus
from exercising any other rights and remedies available to it.

Page 2 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.5.* **Securities Pricing Fees:** 

The charges for primary securities/commodity price quotes are determined by Ultimus' cost of obtaining such quotes and, therefore, are subject to change, irrespective of any other provision in this Fee Letter. Current charges (presented as per security/per day unless otherwise noted) are as follows:

---

| | |
|:---|:---|
| Canadian and Domestic Equities | $0.0987 |
| International Equity (Non Fair Value) | $0.1659 |
| Corporate Bonds, CD's, CP's, Money Markets | $0.594 |
| High Yield Corporate Bonds, High Yield Municipal Bonds | $1.016 |
| MBS Bonds and MBS ARM's | $0.743 |
| Government/Agency | $0.575 |
| Floating Rate MTN | $0.615 |
| Municipal Bonds | $0.818 |
| International Bond | $1.3388 |
| ABS, ABS Home Equity, CMO Non-Agency Whole Loan ARMs, CMOs, and CMO Other ARMs | $1.3514 |
| CMBS | $1.7609 |
| CRE CDO & CLO Debt | $4.6494 |
| Options (Listed) | $0.1166 |
| Futures (Listed) | $0.3255 |
| Leverage Loans/Bank loans [monthly] | $18.6984 |
| Exchange Rates - Spot and Forwards | $0.835 |
| International Equity (Fair Value) | $0.868 |
| CDS & CDX Swaps [monthly] | $73.0412 |
| CLO Equity/HTV CDO/Trust Preferred CDO | $17.651 |

---

---

| | |
|:---|:---|
| Other Securities/Complex, Hard-to-Value | Market |
| Manual Pricing Inputs/Adviser Provided (other | $___ per month for each additional 10 manual |
| than odd lot pricing) | inputs |
| Odd Lot Pricing Fee | $___/Fund per month plus $___/odd lot security |
|  | per month |

---

**2.** **Out-Of-Pocket Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** In
addition to the above fees, each Fund will reimburse Ultimus for the costs of the portfolio-price-quotation services utilized by such
Fund for secondary security market quotes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** In
addition, the Company will also reimburse Ultimus for the actual third-party data costs and data services required to complete Forms
N-PORT and N-CEN or to meet the requirements of Rules 30a-1 and 30b1-9 under the 1940 Act.

Page 3 of 5

3. **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***Initial Term.*** This Fee Letter shall continue in effect until the expiration of the Master Services Agreement's Initial Term (the
" **Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Renewal Terms.*** Immediately following the Initial Term, this Fee Letter shall automatically renew for successive one-year periods (each
a "**Renewal Term** ").

4. **Fee Increases** 

After the one (1) year anniversary of the effective date of the Master Services Agreement, Ultimus may annually increase the annual minimum fee with respect to the Company listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the "**CPI-U**")<sup>1</sup>; provided that Ultimus gives 30-day notice of such increase to the Company by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then- current calendar year. Any CPI-U increases, since the effective date, not charged in any given year may be included in prospective CPI-U fee increases in future years.

5. **Amendment** 

The parties may only amend this Fee Letter by written amendment signed by both parties.

***Signatures are located on the next page.***

<sup>1</sup> Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau of Labor Statistics.

Page 4 of 5

The parties duly executed this Fund Accounting and Fluid Administration Fee Letter dated as of June 1, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  | **Spirit of America Investment Fund, Inc.** |  | **Ultimus Fund Solutions, LLC** |
|  | On behalf of all Fluids listed on Schedule A to the Master Services Agreement | | |
| By: | /s/ David Lerner | By: | /s/ Gary Tenkman |
| Name: | David Lerner | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

Page 5 of 5

## Ex-99.H

**EXHIBIT 2.1**

**TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT**

**BETWEEN**

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

**AND**

**THE HUNTINGTON NATIONAL BANK**

**Fund:** Spirit of America Real Estate Income and Growth Fund

Spirit of America Large Cap Value Fund

Spirit of America Municipal Tax Free Bond Fund

Spirit of America Income Fund

Spirit of America Energy Fund

Spirit of America Utilities Fund

**DATE:** May 15, 2024, as amended March 1, 2026

**LIST OF AUTHORIZED REPRESENTATIVES**

In accordance with section 2.l(b) of that certain revolving credit agreement dated May 15, 2014, between Spirit of America Investment Trust, Inc. (the "Borrower") and The Huntington National Bank (the "Bank"), the Borrower hereby authorizes the Bank to act upon the telephonic and/or written instructions of the following authorized representatives of the Borrower:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower: | David Lerner |
|  | Alan P. Chodosh |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser: | Mark Reilly |
|  | Sean Mitchell |
|  | Brett Reilly |
|  | Douglas Revello |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian: | Any and all officers and employees of Argent Institutional Trust Company |

---

---

| | |
|:---|:---|
| **Spirit of America Investment Trust, Inc., on**<br> **behalf of those Funds listed on Exhibit 1.1** | **Spirit of America Investment Trust, Inc., on**<br> **behalf of those Funds listed on Exhibit 1.1** |
| By: | /s/ David Lerner |
| Name: | David Lerner |
| Title: | President |

---

**APPENDIX A**

**TO REVOLVING CREDIT AGREEMENT**

**BETWEEN**

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

**AND**

**THE HUNTINGTON NATIONAL BANK**

**PLEDGE AND SECURITY AGREEMENT**

**THIS PLEDGE AND SECURITY AGREEMENT** ("Agreement"), dated as of March 1, 2026, Spirit of America Investment Fund, Inc., a Maryland corporation (the "Borrower"), executing this Agreement on behalf of itself and on behalf of those investment series set forth on <u>Exhibit 1.1</u> (the "Fund(s)" and each, a "Fund"), and **THE HUNTINGTON NATIONAL BANK,** a national banking association ("Bank").

**W I T N E S S E T H :**

**WHEREAS,** the Borrower and Argent Institutional Trust Company ("Custodian") have previously entered into a Custody Agreement dated March 1, 2026 (as said Custody Agreement may be amended, restated or otherwise modified from time to time, "the Custody Agreement"), pursuant to which Bank holds securities as custodian for the Borrower on behalf of the Funds, all as more fully set forth in the Custody Agreement; and

**WHEREAS,** the Borrower, on behalf of the Funds, is issuing to Bank a promissory note (as said Note may be amended, restated or otherwise modified from time to time, the "Note") in connection with the execution on the date hereof by the Borrower on behalf of the Funds and Bank of that certain Revolving Credit Agreement (as said Loan Agreement may be amended, restated or otherwise modified from time to time, the "Loan Agreement"); and

**WHEREAS,** the Borrower, on behalf of the Funds, the Investment Adviser and the Bank may execute a Foreign Exchange Agreement(s) ("FX Agreement") pursuant to which the Investment Adviser enters into foreign exchange transactions on behalf of a Fund for hedging and investment purposes and the Borrower, on behalf of the Funds, the Investment Adviser and the Bank may execute an ISDA Master Agreement (Multicurrency - Cross Border), as well as any related annexes, confirmations and other documentation (an "FX Options Agreement", and together with the FX Agreement, the "FX Documentation"), pursuant to which the Investment Adviser may enter into foreign currency options transactions on behalf of a Fund; and;

**WHEREAS,** it is a condition to Bank executing the Loan Agreement, an FX Agreement and, if applicable, an FX Options Agreement that this Agreement be executed and delivered by the Borrower, pursuant to which the Borrower is, among other things, agreeing to pledge securities owned by the Borrower but held by a Fund to (i) secure borrowings incurred by the Borrower on behalf of the Fund under the Loan Agreement and as reflected on the Note and (ii) secure the settlement of foreign exchange transactions under the FX Documentation.

**NOW, THEREFORE,** in consideration of the premises and to induce Bank to agree to execute the Loan Agreement and the FX Documentation, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>.

Specific Definitions. The following definitions shall apply:

"Alternative Funding Date" shall have the meaning given it in the FX Agreement.

"Business Day" shall mean any day other than a Saturday, a Sunday, or other day on which Bank is authorized or required to be closed.

"Collateral" shall have the meaning set forth that term in Section 2.

"Costs" shall have the meaning set forth that term in Section 4.

"Default" means any event that, with the giving of notice or the passage of time, or both, would be an Event of Default.

"Event of Default" has the meaning set forth in Section 8.

"Governmental Authority" shall mean any foreign, federal, state, regional, local, municipal or other government, or any department, commission, board, bureau, agency, public authority or instrumentality thereof, or any court.

"Insolvency Event" means, with respect to a Person, any of the following: a court enters a decree or order for relief in respect to such Person in an involuntary case under any applicable bankruptcy, insolvency or other similar law then in effect, or appoints a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of such Person or for any substantial part of its property, or orders the wind-up or liquidation of its affairs; or a petition initiating an involuntary case under any such bankruptcy, insolvency or similar law is filed against such Person; or such Person commences a voluntary case under any applicable bankruptcy, insolvency or other similar law in effect, or makes any general assignment for the benefit of creditors, or fails generally to pay its debts as such debts become due, or takes corporate action in furtherance of any of the foregoing.

"Investment Adviser", has the meaning set forth in Exhibit 1.1

"Lien" means any security interest, mortgage, pledge, assignment, or voluntary or involuntary lien, charge or other encumbrance of any kind, including interests of vendors or lessors under conditional sale contracts or capital leases.

"Obligation(s)" (i) means all loans, advances, indebtedness and other obligations of the Borrower owed to Bank under the Loan Agreement, as the same may be amended from time to time hereafter, of every description whether now existing or hereafter arising and whether direct or indirect, primary or as guarantor or surety, absolute or contingent, liquidated or unliquidated, matured or unmatured, secured or unsecured, and all expenses and attorney's fees incurred by Bank under this Agreement or any other document or instrument related thereto, and

(ii) any amounts owed to the Bank in connection with any foreign exchange transaction or foreign currency options transaction entered into on behalf of a Fund and to pay any and all applicable fees under the FX Agreement, the FX Options Agreement or any Pledge Documents, and all Costs incurred by the Bank.

"OFAC" means The Office of Foreign Assets Control of the U.S. Department of the Treasury.

"Person" shall mean and include an individual, business trust, statutory trust, corporation, partnership, corporation, joint stock company, trust, unincorporated association, joint venture or other entity.

"Pledge Documents," means this Agreement and the Control Agreement dated March 1, 2026, by and among the Borrower, on behalf of the Funds; the Custodian and the Bank, including any and all such documents as they may be amended, restated or otherwise modified from time to time.

"Requirements of Law" as to any Person shall mean the articles or certificate of incorporation and bylaws or other organizational or governing documents of such Person and any determination of an arbitrator or a court or other Governmental Authority, or law, treaty, rule or regulation or, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"Sanctioned Entity" means (i) a country or a government of a country, (ii) an agency of the government of a country, (iii) an organization directly or indirectly controlled by a country or its government, (iv) a Person resident in or determined to be resident in a country, in each case, that is subject to a country Sanctions program administered and enforced by OFAC.

"Sanctioned Person" means a Person named on the list of Specially Designated Nationals maintained by OFAC.

"Securities" shall have the meaning set forth that term in Section 2.

"Settlement Date" has the meaning given it in the FX Documentation.

"Trade Date" has the meaning given it in the FX Documentation.

"Trust Custody Account," means each account of the Borrower established with the Custodian on behalf of a Fund pursuant to the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Pledge</u>. To secure the payment and performance by the Borrower, on behalf of a Fund, of the Obligations under the Loan Agreement and the FX Documentation, the Borrower grants to the Bank and its successors and assigns, with full power and discretion as hereinafter provided, a continuing first priority lien and security interest in and right of setoff against all of the Borrower's rights, title and interest, including without limitations the Borrower's securities entitlement (as such term is defined in Article 8 of the Uniform Commercial Code as adopted by the State of Indiana (the "UCC")), in and to the Securities (as defined below) now or at any time held or controlled by Custodian pursuant to the Custody Agreement or by any third party,

whether or not acting on behalf of the Bank, together with all the Borrower's rights, title and interest in and to all Securities and financial assets (as such term is defined in Article 8 of the UCC) therein and all principal, interest, distributions, dividends (whether cash or stock), income, earnings, cash and other rights at any time received or receivable or otherwise distributed in respect of or in exchange therefor, and all additions to, all replacements of, all substitutions for, and all proceeds of any or all of the foregoing (the "Collateral).

The Borrower acknowledges and agrees that so long as this Agreement is in effect, the Custodian is holding physical possession and/or control of the Securities for the purposes set forth in the Custody Agreement.

"Securities" shall include, without limitation, whether certificated or uncertificated, those common and preferred stocks, bonds, registered and unregistered investment company securities, call options, put options, debentures, notes, bank certificates of deposit, banker's acceptances, mortgage backed securities, U.S. Treasury Securities, money market instruments or other obligations, repurchase agreements and the underlying collateral, certificates, receipts, warrants, securities entitlements, securities accounts or other investment property, instruments or documents, and all additions, all as owned by the Borrower on behalf of a Fund. Securities shall also include any rights or other interests therein to receive, purchase or subscribe for any of the foregoing and all investments and rights therein. The collateral value of the Securities shall be calculated in accordance with the procedures set forth in the Borrower's current prospectus and Statement of Additional Information ("Securities Valuation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Authorization to File Financing Statements; Ratification</u>. The Borrower hereby authorizes the Bank to file all financing statements. The Borrower will deliver to the Bank control agreements (substantially in the form attached here to as <u>Annex 1</u>, a "Control Agreement") and other documents and take such other actions as may from time to time be requested by the Bank in order to maintain a first perfected security interest in and, if applicable, Control (as defined in the UCC) of the Collateral owned by the Borrower on behalf of a Fund. Any financing statement filed by the Bank may be filed in any filing office in any UCC jurisdiction and may indicate the Borrower's Collateral (i) as all assets of the Borrower or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the UCC or such jurisdiction, or (ii) by any other description which reasonably approximates the description contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Fees and Costs</u>. The Borrower shall reimburse the Bank for all fees, costs and expenses including, without limitation, reasonable attorney's fees, other professional fees, appraisal fee, court costs, litigation and other expenses (collectively, "Costs") incurred in connection with the enforcement of the Pledge Documents without any limitation. Costs shall be due and payable upon demand by the Bank. If the Borrower fails to pay Costs upon such demand, the Bank is entitled to disburse such Costs as Obligations. Thereafter, the Costs shall bear interest from the date incurred or disbursed at the highest rate set forth in the Loan Agreement. This provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties</u>. The Borrower represents and warrants to the Bank that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date of each Loan (as defined in the Loan Agreement) and each transaction under the FX Documentation, the Borrower will be the sole beneficial owner of the Securities free and clear of any security interest, pledge, or other lien or encumbrance (collectively, "Lien") thereon or affecting the title thereto, except for Liens in favor of the Bank and the Custodian and Liens of governmental entities which secure amounts not at the time due and payable and which are imposed by law without the consent of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower has the right and requisite authority to pledge, mortgage, assign, transfer, deliver, deposit, set over, grant a security interest in and confirm the Securities to the Bank and/or the Custodian, as applicable, as provided herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower has obtained all permits, consents, approvals, authorizations or other orders of any Person, corporation, partnership, trust, governmental entity, or other entity required for the execution and delivery of this Agreement or the delivery of the Securities to the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower has good and marketable title to the Securities, and the Liens granted to the Bank pursuant to this Agreement are fully perfected first priority Liens in and to the Securities assuming that the Custodian has physical possession and/or control of the Securities as set forth in Section 2, Control Agreements remain in effect with respect to the Securities providing control of the Securities to the Bank, and that Bank makes and continues such UCC -1 financing statement filings as are necessary to perfect Bank's security interest in the Securities.

The representations and warranties set forth in this Section 5 shall survive the execution and delivery of this Agreement and shall be deemed to have been made anew upon the making of each Loan pursuant to the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Covenants</u>. The Borrower covenants and agrees that until payment in full of all the Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without the prior written consent of the Bank, it will not mortgage, pledge or otherwise encumber any of the Borrower's rights in or to the Securities or any unpaid dividends or other distributions or payments with respect thereto, or grant a Lien in any of the above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower will not cause or permit any Fund to create, incur, assume or permit to continue in existence any Lien on Collateral now owned or hereafter acquired by the Borrower, except for Liens to the Bank under this Agreement in favor of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Rights with Respect to Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in this Agreement, the Borrower shall have the rights provided to it in the Custody Agreement or any Control Agreement. The Borrower shall have the right, from time to time, to vote and give consents with respect to the Securities for all purposes not inconsistent with the provisions of this Agreement, the Custody Agreement or any Control Agreement. Notwithstanding anything else set forth in this Agreement, in the event of a conflict between this Agreement, the Custody Agreement and the Control Agreement, the provisions of this Agreement and the Control Agreement shall control and in the event of a conflict between this Agreement and the Control Agreement, the Control Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank (itself or through an agent) is hereby authorized and empowered at its election, subject to the terms of the Control Agreements, to transfer and register in its name or in the name of its nominee the whole or any part of the Securities to collect and receive all cash dividends and other distributions made thereon, to sell in one or more sales, but without any previous notice or advertisement, the whole or any part of the Securities and to otherwise act with respect to the Securities as though the Bank was the outright owner thereof. Except as provided in the Authorization Letter (as defined in the Loan Agreement), the Bank hereby agrees that it shall not exercise any of the powers granted in this Section 7(b) unless an Event of Default (as defined in Section 8) has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Events of Default</u>. The following shall each constitute an "Event of Default" under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The occurrence of an Event of Default under the terms of the Loan Agreement, the Note or the FX Documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure by the Borrower to observe and perform any covenant, condition, or agreement on the Borrower's part to be observed or performed under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Failure of any representation or warranty of the Borrower contained in this Agreement to be true when given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An Insolvency Event occurs with respect to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any of the following occurs: there is a material impairment of the value or priority of the Bank's Lien in the Collateral; a notice of lien, levy or assessment is filed against the Borrower or an asset of the Borrower by any government authority; or a judgment or

other claim becomes a Lien on any Collateral; or any asset of the Borrower is seized, attached, or otherwise levied upon by a judicial officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any event occurs which might, in the Bank's reasonable opinion, have a material adverse effect on the Collateral pledged to the Bank under this Agreement or on the Borrower's financial condition, operations or prospects or the ability of the Borrower to perform its obligations under this Agreement or any other Pledge Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Custody Agreement is terminated except upon the simultaneous execution by the Bank, the Custodian, and the Borrower of a substantially identical custody agreement in replacement thereof, in form and substance satisfactory to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Event of Default shall occur and be continuing, then or at any time thereafter, and in addition to the rights and remedies of Bank pursuant to the terms and provisions of the Loan Agreement and the Note, the Bank (itself or through an agent) is hereby authorized and empowered at its election, to sell in one or more public or private sales after seven days' notice (which notice the Borrower agrees is commercially reasonable) but without any previous notice or advertisement, the whole or any part of the Securities. Any sale may be either for cash or upon credit or for future delivery, and the Bank may be the purchaser of the whole or any part of the Securities so sold and hold the same thereafter in its own right free from any claim of the Borrower or any right of redemption. The Bank reserves the right to reject any and all bids at such sale which, in its sole discretion, it shall deem inadequate. Demands of performance, except as otherwise herein specifically provided for, notices of sale, advertisements and the presence of property at sale are hereby waived and any sale hereunder may be conducted by any officer or agent of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, at the original time or times appointed for the sale of the whole or any part of the Securities, the then current market price is inadequate to discharge in full all the Obligations, or if the Securities be offered for sale in lots, if at any of such sales, the highest bid for the lot offered for sale would indicate to the Bank, in its discretion, the unlikelihood of the proceeds of the sales of all of the Securities being sufficient to discharge all the Obligations, the Bank may, on one or more occasions, postpone any of said sales by public announcement at the time of sale or the time of previous postponement of sale, and no other notice of such postponement or postponements of sale need be given, any other notice being hereby waived; provided, however, that any sale or sales made after such postponement shall be after seven days' notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of any sale(s) hereunder the Bank shall, after deducting all costs or expenses of every kind (including, to the full extent permitted by law, attorney's fees and disbursements) for care, safekeeping, collection, sale, delivery or otherwise, apply the residue of the proceeds of the sale(s) to the payment or reduction, either in whole or in part, of the Obligations returning the surplus, if any, to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, at any time when the Bank shall determine to exercise its right to sell the whole or any part of the Securities hereunder, such Securities or the part thereof to be sold

shall not be effectively registered, for any reason whatsoever, under the Securities Act of 1933, as then in effect (or any similar statute then in effect) (the "Securities Act"), the Bank may, in its discretion (subject only to applicable Requirements of Law), sell such Securities or part thereof by private sale in such manner and under such circumstances as the Bank may deem necessary or advisable, but subject to the other requirements of this Section 9, and shall not be required to effect such registration or to cause the same to be effected. Without limiting the generality of the foregoing, in any such event the Bank in its discretion (i) may proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Securities or part thereof could be or shall have been filed under said Securities Act (or similar statute), (ii) may approach and negotiate with a single possible purchaser to effect such sale, and (iii) may restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment and not with a view to the distribution or sale of such Securities or part thereof. In addition to a private sale as provided above in this Section 9, if any of the Securities shall not be freely distributable to the public without registration under the Securities Act (or similar statute) at the time of any proposed sale pursuant to this Section 9, then the Bank shall not be required to effect such registration or cause the same to be effected but, in its discretion (subject only to applicable Requirements of Law), may require that any sale hereunder (including a sale at auction) be conducted subject to restrictions (i) as to the financial sophistication and ability of any Person permitted to bid or purchase at sale, (ii) as to the content of legends to be placed upon any certificates representing the Securities sold in such sale, including restrictions on future transfer thereof, (iii) as to the representations required to be made by each Person bidding or purchasing at such sale relating to that Person's access to financial information about the Borrower and such Person's intentions as to the holding of the Securities so sold for investment, for its own account, and not with a view to the distribution thereof, and (iv) as to such other matters as the Bank may, in its discretion, deem necessary or appropriate in order that such sale (notwithstanding any failure so to register) may be effected in compliance with laws affecting the enforcement of creditors' rights and the Securities Act and all applicable state or other Jurisdictions' securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower acknowledges that any sale under the circumstances described in this Section 9 shall be deemed to have been held in a manner which is commercially reasonable. In the event of any such sale under the circumstances described in this Section 9, the Bank shall incur no responsibility or liability for selling all or any part of the Securities at a price which the Bank may deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might be realized if the sales were deferred until after registration as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower agrees that it will not at any time plead, claim or take the benefit of any appraisal, valuation, stay, extension, moratorium or redemption law now or hereafter in force in order to prevent or delay the enforcement of this Agreement, or the absolute sale of the whole or any part of the Securities or the possession thereof by any purchaser at any sale hereunder, and the Borrower waives the benefit of all such laws to the extent it lawfully may do so. The Borrower agrees that it will not interfere with any right, power and remedy of the Bank provided for in this Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by the Bank of any one or more of such rights, powers or remedies. No failure or delay on the part of the Bank to exercise any such right, power or remedy and no notice or demand which may be given to or made upon the

Borrower by the Bank with respect to any such remedies shall operate as a waiver hereof, or limit or impair the Bank's right to take any action or to exercise any power or remedy hereunder, without notice or demand, or prejudice its rights as against the Borrower in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Bank acknowledges and agrees that the exercise of remedies set forth in this Section 9 is subject to compliance with the terms of the Control Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower waives any right to require Bank to: (i) proceed against or exhaust any security held for the Obligations, or (ii) pursue any other remedy in Bank's power whatsoever. The Borrower hereby waives notice of acceptance of this Agreement, and also presentment, demand, protest and notice of dishonor of any and all of the Obligations, and promptness in commencing suit against any party thereto or liable thereon, and in giving notice to or of making any claim or demand hereunder upon the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No delay on the Bank's part in exercising any power of sale, lien, option or other right hereunder, and no notice or demand which may be given to or made upon the Borrower by the Bank with respect to any power of sale, lien, option or other right hereunder, shall constitute a waiver thereof, or limit or impair the Bank's right to take any action or to exercise any power of sale, lien, option, or any other right hereunder, without notice or demand, or prejudice the Bank's rights as against the Borrower in any respect. No act or omission of any kind on Bank's part shall in any event affect or impair this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Indemnification</u>. The Borrower agrees to indemnify and hold the Bank harmless from and against any taxes, liabilities, claims and damages, including reasonable attorney's fees and disbursements, and other expenses incurred or arising by reason of the taking or the failure to take action by the Bank, in good faith, under this Agreement and in respect of any transactions effected in connection with this Agreement, including, without limitation, any taxes payable in connection with the delivery or registration of any of the Securities as provided herein. The obligations of the Borrower under this Section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower agrees to promptly reimburse Bank for actual out-of-pocket expenses, including, without limitation, reasonable counsel fees, incurred by the Bank in connection with the administration and enforcement of this Agreement and/or the Note and/or the Loan Agreement; provided, however, that this Section 12(a) shall not be construed as granting the Bank a security interest in any Securities for the purpose of paying such counsel fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall be binding upon the Borrower and the Borrower's assigns, and shall inure to the benefit of, and be enforceable by, the Bank and its successors, transferees and assigns. None of the terms or provisions of this Agreement may be waived, altered, modified or amended except in writing duly signed for and on behalf of the Bank and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>. Any notices under or pursuant to this Agreement shall be deemed duly sent when delivered by hand or when mailed by registered or certified mail, return receipt requested, or when sent by facsimile transmission, addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 to Bank, at

The Huntington National Bank

45 North Pennsylvania Street

INHP22

Indianapolis, IN 46204

Attention: Michael Felix

Tel: 317-687-2440

Email: <u>Michael.Felix@Huntington.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 to the Trust:

Spirit of America Investment Fund, Inc.

477 Jericho Turnpike

PO Box 9006

Syosset, NY 11791

Attention: Alan P. Chodosh

Tel: 516-390-5525

Email: apchodosh@davidlerner.com

with a copy to:

Thomas Westle, Esq.

Blank Rome LLP

405 Lexington Avenue

New York, NY 10174

Either party may change such address by sending notice of the change to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, which shall, collectively and separately, constitute one agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Governing Law; Jurisdiction</u>. All acts and transactions hereunder and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Ohio. The Borrower agrees that the state and federal courts in Franklin County, Ohio or any other court in which Bank initiates proceedings have exclusive jurisdiction over all matters arising out of this Agreement, and that service of process in any such proceeding shall be effective if mailed to the Borrower at its address described in the Notices section of this Agreement. BANK AND THE BORROWER HEREBY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER PARTY AGAINST ANY OTHER ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

***SIGNATURES ON FOLLOWING PAGE***

**IN WITNESS WHEREOF,** the parties hereto have caused this Pledge and Security Agreement to be duly executed as of the date first above written.

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| | |
|:---|:---|
| **Spirit of America Investment Fund, Inc.** | **Spirit of America Investment Fund, Inc.** |
| **on behalf and for the benefit of the Funds,** | **on behalf and for the benefit of the Funds,** |
| "Borrower" | "Borrower" |
| By: | /s/ David Lerner |
| Name: | David Lerner |
| Title: | President |
| **THE HUNTINGTON NATIONAL BANK,** | **THE HUNTINGTON NATIONAL BANK,** |
| "Bank" | "Bank" |
| By: |  |
| Name: | Michael Felix |
| Title: | Senior Vice President |

---

**EXHIBIT 1.1**<br> **TO PLEDGE AND SECURITY AGREEMENT**<br> **BETWEEN**<br> **SPIRIT OF AMERICA INVESTMENT FUND, INC.**<br> **AND**<br> **THE HUNTINGTON NATIONAL BANK**

**PARTICIPATING FUNDS**

---

| | | |
|:---|:---|:---|
| <u>Fund</u> | &nbsp;&nbsp;&nbsp;<u>Investment Adviser</u> | &nbsp;&nbsp;&nbsp;<u>Date Added</u> |
| Spirit of America Real Estate Income and Growth Fund | &nbsp;&nbsp;&nbsp;Spirit of America Management Corp. | &nbsp;&nbsp;&nbsp;May 28, 2013 |
| Spirit of America Large Cap Value Fund | &nbsp;&nbsp;&nbsp;Spirit of America Management Corp. | &nbsp;&nbsp;&nbsp;May 28, 2013 |
| Spirit of America Municipal Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;Spirit of America Management Corp. | &nbsp;&nbsp;&nbsp;May 28, 2013 |
| Spirit of America Income Fund | &nbsp;&nbsp;&nbsp;Spirit of America Management Corp. | &nbsp;&nbsp;&nbsp;May 28, 2013 |
| Spirit of America Energy Fund | &nbsp;&nbsp;&nbsp;Spirit of America Management Corp. | &nbsp;&nbsp;&nbsp;July 14, 2014 |
| Spirit of America Utilities Fund | &nbsp;&nbsp;&nbsp;Spirit of America Management Corp | &nbsp;&nbsp;&nbsp;January 30, 2023 |

---

---

| | |
|:---|:---|
| **SPIRIT OF AMERICA INVESTMENT TRUST, INC.** | **SPIRIT OF AMERICA INVESTMENT TRUST, INC.** |
| **on behalf of the Funds** | **on behalf of the Funds** |
| "Borrower" | "Borrower" |
| By: | /s/ David Lerner |
| Name: | David Lerner |
| Title: | President |
| **THE HUNTINGTON NATIONAL BANK,** | **THE HUNTINGTON NATIONAL BANK,** |
| "Bank" | "Bank" |
| By: |  |
| Name: | Michael Felix |
| Title: | Senior Vice President |

---

**ANNEX 1**<br> **TO PLEDGE AND SECURITY AGREEMENT**<br> **BETWEEN**<br> **SPIRIT OF AMERICA INVESTMENT FUND, INC.**<br> **AND**<br> **THE HUNTINGTON NATIONAL BANK**

**CONTROL AGREEMENT**

This Control Agreement (this "Agreement"), dated March 1, 2026, is by and among **SPIRIT OF AMERICA INVESTMENT FUND, INC.,** a Maryland corporation (the "Borrower") executing this Agreement on behalf of itself and on behalf of those investment series set forth in Exhibit A (the "Funds" and each, a "Fund"), **THE HUNTINGTON NATIONAL BANK,** a national bank ("Bank"), and **ARGENT INSTITUTIONAL TRUST COMPANY,** (the "Custodian").

WHEREAS, the Borrower and the Custodian are parties to a certain Custody Agreement(s) whereunder Custodian holds custody of various assets of Borrower, which include the Collateral Account(s), as defined and listed below; and

WHEREAS, the Borrower and Bank have entered into the Pledge Agreement dated as of March 1, 2026; and

WHEREAS, Bank, the Borrower and the Custodian are entering into this Agreement to provide for Bank's control of the Collateral Account(s) and the financial assets and other property held in the Collateral Account(s).

NOW THEREFORE, for valuable consideration, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Establishment of Collateral Account(s)</u>. The Custodian hereby confirms and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Custodian has established the following account(s) (the "Collateral Account(s)"), in the name of the Borrower.

---

| | |
|:---|:---|
| <u>Fund</u> | <u>Collateral Account Numbers</u> |
| Spirit of America Real Estate Income and Growth Fund | 15040000357 |
| Spirit of America Large Cap Value Fund | 15040000367 |
| Spirit of America Municipal Tax Free Bond Fund | 15040000337 |
| Spirit of America Income Fund | 15040000347 |
| Spirit of America Energy Fund | 15040000664 |
| Spirit of America Utilities Fund | 15040003113 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Custodian is, and at all times hereafter will be, acting in the capacity of "Securities Intermediary" (as such term is defined in Article 8 of the Uniform Commercial

Code as adopted by the State of Ohio (the "UCC")) in respect of all Securities or other property credited to the Collateral Account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 All securities or other property underlying any financial assets credited to the Collateral Account(s) shall be registered in the name of the Custodian or its nominee, indorsed to the Custodian or in blank and in no case, will any financial asset credited to a Collateral Account be registered in the name of the Borrower, payable to the order of the Borrower or specially indorsed to the Borrower except to the extent the foregoing have been specially indorsed to the Custodian or in blank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Collateral Account Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Bank Security Interest</u>. The Borrower has granted Bank a security interest in the Collateral and Collateral Account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Control</u>. Custodian will comply with the entitlement order(s) (as defined in the UCC) or other instruction(s) received from the Borrower until Custodian receives a written notice from Bank instructing Custodian that Bank is exercising its right to exclusive control over the Collateral Account(s). Such notice, which shall be substantially in the form attached hereto as <u>Exhibit B</u>, is referred to herein as a "Notice of Exclusive Control". After Custodian receives a Notice of Exclusive Control and Custodian has a reasonable time to act thereon, Custodian shall thereafter comply only with the entitlement order(s) (as defined in the UCC) or other instruction(s) received from Bank with respect to the Collateral and the Collateral Account(s) without further consent of Borrower or any other Person. If the Custodian receives conflicting entitlement orders or instructions from the Borrower and the Bank, the Custodian shall follow the instructions or entitlement orders originated by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Limited Responsibility of Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Custodian shall have no responsibility or liability to Bank for complying with entitlement orders or other instructions originated by the Borrower concerning the Collateral Account(s) or any Collateral, prior to Custodian receiving a Notice of Exclusive Control and Custodian having had a reasonable time to act thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Custodian shall have no responsibility or liability to the Borrower, for complying with a Notice of Exclusive Control or complying with entitlement orders or other instructions originated by Bank concerning the Collateral Accounts or any Collateral. The Custodian shall have no duty to investigate or make any determination as to whether any entitlement order or Notice of Exclusive Control is appropriate whether or not the Borrower may allege that such entitlement order or Notice of Control is inappropriate. Upon Bank issuing a Notice of Exclusive Control, the Borrower agrees not to issue any request or instructions to Custodian to make trades of securities held in the Collateral Account(s) or to transfer or withdraw any financial assets, cash or other property from the Collateral Account(s) without the prior written consent of Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Notwithstanding any provision contained herein or in any other document or instrument to the contrary, Custodian shall not be liable for any action taken or omitted to be taken at the instruction of Bank or the Borrower, as applicable, or any action taken or omitted to

be taken under or in connection with this Agreement, except for Custodian's own gross negligence or willful misconduct in carrying out such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Distributions; Tax Reporting</u>. Custodian or its agent shall credit to the Borrower's custodial account(s) all interest, dividends and other income received by Custodian on the Collateral, unless Custodian has received a Notice of Exclusive Control and has had a reasonable time to act thereon. All items of income, gain, expense and loss recognized in the Collateral Account(s) shall be reported to the Internal Revenue Service and all state and local taxing authorities under the name and taxpayer identification number of Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Duties and Services of Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Custodian shall have no duties, obligations, responsibilities or liabilities with respect to the Collateral or the Collateral Account(s) except as and to the extent expressly set forth in this Agreement (and as between the Borrower and Custodian the Custody Agreement), and no implied duties of any kind shall be read into this Agreement against Custodian including, without limitation, the duty to preserve, exercise or enforce rights in the Collateral and Collateral Account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Instructions under this Agreement from the Borrower's authorized representative given in accordance with the terms of the Custody Agreement shall also constitute proper instructions under the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Bank agrees to provide to Custodian, on <u>Exhibit C</u> attached hereto, the names and signatures of authorized parties who may give written notices, instructions or entitlement orders concerning the Collateral Account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Notwithstanding anything to the contrary in this Agreement, Bank and the Borrower hereby further acknowledge and agree that any Collateral issued outside the United States ("Foreign Security System Assets") which may be held by Custodian, a sub-custodian within Custodian's network of sub-custodians (each a "Sub-Custodian") or a depository or book-entry system for the central handling of securities and other financial assets in which Custodian or the Sub-Custodian are participants may not permit the Borrower to have a security entitlement under the UCC with respect to such Foreign Security System Assets (and such property shall be deemed for purposes of this Agreement not to be a financial asset held within the Collateral Account(s)). The parties hereby further acknowledge that Custodian gives no assurance that a security entitlement is created under the UCC with respect to any assets held in Euroclear or Clearstream Banking or their successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Indemnification of the Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Borrower and Bank hereby agree that Custodian is released from any and all liabilities to the Borrower and Bank arising from the terms of this Agreement and the compliance of Custodian with the terms hereof, except to the extent that such liabilities arise directly from Custodian's gross negligence or willful misconduct. In no event shall Custodian be liable under this Agreement to the Borrower or Bank or any Person claiming by through or under the Borrower or Bank for consequential or special damages, even if Custodian has been advised

of the possibility or likelihood of such damages. This provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 As between the Borrower and Custodian, Custodian shall be and remains entitled to all of the rights, indemnities, powers, and protections in its favor under the Custody Agreement, which shall apply fully to Custodian's actions and omissions hereunder. This provision shall survive the termination of this Agreement. In addition to such the rights, indemnities, powers, and protections set forth in the Custody Agreement, Borrower hereby agrees to hold harmless, indemnify, and defend Custodian, and its affiliates, successors, assigns, officers, directors, employees, and agents, against all losses, liabilities, claims, litigation, demands, suits, costs (including reasonable attorneys' fees), disbursements, or expenses incurred as a result of the assertion of any claim by any Person or entity arising out of or otherwise arising from or in connection with or related to this Agreement, including any that may be incurred in performing its duties or responsibilities pursuant to the terms of this Agreement, except to the extent the losses, liabilities, claims, litigation, demands, suits, costs, disbursements, or expenses are a direct result of Custodian's gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 As between Custodian and Bank, Bank will hold harmless, indemnify, and defend Custodian, and its affiliates, successors, assigns, officers, directors, employees, and agents, against all losses, liabilities, claims, litigation, demands, suits, costs, disbursements, or expenses arising out of entitlement orders and any other instructions given by Bank to Custodian under this Agreement or actions taken by Custodian in compliance with entitlement orders originated by Bank, or otherwise following instructions of Bank hereunder, including reasonable attorneys' fees and disbursements, except to the extent the losses, liabilities, claims, litigation, demands, suits, costs, disbursements, or expenses are a direct result of Custodian's gross negligence or willful misconduct. This provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Custodian Representations</u>. The Custodian agrees and confirms, as of the date hereof, and at all times until the termination of this Agreement that it has not entered into, and until the termination of this Agreement will not enter into, any agreement (other than the Custody Agreement and any sub-custodian agreements in connection therewith) with any other Person or entity relating to the Collateral or the Collateral Account(s) under which it has agreed to comply with entitlement orders (as defined in Section 8-102 of the UCC) of such other Person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Access To Reports</u>. The Custodian will provide access to Bank to view statements of the holdings report of the Collateral Account(s) which is updated on daily basis; provided, however, that Custodian's failure to provide access to Bank to shall not give rise to any liability hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Fees and Expenses of Custodian</u>. In addition to the terms of the Custody Agreement, the Borrower hereby agrees to pay and reimburse Custodian for any advances, costs, expenses (including, without limitation, reasonable attorney's fees and costs) and disbursements that may be paid or incurred by Custodian in connection with this Agreement or the arrangement contemplated hereby, including any that may be incurred in performing its duties or responsibilities pursuant to the terms of this Agreement. This provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liens; Advances; Right of Offset</u>. Any fees, expenses or other amounts that may be owing to Custodian from time to time pursuant to the terms hereof or of the Custody Agreement shall be secured by any lien, encumbrance and other rights that Custodian may have under the Custody Agreement or applicable law; and Custodian shall be entitled to exercise such rights and interests against the Collateral and Collateral Account(s) in accordance with the terms of the Custody Agreement. Without limiting the generality of the foregoing, Bank furthermore agrees that (a) if Custodian, at its option without any liability or obligation to do so, advances cash or investments to the Collateral Account(s) for any purpose (including but not limited to securities settlements, foreign exchange contracts, assumed settlement or account overdraft) for the benefit of the Borrower, any property at any time held pursuant to this Agreement shall be security therefor and, should Borrower fail to repay Custodian promptly, Custodian shall be entitled to utilize available cash and/or to liquidate assets in the Collateral Account(s) to the extent necessary to obtain reimbursement; and (b) Custodian shall be entitled to utilize available cash and/or to liquidate assets in the Collateral Account(s) for the payment of fees, cost and expenses owing to Custodian with respect to the Collateral Account(s), and all costs and expenses that may be paid or incurred by Custodian in connection with this Agreement, including, without limitation, any that may be incurred in performing Custodian's duties under this Agreement pertaining to instructions or entitlement orders or a Notice of Exclusive Control issued by Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. Any notice, instruction or other instrument required to be given hereunder requests and demands to or upon the respective parties hereto shall be in writing and may be sent by hand, or by facsimile transmission, or delivery by any recognized delivery service, prepaid or, by certified or registered mail, postage prepaid, and addressed as follows, or to such other address as any party may hereafter notify the other respective parties hereto in writing; provided, however, that any notice to the Custodian shall not be deemed to be given until received by it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 to Custodian, then:

Argent Institutional Trust Company

5901 Peachtree Dunwoody Road

Suite C495

Atlanta, GA 30328

Attention: Legal Department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 to Bank, then:

The Huntington National Bank

45 North Pennsylvania Street

INHP22

Indianapolis, IN 46204

Attn: Michael Felix

Tel: 317-687-2440

Email: <u>Michael.Felix@Huntington.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
to Borrower, then:

Spirit of America Investment Fund, Inc.

477 Jericho Turnpike

PO Box 9006

Syosset, NY 11791

Attention: Alan P. Chodosh

Tel: 516-390-5525

Email: apchodosh@davidlerner.com

with a copy to:

Thomas Westle, Esq.

Blank Rome LLP

405 Lexington Avenue

New York, NY 10174

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendment</u>. No amendment or modification of this Agreement will be effective unless it is in writing and signed by each of the parties hereto. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but such counterparts together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Termination</u>. This Agreement shall continue in effect until Bank has notified Custodian in writing that this Agreement or its interest in the Collateral Account(s) is terminated. Upon receipt of such notice, Bank shall have no further right to originate instructions with respect to the Collateral or Collateral Account(s) and any previous Notice of Exclusive Control delivered by the Bank shall be deemed to be of no further force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Severability</u>. In the event any provision of this Agreement is held illegal, void or unenforceable, the remainder of this Agreement shall remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Successors; Assignment</u>. This Agreement shall be binding upon the parties hereto and their respective successors and assigns. No party may assign or transfer any of its rights or obligations hereunder without the prior written consent of the other parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio, without giving effect to the conflict of law provisions thereof and the jurisdiction of Custodian for purposes of this Agreement shall be the State of Ohio. The Borrower and Bank agree that the state and federal courts in Franklin County, Ohio or any other court in which Custodian initiates proceedings have exclusive jurisdiction over all matters arising out of this Agreement, and that service of process in any such proceeding shall be effective if mailed to the Borrower or Bank at its addresses described in the Notices section of this Agreement. EACH OF THE PARTIES HEREBY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OTHER PARTY ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but such counterparts together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Headings</u>. Any headings appearing on this Agreement are for convenience only and shall not affect the interpretation of any of the terms of this Agreement.

IN WITNESS WHEREOF, the undersigned have executed this Agreement under their respective seals as of the date first written above.

---

| | |
|:---|:---|
| **ARGENT INSTITUTIONAL TRUST COMPANY,** as Custodian | **ARGENT INSTITUTIONAL TRUST COMPANY,** as Custodian |
| By: |  |
| Name: | Luke McCabe |
| Title: | Managing Director |
| Its duly authorized officer | Its duly authorized officer |
| **THE HUNTINGTON NATIONAL BANK,** as Bank | **THE HUNTINGTON NATIONAL BANK,** as Bank |
| By: |  |
| Name: | Michael Felix |
| Title: | Senior Vice President |
| Its duly authorized officer | Its duly authorized officer |
| **SPIRIT OF AMERICA INVESTMENT FUND, INC.,** on behalf of the Funds, as Borrower | **SPIRIT OF AMERICA INVESTMENT FUND, INC.,** on behalf of the Funds, as Borrower |
| By: | /s/ David Lerner |
| Name: | David Lerner |
| Title: | President |
| Its duly authorized officer | Its duly authorized officer |

---

<u>Exhibit A</u>

To the

Control Agreement

<u>Participating Funds</u>

Spirit of America Real Estate Income and Growth Fund<br> Spirit of America Large Cap Value Fund<br> Spirit of America Municipal Tax Free Bond Fund<br> Spirit of America Income Fund<br> Spirit of America Energy Fund<br> Spirit of America Utilities Fund

**EXHIBIT 3.1**<br> **TO REVOLVING CREDIT AGREEMENT**<br> **BETWEEN**<br> **SPIRIT OF AMERICA INVESTMENT FUND, INC.**<br> **AND**<br> **THE HUNTINGTON NATIONAL BANK**

**FORM OF CERTIFICATE OF BORROWER**

**<u>Spirit of America Investment Fund, Inc.</u>**

**CERTIFICATE OF BORROWER**

re· Spirit of America Real Estate Income and Growth Fund<br> Spirit of America Large Cap Value Fund<br> Spirit of America Municipal Tax Free Bond Fund<br> Spirit of America Income Fund<br> Spirit of America Energy Fund<br> Spirit of America Utilities Fund

The undersigned does hereby certify that he is the duly elected, qualified and acting President of Spirit of America Investment Trust, Inc. a Maryland corporation (the "Borrower"), and the undersigned does hereby further certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Attached
hereto, marked <u>Attachment A</u>, is a true and correct copy of the current Articles of Incorporation, as in effect on the date hereof
certified by the Secretary of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Attached
hereto, marked <u>Attachment B</u>, is a true and correct copy of the Bylaws of the Borrower, as in effect on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
following persons are the duly elected officers of the Borrower, holding the office set forth opposite their respective names. Each officer
who has executed or will execute any documents in connection with this loan transaction has set forth his or her true and customary signature
opposite his name:

---

| | | |
|:---|:---|:---|
| <u>Name</u> | <u>Title</u> | <u>Signature</u> |
| David Lerner | President | /s/ David Lerner |
| Alan Chodosh | Secretary | /s/ Alan P. Chodosh |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each
officer whose personal signature appears above has been duly authorized by resolution of the Board of Trustees of the Borrower to execute
any and all instruments or documents which he may deem necessary or appropriate in connection with this loan transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Attached
 hereto, marked <u>Attachment C</u>, is a copy of the resolution authorizing the execution
 and delivery of any documents in connection with this loan transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 Borrower is in good standing in the state of its formation. Attached hereto, marked <u>Attachment D</u>, is a certificate of good standing issued within the past thirty (30) days by the Secretary
 of State of Mayland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Attached
 hereto, marked <u>Attachment E</u>, is a certificate executed in the name of the Borrower
 by an officer of the Borrower certifying that the representations and warranties contained
 in Section 3 of the Second Amended and Restated Revolving Credit Agreement are true and correct
 in all material respects as of the date hereof and shall remain true and correct for as long
 as the Second Amended and Restated Revolving Credit Agreement remains in effect.

IN WITNESS WHEREOF, the undersigned hereby certifies the above to be true and has executed this certificate this 1<sup>st</sup> day of March 2026.

---

| |
|:---|
| /s/ David Lerner |
| David Lerner, President |

---

The undersigned does hereby certify that he is the Secretary of the Borrower and does further certify that the signatory above is the President of the Borrower, and that his signature set forth above is her true and customary signature .

---

| |
|:---|
| /s/ Alan P. Chodosh |
| Alan Chodosh, Secretary |

---

/s/ Joseph M. O'Donnell

\* By Joseph M. O'Donnell, as

Attorney-in-Fact and Agent

pursuant to Power of Attorney

The Spirit of America Investment Fund, Inc.

Index to Exhibits to Form N-1A

---

| | | |
|:---|:---|:---|
| <u>Exhibit</u> |  | <u>Page</u> |
| (1) | Articles of Incorporation | 1 |
| (2) | By-Laws | 6 |

---

ARTICLES OF INCORPORATION

OF

SPIRIT OF AMERICA INVESTMENT FUND, INC.

FIRST: (1) The name of the incorporator is Lee A Pickard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The incorporator's post office address is Pickard and Djinis, 1990 M Street, Suite 660, Washington, DC 20036.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The incorporator is over eighteen years of age.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The incorporator is forming the corporation named in these Articles of Incorporation under the general laws of the State of Maryland.

SECOND: The name of the corporation (hereinafter called the Corporation) is Spirit of America Investment Fund, Inc.

THIRD: (1) The purposes for which the Corporation is formed is to conduct, operate and carry on the business of an investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Corporation may engage in any other business and shall have all powers conferred upon or permitted to corporations by the Maryland General Corporation Law.

FOURTH: The post office address of the principal office of the Corporation within the State of Maryland is 32 South Street, Baltimore, Maryland 21202 in care of The Corporation Trust Incorporated. The resident agent of the Corporation in the State of Maryland is The Corporation Trust Incorporated.

FIFTH: (1) The total number of shares of capital stock which the Corporation shall have authority to issue is one billion (1,000,000,000), all of which shall be Common Stock having a par value of one -tenth of one cent ($.001) per share and an aggregate par value of one million dollars ($1,000,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) On each matter submitted to a vote of the stockholders, each holder of stock shall be entitled to one vote for each share standing in his or her name on the books of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) (a) Each holder of stock may require the Corporation to redeem all of any part of the stock owned by that holder, upon request to the Corporation or its designated agent, at the net asset value of the shares of stock next determined following receipt of the request in a form approved by the Corporation and accompanied by surrender of the certificate or certificates for the shares, if any, less the amount of any applicable redemption charge or deferred sales charge or other amount imposed by the Board of Directors (to the extend consistent with applicable law). The Board of Directors may establish procedures for redemption of stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) the proceeds of the redemption of a share (including a fractional share) of any class of capital stock of the Corporation shall be reduced by the amount of any contingent deferred sales charge, redemption fee or other amount payable on such redemption pursuant to the terms of issuance of such share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) (i) The term "Minimum Amount" when used herein shall mean two hundred dollars ($200) unless otherwise fixed by the Board of Directors from time to time, provided that the Minimum Amount may not in any event exceed twenty-five thousand dollars ($25,000). The Board of Directors may establish differing Minimum Amounts for categories of holders of stock based on such criteria as the Board of Directors may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the net asset value of the shares of stock held by a stockholder shall be less than the Minimum Amount then in effect with respect to the category of holders in which the stockholder is included, the Corporation may redeem all of those shares, upon notice given to the holder in accordance with paragraph (iii) of this subsection (c), to the extent that the Corporation may lawfully effect such redemption under the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) The notice referred to in paragraph (ii) of this subsection (c) shall be in writing personally delivered or deposited in the mail, at least thirty days (or such other number of days as may be specified from time to time by the Board of Directors) prior to such redemption. If mailed, the notice shall be addressed to the stockholder at his post office address as shown on the books of the Corporation, and sent by first class mail, postage prepaid. The price for shares acquired by the Corporation pursuant to this subsection (c) shall be an amount equal to the net asset value of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Payment by the Corporation for shares of stock of the Corporation surrendered to it for redemption shall be made by the Corporation within seven days of such surrender out of the funds legally available therefor, provided that the Corporation may suspend the right of the stockholders to redeem shares of stock and may postpone the right of these holders to receive

payment for any shares when permitted or required to do so by applicable statutes or regulations. Payment of the aggregate price of shares surrendered for redemption may be made in cash or,, at the option of the Corporation, wholly or partly in such portfolio securities of the Corporation as the Corporation shall select.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Corporation may issue shares of stock in fractional denominations to the same extent as its whole shares, and shares in fractional denominations shall be shares of stock having proportionately to the respective fractions represented thereby all the rights of whole shares, including without limitation, the right to vote, the right to receive dividends and distributions, and the right to participate upon liquidation of the Corporation, but excluding the right to receive a stock certificate representing fractional shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) No stockholder shall be entitled to any preemptive right other than as the Board of Directors may establish.

SIXTH: The number of directors of the Corporation shall be one. The number of directors of the Corporation may be changed pursuant to the By-Laws of the Corporation. The name of the person who shall act as director of the Corporation until the first annual meeting or until his successor is chosen and qualified is David Lerner.

SEVENTH: The following provisions are inserted for the purpose of defining, limiting and regulating the powers of the Corporation and the Board of Directors and Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In addition to its other powers explicitly or implicitly granted under these Articles of Incorporation, by law or otherwise, the Board of Directors of the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) is expressly authorized to make, alter, amend or repeal the By-Laws of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) may from time to time determine whether, to what extent, at what times and places, and under what conditions and regulations the accounts and books of the Corporation, or any of them, shall be open to the inspection of the stockholders, and no stockholder shall have any right to inspect any account, book or document of the Corporation except as conferred by statute or as authorized by the Board of Directors of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) is empowered to authorize, without stockholder approval, the issuance and sale from time to time of shares of stock of the Corporation of any class or classes, whether now or hereafter authorized, and securities convertible into shares of stock of the Corporation of any class or classes, whether now or hereafter authorized, for such consideration as the Board may deem advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) is authorized to classify or to reclassify, from time to time, any unissued shares of stock of the Corporation, whether now or hereafter authorized, by setting, changing or eliminating the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications or terms and conditions of or rights to require redemption of the stock. The provisions of these Articles of Incorporation (including those in Article FIFTH hereof) shall apply to each class or stock whether now or hereafter authorized, unless otherwise provided by

the Board of Directors prior to issuance of any shares of that class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) is authorized to adopt procedures for determination of and to maintain constant the net asset value of shares of any class of the Corporation's stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any provision of the Maryland General Corporation Law requiring a greater proportion than a majority of the votes of all classes or of any class of the Corporation's stock entitled to be cast in order to take or authorize any action, any such action may be taken or authorized upon the concurrence of a majority of the aggregate number of votes entitled to be cast thereon subject to any applicable requirements of the Investment Company Act of 1940, as from time to time in effect, or rules or orders of the Securities and Exchange Commission or any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The presence in person or by proxy of the holders of shares entitled to cast one-third of the votes entitled to be cast (without regard to class) shall constitute a quorum at any meeting of the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any determination made in good faith by or pursuant to the direction of the Board of Directors, as to the amount of the assets, debts, obligations, or liabilities of the Corporation, as to the amount of any reserves or charges set up and the propriety thereof, as to the time or purpose for creating such reserves or charges, as to the use, alteration or cancellation of any reserves or charges (whether or not any debt, obligation, or liability for which such reserves or charges shall have been created shall be then or thereafter required to be paid or discharged), as to the value of or the method of valuing any investment owned or held by the Corporation, as to market value or fair value of any investment or fair value of any other asset of the Corporation, as to the allocation of any asset of the Corporation to a particular class or classes of the Corporation's stock, as to the charging of any liability of the Corporation to a particular class or classes of the Corporation's stock, as to the number of shares of the Corporation outstanding, as to the estimated expense to the Corporation in connection with purchases of its shares, as to the ability to liquidate investments in orderly fashion, or as to any other matters relating to the issue, sale, redemption or other acquisition or disposition of investments or shares of the Corporation and all holders of its shares, past, present and future, and shares of the Corporation are issued and sold on the condition and understanding that any and all such determinations shall be binding as aforesaid.

EIGHTH: (1) To the full extent that limitations on the liability of directors and officers are permitted by the Maryland General Corporation law, no director or officer of the Corporation shall have any liability to the Corporation or its stockholders for money damages. This limitation on liability applies to events occurring at the time a person serves as a director or officer of the Corporation whether or not that person is a director or officer at the time of any proceeding in which liability is asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Corporation shall indemnify and advance expenses to its currently acting and its former directors to the full extent that indemnification of directors is permitted by the Maryland General

Corporation law. The Corporation shall indemnify and advance expenses to its officers to the same extent as its directors and may do so to such further extent as is consistent with law. The Board of Directors may by By-Law, resolution or agreement make further provision for indemnification of directors, officers, employees and agents to the full extent permitted by the Maryland General Corporation law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No provision of this Article shall be effective to protect or purport to protect any director or officer of the Corporation against any liability to the Corporation or its stockholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) References to the Maryland General Corporation Law in this Article are to that law as from time to time amended. No amendment to the Charter of the Corporation shall affect any right of any person under this Article based on any event, omission or proceeding prior to the amendment.

NINTH: The Corporation reserves the right to amend, alter, change or repeal any provision contained in its Charter in the manner now or hereafter prescribed by the laws of the State of Maryland, including any amendment which alters the contract rights, as expressly set forth in the Charter, of any outstanding stock, and all rights conferred upon stockholders herein are granted subject to this reservation.

IN WITNESS WHEREOF, the undersigned, being the incorporator of the Corporation, has adopted and signed these Articles of Incorporation and does hereby acknowledge that the adoption and signing are his act.

/s/ Lee A. Pickard

Dated: 4/18/97

BY-LAWS

OF

SPIRIT OF AMERICA INVESTMENT FUND, INC.

ARTICLE I

Offices

Section 1. Principal Office in Maryland. The Corporation shall have a principal office in the City of Baltimore, State of Maryland.

Section 2. Other Offices. The Corporation may have offices also at such other places within and without the State of Maryland as the Board of Directors may from time to time determine or as the business of the Corporation may require.

ARTICLE II

Meetings of Stockholders

Section 1. Place of Meeting. Meetings of stockholders shall be held at such place, either within the State of Maryland or at such other place within the United States, as shall be fixed from time to time by the Board of Directors.

Section 2. Annual Meetings. Annual meetings of stockholders shall be held on a date fixed from time to time by the Board of Directors not less than ninety nor more than one hundred twenty days following the end of each fiscal year of the Corporation, for the election of directors and the transaction of any other business within the powers of the Corporation; provided, however, that the Corporation shall not be required to hold an annual meeting in any year in which the election of directors is not required to be acted on by stockholders under the Investment Company Act of 1940.

Section 3. Notice of Annual Meeting. Written or printed notice of the annual meeting, stating the place, date and hour thereof, shall be given to each stockholder entitled to vote thereat and each other stockholder entitled to notice thereof not less than ten nor more than ninety days before the date of the meeting.

Section 4. Special Meetings. Special meetings of stockholders may be called by the chairman, the president or by the Board of Directors and shall be called by the secretary upon the written request of holders of shares entitled to cast not less than twenty-five percent of all the votes entitled to be cast at such meeting. Such request shall state the purpose or purposes of such meeting and the matters proposed to be acted on thereat. In the case of such request for a special meeting, upon payment by such stockholders to the Corporation of the estimated reasonable cost of preparing and mailing a notice of such meeting, the secretary shall give the notice of such meeting. The secretary shall not be required to call a special meeting to consider any matter which is substantially the same as a matter acted upon at any special meeting of stockholders held within the preceding twelve months unless requested to do so by holders of shares entitled to cast not less than a majority of all votes entitled to be cast at such meeting. Notwithstanding the foregoing, special meetings of stockholders for the purpose of voting upon the question of removal of any director or directors of the Corporation shall be called by the secretary upon the written request of holders of shares entitled to cast not less than ten percent of all the votes entitled to be cast at such meeting.

Section 5. Notice of Special Meeting. Written or printed notice of a special meeting of stockholders, stating the place, date, hour and purpose thereof, shall be given by the secretary to each stockholder entitled to vote thereat and each other stockholder entitled to notice thereof not less than ten nor more than ninety days before the date fixed for the meeting.

Section 6. Business of Special Meetings. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice thereof.

Section 7. Quorum. The holders of shares entitled to cast one-third of the votes entitled to be cast thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business, except with respect to any matter which, under applicable statutes or regulatory requirements, requires approval by a separate vote of one or more classes of stock, in which case the presence in person or by proxy of the holders of one-third of the shares of

stock of each class required to vote as a class on the matter shall constitute a quorum.

Section 8. Voting. When a quorum is present at any meeting, the affirmative vote of a majority of the votes cast, or, with respect to any matter requiring a class vote, the affirmative vote of a majority of the votes cast of each class entitled to vote as a class on the matter, shall decide any question brought before such meeting (except that directors may be elected by the affirmative vote of a plurality of the votes cast), unless the question is one upon which by express provision of the Investment Company Act of 1940, as from time to time in effect, or other statutes or rules or orders of the Securities and Exchange Commission or any successor thereto or of the Articles of Incorporation a different vote is required, in which case such express provision shall govern and control the decision of such question.

Section 9. Proxies. Each stockholder shall at every meeting of stockholders be entitled to one vote in person or by proxy for each share of the stock having voting power held by such stockholder, but no proxy shall be voted after eleven months from its date, unless otherwise provided in the proxy.

Section 10. Record Date. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, to express consent to corporate action in writing without a meeting, or to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date which shall be not more than ninety days and, in the case of a meeting of stockholders, not less than ten days prior to the date on which the particular action requiring such determination of stockholders is to be taken. In lieu of fixing a record date, the Board of Directors may provide that the stock transfer books shall be closed for a stated period, but not to exceed, in any case, twenty days. If the stock transfer books are closed for the purpose of determining stockholders entitled to notice of or to vote at a meeting of stockholders, such books shall be closed for at least ten days immediately preceding such meeting. If no record date is fixed and the stock transfer books are not closed for the determination of stockholders: (1) The record date for the determination of stockholders entitled to notice of, or to vote at, a meeting of stockholders shall be at the close of business on the day on which notice of the meeting of stockholders is mailed or the day thirty days before the meeting, whichever is the closer date to the meeting; and (2) The record date for the determination of stockholders entitled to receive payment of a dividend or an allotment of any rights shall be at the close of business on the day on which the resolution of the Board of Directors, declaring the dividend or allotment of rights, is adopted, provided that the payment or allotment date shall not be more than sixty days after the date of the adoption of such resolution.

Section 11. Inspectors of Election. The directors, in advance of any meeting, may, but need not, appoint one or more inspectors to act at the meeting or any adjournment thereof. If an inspector or inspectors are not appointed, the person presiding at the meeting may, but need not, appoint one or more inspectors. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by the directors in advance of the meeting or at the meeting by the

person presiding thereat. Each inspector, if any, before entering upon the discharge of his duties, shall take and sign an oath faithfully to execute the duties of inspector at such meeting with strict impartiality and according to the best of his ability. The inspectors, if any, shall determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all stockholders. On request of the person presiding at the meeting or any stockholder, the inspector or inspectors, if any, shall make a report in writing of any challenge, question or matter determined by him or them and execute a certificate of any fact found by him or them.

Section 12. Informal Action by Stockholders. Except to the extent prohibited by the Investment Company Act of 1940, as from time to time in effect, or rules or orders of the Securities and Exchange Commission or any successor thereto, any action required or permitted to be taken at any meeting of stockholders may be taken without a meeting if a consent in writing, setting forth such action, is signed by all the stockholders entitled to vote on the subject matter thereof and any other stockholders entitled to notice of a meeting of stockholders (but not to vote thereat) have waived in writing any rights which they may have to dissent from such action, and such consent and waiver are filed with the records of the Corporation.

Section 13. Adjournment. Any meeting of the stockholders may be adjourned from time to time, without notice other than by announcement at the meeting at which the adjournment was taken. In the absence of a quorum, the stockholders present in person or by proxy, by majority vote of those present and without notice other than by announcement at the meeting, may adjourn the meeting from time to time as provided for in this Section 13 of Article II. At any adjourned meeting at which a quorum shall be present, any action may be taken that could have been taken at the meeting originally called. A meeting of the stockholders may not be adjourned without further notice to a date more than 120 (one hundred and twenty) days after the original record date determined pursuant to Section 10 of this Article II.

ARTICLE III

Board of Directors

Section 1. Number of Directors. The number of directors constituting the entire Board of Directors (which initially was fixed at one in the Corporation's Articles of Incorporation) may be increased or decreased from time to time by the vote of a majority of the entire Board of Directors within the limits permitted by law but at no time may be more than twenty, but the tenure of office of a director in office at the time of any decrease in the number of directors shall not be affected as a result thereof. The directors shall be elected to hold offices at the annual meeting of stockholders, except as provided in Section 2 of this Article, and each director shall hold office until the next annual meeting of stockholders or until his successor is elected and qualified. Any director may resign at any time upon written notice to the Corporation. Any director may be removed, either with or without cause, at any meeting of stockholders duly called and at which a quorum is present by the affirmative vote of the majority of the votes entitled to be cast thereon, and the vacancy in the Board of Directors caused by such removal may be

filled by the stockholders at the time of such removal. Directors need not be stockholders.

Section 2. Vacancies and Newly-Created Directorships. Any vacancy occurring in the Board of Directors for any cause other than by reason of an increase in the number of directors may be filled by a majority of the remaining members of the Board of Directors although such majority is less than a quorum. Any vacancy occurring by reason of an increase in the number of directors may be filled by a majority of the entire Board of Directors then in office. A director elected by the Board of Directors to fill a vacancy shall be elected to hold office until the next annual meeting of stockholders or until his successor is elected and qualifies.

Section 3. Powers. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by statute or by the Articles of Incorporation or by these By-Laws conferred upon or reserved to the stockholders.

Section 4. Meetings. The Board of Directors of the Corporation or any committee thereof may hold meetings, both regular and special, either within or without the State of Maryland. Regular meetings of the Board of Directors may be held without notice at such time and at such place as shall from time to time be determined by the Board of Directors. Special meetings of the Board of Directors may be called by the chairman, the president or by two or more directors. Notice of special meetings of the Board of Directors shall be given by the secretary to each director at least three days before the meeting if by mail or at least 24 hours before the meeting if given in person or by telephone or by telegraph. The notice need not specify the business to be transacted.

Section 5. Quorum and Voting. During such times when the Board of Directors shall consist of more than one director, a quorum for the transaction of business at meetings of the Board of Directors shall consist of two of the directors in office at the time but in no event shall a quorum consist of less than one-third of the entire Board of Directors. The action of a majority of the directors present at a meeting at which a quorum is present shall be the action of the Board of Directors. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

Section 6. Committees. The Board of Directors may appoint from among its members an executive committee and other committees of the Board of Directors, each committee to be composed of two or more of the directors of the Corporation. The Board of Directors may delegate to such committees any of the powers of the Board of Directors except those which may not by law be delegated to a committee. Such committee or committees shall have the name or names as may be determined from time to time by resolution adopted by the Board of Directors. Unless the Board of Directors designates one or more directors as alternate members of any committee, who may replace an absent or disqualified member at any meeting of the committee, the members of any such committee present at any meeting and not disqualified from voting may, whether or not they constitute a quorum, appoint another member of the Board of Directors to act at the meeting in the place of any

absent or disqualified member of such committee. At meetings of any such committee, a majority of the members or alternate members of such committee shall constitute a quorum for the transaction of business and the act of a majority of the members or alternate members present at any meeting at which a quorum is present shall be the act of the committee.

Section 7. Minutes of Committee Meetings. The committees shall keep regular minutes of their proceedings.

Section 8. Informal Action by Board of Directors and Committees. Any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if a written consent thereto is signed by all members of the Board of Directors or of such committee, as the case may be, and such written consent is filed with the minutes of proceedings of the Board of Directors or committee, provided, however, that such written consent shall not constitute approval of any matter which pursuant to the- Investment Company Act of 1940 and the rules thereunder requires the approval of directors by vote cast in person at a meeting.

Section 9. Meetings by Conference Telephone. The members of the Board of Directors or any committee thereof may participate in a meeting of the Board of Directors or committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other at the same time and such participation shall constitute presence in person at such meeting, provided, however, that such participation shall not constitute presence in person with respect to matters which pursuant to the Investment Company Act of 1940 and the rules thereunder require the approval of directors by vote cast in person at a meeting.

Section 10. Fees and Expenses. The directors may be paid their expenses of attendance at each meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors, a stated salary as director or such other compensation as the Board of Directors may approve. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like reimbursement and compensation for attending committee meetings.

ARTICLE IV

Notices

Section 1. General. Notices to directors and stockholders mailed to them at their post office addresses appearing on the books of the Corporation shall be deemed to be given at the time when deposited in the United States mail.

Section 2. Waiver of Notice. Whenever any notice is required to be given under the provisions of the statutes, of the Articles of Incorporation or of these By -Laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed the equivalent of notice and such waiver shall be filed with the records of the meeting. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.

ARTICLE V

Officers

Section 1. General. The officers of the Corporation shall be chosen by the Board of Directors at its first meeting after each annual meeting of stockholders and shall be a chairman of the Board of Directors, a president, a secretary and a treasurer. The Board of Directors may choose also such vice presidents and additional officers or assistant officers as it may deem advisable. Any number of offices, except the offices of president and vice president and chairman and vice president, may be held by the same person. No officer shall execute, acknowledge or verify any instrument in more than one capacity if such instrument is required by law to be executed, acknowledged or verified by two or more officers.

Section 2. Other Officers and Agents. The Board of Directors may appoint such other officers and agents as it desires who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board of Directors.

Section 3. Tenure of Officers. The officers of the Corporation shall hold office at the pleasure of the Board of Directors. Each officer shall hold his office until his successor is elected and qualifies or until his earlier resignation or removal. Any officer may resign at any time upon written notice to the Corporation. Any officer elected or appointed by the Board of Directors may be removed at any time by the Board of Directors when, in its judgment, the best interests of the Corporation will be served thereby. Any vacancy occurring in any office of the Corporation by death, resignation, removal or otherwise shall be filled by the Board of Directors.

Section 4. Chairman of the Board of Directors. The chairman of the Board of Directors shall preside at all meetings of the stockholders and of the Board of Directors. He shall be the chief executive officer and shall have general and active management of the business of the Corporation and shall see that all orders and resolutions of the Board of Directors are carried into effect. He shall be ex officio a member of all committees designated by the Board of Directors except as otherwise determined by the Board of Directors. He shall execute bonds, mortgages and other contracts requiring a seal, under the seal of the Corporation, except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the Board of Directors to some other officer or agent of the Corporation.

Section 5. President. The president shall act under the direction of the chairman and in the absence or disability of the chairman shall perform the duties and exercise the powers of the chairman. He shall perform such other duties and have such other powers as the chairman or the Board of Directors may from time to time prescribe. He shall execute on behalf of the Corporation, and may affix the seal or cause the seal to be affixed to, all instruments requiring such execution except to the extent that signing and execution thereof shall be expressly delegated by the Board of Directors to some other officer or agent of the Corporation.

Section 6. Vice Presidents. The vice presidents shall act under the direction of the chairman and in the absence or disability of the president shall perform the duties and exercise the powers of the president. They shall perform such other duties and have such other powers as the chairman or the Board of

Directors may from time to time prescribe. The Board of Directors may designate one or more executive vice presidents or may otherwise specify the order of seniority of the vice presidents and, in that event, the duties and powers of the president shall descend to the vice presidents in the specified order of seniority.

Section 7. Secretary. The secretary shall act under the direction of the chairman. Subject to the direction of the chairman he shall attend all meetings of the Board of Directors and all meetings of stockholders and record the proceedings in a book to be kept for that purpose and shall perform like duties for the committees designated by the Board of Directors when required. He shall give, or cause to be given, notice of all meetings of stockholders and special meetings of the Board of Directors, and shall perform such other duties as may be prescribed by the chairman or the Board of Directors. He shall keep in safe custody the seal of the Corporation and shall affix the seal or cause it to be affixed to any instrument requiring it.

Section 8. Assistant Secretaries. The assistant secretaries in the order of their seniority, unless otherwise determined by the chairman or the Board of Directors, shall, in the absence or disability of the secretary, perform the duties and exercise the powers of the secretary. They shall perform such other duties and have such other powers as the chairman or the Board of Directors may from time to time prescribe.

Section 9. Treasurer. The treasurer shall act under the direction of the chairman. Subject to the direction of the chairman he shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. He shall disburse the funds of the Corporation as may be ordered by the chairman or the Board of Directors, taking proper vouchers for such disbursements, and shall render to the chairman and the Board of Directors, at its regular meetings, or when the Board of Directors so requires, an account of all his transactions as treasurer and of the financial condition of the Corporation.

Section 10. Assistant Treasurers. The assistant treasurers in the order of their seniority, unless otherwise determined by the chairman or the Board of Directors, shall, in the absence or disability of the treasurer, perform the duties and exercise the powers of the treasurer. They shall perform such other duties and have such other powers as the chairman or the Board of Directors may from time to time prescribe.

ARTICLE VI

Certificates of Stock

Section 1. General. Every holder of stock of the Corporation who has made full payment of the consideration for such stock shall be entitled upon request to have a certificate, signed by, or in the name of the Corporation by, the chairman, the president or a vice president and countersigned by the treasurer or an assistant treasurer or the secretary or an assistant secretary of the Corporation, certifying the number and, if additional shares of stock should be authorized, the class of whole shares of stock owned by him in the Corporation.

Section 2. Fractional Share Interests. The Corporation may

issue fractions of a share of stock. Fractional shares of stock shall have proportionately to the respective fractions represented thereby all the rights of whole shares, including the right to vote, the right to receive dividends and distributions and the right to participate upon liquidation of the Corporation, excluding, however, the right to receive a stock certificate representing such fractional shares.

Section 3. Signatures on Certificates. Any of or all the signatures on a certificate may be a facsimile. In case any officer who has signed or whose facsimile signature has been placed upon a certificate shall cease to be such officer before such certificate is issued, it may be issued with the same effect as if he were such officer at the date of issue. The seal of the Corporation or a facsimile thereof may, but need not, be affixed to certificates of stock.

Section 4. Lost, Stolen or Destroyed Certificates. The Board of Directors may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of any affidavit of that fact by the person claiming the certificate or certificates to be lost, stolen or destroyed. When authorizing such issue of a new certificate or certificates, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or his legal representative, to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate or certificates alleged to have been lost, stolen or destroyed.

Section 5. Transfer of Shares. Upon request by the registered owner of shares, and if a certificate has been issued to represent such shares upon surrender to the Corporation or a transfer agent of the Corporation of a certificate for shares of stock duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall be the duty of the Corporation, if it is satisfied that all provisions of the Articles of Incorporation, of the By-Laws and of the law regarding the transfer of shares have been duly complied with, to record the transaction upon its books, issue a new certificate to the person entitled thereto upon request for such certificate, and cancel the old certificate, if any.

Section 6. Registered Owners. The Corporation shall be entitled to recognize the person registered on its books as the owner of shares to be the exclusive owner for all purposes including voting and dividends, and the Corporation shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Maryland.

ARTICLE VII

Miscellaneous

Section 1. Reserves. There may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for such other purpose as the Board of Directors shall think conducive to the interest of the Corporation, and the Board of Directors may modify or abolish any such reserve.

Section 2. Dividends. Dividends upon the stock of the Corporation may, subject to the provisions of the Articles of Incorporation and of applicable law, be declared by the Board of Directors at any time. Dividends may be paid in cash, in property or in shares of the Corporation's stock, subject to the provisions of the Articles of Incorporation and of applicable law.

Section 3. Capital Gains Distributions. The amount and number of capital gains distributions paid to the stockholders during each fiscal year shall be determined by the Board of Directors. Each such payment shall be accompanied by a statement as to the source of such payment, to the extent required by law.

Section 4. Checks. All checks or demands for money and notes of the Corporation shall be signed by such officer or officers or such other person or persons as the Board of Directors may from time to time designate.

Section 5. Fiscal Year. The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.

Section 6. Seal. The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words "Corporate Seal, Maryland." The seal may be used by causing it or a facsimile thereof to be impressed or affixed or in another manner reproduced.

Section 7. Insurance Against Certain Liabilities. The Corporation shall not bear the cost of insurance that protects or purports to protect directors and officers of the Corporation against any liabilities to the Corporation or its security holders to which any such director or officer would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.

ARTICLE VIII

Indemnification

Section 1. Indemnification of Directors and Officers. The Corporation shall indemnify its directors to the full extent that indemnification of directors is permitted by the Maryland General Corporation Law. The Corporation shall indemnify its officers to the same extent as its directors and to such further extent as is consistent with law. The Corporation shall indemnify its directors and officers who while serving as directors or officers also serve at the request of the Corporation as a director, officer, partner, trustee, employee, agent or fiduciary of another corporation, partnership, joint venture, trust, other enterprise or employee benefit plan to the full extent consistent with law. The indemnification and other rights provided by this Article shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person. This Article shall not protect any such person against any liability to the Corporation or any stockholder thereof to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office ("disabling conduct").

Section 2. Advances. Any current or former director or officer of the Corporation seeking indemnification within the scope of this Article shall be entitled to advances from the Corporation for payment of the reasonable expenses incurred by him in connection with the matter as to which he is seeking

indemnification in the manner and to the full extent permissible under the Maryland General Corporation Law. The person seeking indemnification shall provide to the Corporation a written affirmation of his good faith belief that the standard of conduct necessary for indemnification by the Corporation has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the person seeking indemnification shall provide a security in form and amount acceptable to the Corporation for his undertaking; (b) the Corporation is insured against losses arising by reason of the advance; or (c) a majority of a quorum of directors of the Corporation who are neither "interested persons" as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended, nor parties to the proceeding ("disinterested non-party directors"), or independent legal counsel, in a written opinion, shall have determined, based on a review of facts readily available to the Corporation at the time the advance is proposed to be made, that there is reason to believe that the person seeking indemnification will ultimately be found to be entitled to indemnification.

Section 3. Procedure. At the request of any person claiming indemnification under this Article, the Board of Directors shall determine, or cause to be determined, in a manner consistent with the Maryland General Corporation Law, whether the standards required by this Article have been met. Indemnification shall be made only following: (a) a final decision on the merits by a court or other body before whom the proceeding was brought that the person to be indemnified was not liable by reason of disabling conduct or (b) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the person to be indemnified was not liable by reason of disabling conduct by (i) the vote of a majority of a quorum of disinterested non-party directors or (ii) an independent legal counsel in a written opinion.

Section 4. Indemnification of Employees and Agents. Employees and agents who are not officers or directors of the Corporation may be indemnified, and reasonable expenses may be advanced to such employees or agents, as may be provided by action of the Board of Directors or by contract, subject to any limitations imposed by the Investment Company Act of 1940.

Section 5. Other Rights. The Board of Directors may make further provision consistent with law for indemnification and advance of expenses to directors, officers, employees and agents by resolution, agreement or otherwise. The indemnification provided by this Article shall not be deemed exclusive of any other right, with respect to indemnification or otherwise, to which those seeking indemnification may be entitled under any insurance or other agreement or resolution of stockholders or disinterested directors or otherwise. The rights provided to any person by this Article shall be enforceable against the Corporation by such person who shall be presumed to have relied upon it in serving continuing to serve as a director, officer, employee, or agent as provided above.

Section 6. Amendments. References in this Article are to the Maryland General Corporation Law and to the Investment Company Act of 1940 as from time to time amended. No amendment of these By-laws shall affect any right of any person under this Article based on any event, omission or proceeding prior to the amendment.

ARTICLE IX

Amendments

The Board of Directors shall have the power to make, alter and repeal By-laws of the Corporation.

**<u>Attachment C</u>**

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

**Certified Resolution**

**March 1, 2026**

The undersigned, being the Secretary of Spirit of America Investment Fund, Inc. (the "Fund"), hereby certifies that the Board of Directors of the Fund adopted the following resolutions.

**WHEREAS,** Spirit of America Investment Fund, Inc. (the "Borrower") entered into Second Amended and Restated Revolving Credit Agreement ("Credit Agreement") with The Huntington National Bank (the "Bank") dated as of May 15, 2024;

**WHEREAS,** the Borrower and the Bank have periodically amended the Credit Agreement to extend the maturity date and make certain other revisions;

**RESOLVED,** that Amendment No. 2 to the Credit Agreement between the Borrower and the Bank to be, and hereby is, approved; and

**FURTHER RESOLVED,** that David Lerner and Alan P. Chodosh be, and hereby are, authorized to execute and deliver any and all instruments or documents as may be necessary or appropriate in connection with the Credit Agreement.

IN WITNESS WHEREOF, the undersigned hereby certifies the above to be true and has executed this certificate as of March 1, 2026.

---

| |
|:---|
| /s/ Alan P. Chodosh |
| Alan P. Chodosh, Secretary |

---

**Attachment D**

 <br> ***STATE OF MARYLAND***<br> ***Department of Assessments and Taxation***<br>I, BOB YEAGER OF THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF THE STATE OF MARYLAND, DO HEREBY CERTIFY THAT THE DEPARTMENT, BYLAWS OF THE STATE, IS THE CUSTODIAN OF THE RECORDS OF THIS STATE RELATING TO THE FORFEITURE OR SUSPENSION OF CORPORATIONS, OR THE RIGHTS OF CORPORATIONS TO TRANSACT BUSINESS IN THIS STATE, AND THAT I AM THE PROPER OFFICER TO EXECUTE THIS CERTIFICATE.<br>I FURTHER CERTIFY THAT SPIRIT OF AMERICA INVESTMENT FUND, INC. (D04694162), INCORPORATED MAY 15, 1997, IS A CORPORATION DULY INCORPORATED AND EXISTING UNDER AND BY VIRTUE OF THE LAWS OF MARYLAND AND THE CORPORATION HAS FILED ALL ANNUAL REPORTS REQUIRED, HAS NO OUTSTANDING LATE FILING PENALTIES ON THOSE REPORTS, AND HAS A RESIDENT AGENT. THEREFORE, THE CORPORATION IS AT THE TIME OF THIS CERTIFICATE IN GOOD STANDING WITH THIS DEPARTMENT AND DULY AUTHORIZED TO EXERCISE ALL THE POWERS RECITED IN ITS CHARTER OR CERTIFICATE OF INCORPORATION, AND TO TRANSACT BUSINESS IN MARYLAND.<br>IN WITNESS WHEREOF, I HAVE HEREUNTO SUBSCRIBED MY SIGNATURE AND AFFIXED THE SEAL OF THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND AT BALTIMORE ON THIS FEBRUARY 16, 2026<br>![(SIGNATURE)](sp003_v1.jpg)<br> Bob Yeager<br> Director<br>![(GRAPHIC)](sp004_v1.jpg)<br>*700 East Pratt Street, 2nd Fb; Ste 2700, Baltimore, Maryland 21202<br> Telephone Baltimore Metro (410) 767-1344/ Outside Baltimore Metro (888) 246-5941<br> MRS (Maryland Relay Service) (800) 735-2258 TT/Voice*<br>Online Certificate Authentication Code N3gyk5ru_UuWctfoS_qNzw<br> To verify the Authentication Code, vusrt http//dat.maryland gov/verify<br>

**<u>Attachment E</u>**

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

**CERTIFIED RESOLUTION**

**MARCH 1, 2026**

The undersigned, being the "Fund"), hereby certifies that the resolution. Secretary of Spirit of America Investment Fund, Inc. (the Board of Directors of the Fund adopted the following

**WHEREAS,** Spirit of America Investment Fund, Inc. (the "Borrower") entered into Second Amended and Restated Revolving Credit Agreement ("Credit Agreement") with The Huntington National Bank (the "Bank") dated as of May 15, 2024;

**WHEREAS,** the Borrower and the Bank have periodically amended the Credit Agreement to extend the maturity date and make certain other revisions;

**RESOLVED,** that that the representations and warranties contained in Section 3 of the Credit Agreement are true and correct in all material respects as of the date hereof and shall remain true and correct for as long as the Credit Agreement remains in effect.

IN WITNESS WHEREOF, the undersigned hereby certifies the above to be true and has executed this certificate as of March 1, 2026.

---

| |
|:---|
| /s/ Alan P. Chodosh |
| Alan Chodosh, Secretary |

---

<u>Exhibit B</u>

[Bank letterhead]

Argent Institutional Trust Company<br> 5901 Peachtree Dunwoody Road<br> Suite C495<br> Atlanta, GA 30328<br> Attention: Legal Department

NOTICE OF EXCLUSIVE CONTROL

We hereby instruct you pursuant to the terms of that certain Control Agreement dated as of March 1, 2026 (as from time to time amended and supplemented, the "Control Agreement") among the undersigned, The Huntington National Bank (together with its successors and assigns), Spirit of America Investment Fund, Inc. (the "Borrower") and you, as Custodian, that you (i) shall not follow any instructions or entitlement orders of Borrower in respect of the Collateral Account(s) or the Collateral assets held by you for Borrower (as each such capitalized term is defined in the Control Agreement), and (ii) unless and until otherwise expressly instructed by the undersigned, Custodian shall exclusively follow the entitlement orders and instructions of the undersigned in respect of the Collateral Account(s) or the Collateral Account(s) assets.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| THE HUNTINGTON NATIONAL BANK | THE HUNTINGTON NATIONAL BANK |
| By: |  |
|  | Authorized Signatory |

---

cc: Spirit of America Investment Fund, Inc.<br> Spirit of America Management Corp.

**APPENDIX B**

**TO REVOLVING CREDIT AGREEMENT**

**BETWEEN**

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

**AND**

**THE HUNTINGTON NATIONAL BANK**

**AUTHORIZATION LETTER**

March 1, 2026

Michael Felix<br> The Huntington National Bank<br> 45 North Pennsylvania Street<br> INHP22<br> Indianapolis, IN 46204

Ladies and Gentlemen:

This letter will serve as a notification that Spirit of America Investment Fund, Inc. (the "Borrower") and Spirit of America Management Corp. (the "Investment Adviser") have the power and authority to request and enter into borrowings on behalf of those investment series set forth on <u>Exhibit 1.1</u> (the "Funds" and each a "Fund") pursuant to that certain Credit Agreement between the Borrower and The Huntington National Bank dated as of even date herewith ("Credit Agreement"). The Borrower is the Borrower referenced in the Credit Agreement. The Adviser is the investment adviser for the Borrower registered under the Investment Advisers Act of 1940 with SEC registration number 801-54782.

The Borrower and the Investment Adviser hereby expressly authorize Argent Institutional Trust Company (the "Custodian") as the Borrower's designated representative on behalf of the Funds, without any further oral or written instruction, (a) to request advances from The Huntington National Bank (the "Bank") under the Credit Agreement for the purposes set forth therein on each occasion where a Fund has daily cash needs in excess of the amount of cash then available in the Fund's Trust Custody Account, and (b) to immediately apply when available the cash held by the Custodian on behalf of the Fund to the repayment of principal and interest of the amounts due by the Fund under the Credit Agreement.

The Borrower and the Investment Adviser hereby acknowledge and agree that all securities of a Fund are to be pledged as security for any and all advances made to the Fund under the Credit Agreement pursuant to the terms of the Pledge and Security Agreement to be entered into between the Bank and the Borrower (the Pledge Agreement") and upon the delivery of a Report of Pledged Securities to the Bank. The Borrower and the Investment Adviser hereby

authorize and direct the Custodian to execute on behalf of the Fund, a Report of Pledged Securities granting to the Bank a security interest in securities owned by the Fund in an amount equal to the Loan.

Notwithstanding the authority granted to the Custodian in this Authorization Letter, the Borrower and the Investment Adviser shall be at all times responsible for ensuring that the borrowings made by a Fund under the Credit Agreement do not violate the Investment Company Act of 1940 or any of the rules and regulations thereunder. A Fund shall from time to time promptly inform the Custodian of any applicable limitations, restrictions and/or prohibitions on borrowings by the Fund under any agreement binding upon or affecting the Fund.

Nothing in this Authorization Letter shall obligate the Custodian to request any advances under the Credit Agreement. To the extent that the Custodian takes any actions contemplated by this Authorization Letter, the Custodian shall be held to the exercise of reasonable care and shall be without liability to a Fund for any loss, damage, cost, expense (including attorneys' fees and disbursements), liability or claim unless arising from the gross negligence, bad faith or willful misconduct of the Custodian. The Custodian shall not be under any obligation at any time to ascertain whether a Fund is in compliance with the Investment Company Act of 1940, the rules and regulations thereunder, any other laws, rules or regulations applicable to the Borrower or the Fund, the provisions of the Borrower's charter documents or by-laws, or the Fund's investment objectives and policies as then in effect.

Nothing contained in this Agreement shall be deemed to modify or amend the Custody Agreement in effect between the Custodian and the Borrower. The obligations and liabilities of the Bank and the Borrower shall be as set forth in the Credit Agreement and related loan documents.

The Borrower and the Investment Adviser hereby expressly authorize the Bank to act upon the oral and/or written instructions of the Custodian as the Funds' authorized designated representative, in making advances to the Fund under the Credit Agreement. The authorizations and designations set forth in this Authorization Letter shall remain in force as to a Fund until delivery to the Custodian and the Bank of written notice by Borrower revoking such authorizations and designations.

***SIGNATURE PAGE TO FOLLOW***

---

| | |
|:---|:---|
| Sincerely yours, | Sincerely yours, |
| Spirit of America Investment Fund, Inc. | Spirit of America Investment Fund, Inc. |
| By: | /s/ David Lerner |
| Name: David Lerner | Name: David Lerner |
| Title: President | Title: President |
| Spirit of America Management Corp. | Spirit of America Management Corp. |
| By: | /s/ David Lerner |
| Name: David Lerner | Name: David Lerner |
| Title: President | Title: President |

---

<u>Exhibit 1.1</u>

To the

Authorization Letter

<u>Participating Funds</u>

**Date:** March 1, 2026

Spirit of America Real Estate Income and Growth Fund<br> Spirit of America Large Cap Value Fund<br> Spirit of America Municipal Tax Free Bond Fund<br> Spirit of America Income Fund<br> Spirit of America Energy Fund<br> Spirit of America Utilities Fund

**AMENDMENT NO. 2**

**TO**

**SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT**

**between**

**SPIRIT OF AMERICA INVESTMENT FUND, INC., on behalf of each of its series**

**and**

**THE HUNTINGTON NATIONAL BANK**

**Dated as of March 1, 2026**

**AMENDMENT NO. 2**

**TO**

**<u>AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT</u>**

This **Amendment to THE SECOND AMENDED AND RESTATED Revolving Credit Agreement** ("Amendment") is entered into as of March 1, 2026 by and between **SPIRIT OF AMERICA INVESTMENT FUND, INC.,** a Maryland corporation (the "Borrower"), executing this Agreement on behalf of itself, and, if applicable, on behalf and for the benefit of those investment series set forth on <u>Exhibit 1.1</u> (the "Fund(s)" and each, a "Fund") and **THE HUNTINGTON NATIONAL BANK,** a national banking association (the "Bank").

WHEREAS, the Borrower is an open-end registered investment company under the Investment Company Act of 1940, as amended, and the Fund is an investment series of the Borrower;

WHEREAS, the Borrower and Bank have previously entered into an Second Amended and Restated Revolving Credit Agreement dated as of May 15, 2024, (as said Second Amended and Restated Revolving Credit Agreement may be amended, restated or otherwise modified from time to time, the "Agreement") pursuant to which the Bank makes Loans to the Borrower, for the benefit of certain of its investment series, including the Funds, and makes available a credit facility for the purposes and on the terms and conditions set forth in the Agreement; and

WHEREAS, Argent Institutional Trust Company has agreed to acquire the corporate and institutional custody business from the Bank.

NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties to this Amendment agree as follows:

Section 1 <u>Amendments</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the following definitions in Section 1.1 of the Agreement are deleted in their entirety and replaced with the following:

"Authorization Letter" means the Authorization Letter(s), as executed by the Borrower and the Investment Adviser from time to time on behalf of the Fund on March 1, 2026, including as such Authorization Letter may be amended, restated or otherwise modified from time to time, whereby the Borrower and the Investment Adviser authorize the Custodian to direct the making of Loans to the Borrower pursuant to this Agreement.

"Custodian" means Argent Institutional Trust Company.

"Custody Agreement" means that certain Custodian Agreement by and between the Custodian and Borrower dated as of March 1, 2026, as it may be amended, restated or otherwise modified from time to time.

"Permitted Liens" shall mean Liens to the Bank under this Agreement or in connection with the Bank's activities as a Fund's securities lending and custodial agent, Liens of governmental entities that secure amounts not at the time due and payable and that are imposed by law without the consent of the Borrower, Liens in favor of the Custodian, and Liens in favor of a Fund's broker or other intermediary relating to short sales and other transactions permitted under a Fund's prospectus or Statement of Additional Information.

"Pledge Agreement," means that Pledge and Security Agreement by and between the Bank, Borrower, and Custodian dated March 1, 2026, including as such Agreement may be amended, restated or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective as of the date of this Amendment, Section 2.5 of the Agreement is deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Term of Facility</u>. Except as otherwise provided in this Section 2.5, with respect to a Fund, the term of the Facility shall expire on the Maturity Date, and the entire outstanding principal balance of the Loans and all accrued interest and other charges, with respect to such Fund, shall become due and payable not later than that date in the event that any principal or accrued interest and other charges have not been previously repaid. The Maturity Date may be extended for successive 364 day terms upon (a) the Bank's executive committee (or similar committee established from time to time) approving an extension of the Facility, (b) the Bank giving written notice of such extension to Borrower prior to the end of the current or extended term, (c) the payment of the Commitment Fee, and (d) the execution of a Note; provided, however, that the Borrower may elect not to renew the Facility by giving written notice to the Bank no less than sixty (60) days prior to the end of the current or extended term. This Facility shall automatically terminate upon the termination of the Custody Agreement, except upon the simultaneous execution by the Bank, Custodian, and Borrower of a substantially identical custody agreement in replacement thereof. Until all Obligations have been fully repaid and this Agreement has terminated, the Bank shall retain its security interest in all Collateral, then existing or arising thereafter, pledged to the Bank pursuant to the Pledge Agreement. Subject to the foregoing, this Agreement may be terminated by the Bank or Borrower at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Effective as of the date of this Amendment, Section 7.1 (g) of the Agreement is deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Custody Agreement is terminated except upon the simultaneous execution by the Bank, Custodian, and the Borrower of a substantially identical custody agreement in replacement thereof, in form and substance satisfactory to the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective as of the date of this Amendment, the following Section 17(k) is added to the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Pledge Agreement, and/or the Control Agreement annexed thereto, is terminated except upon the simultaneous execution by the Bank, Custodian, and the Borrower of substantially identical agreements in replacement thereof, in form and substance satisfactory to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective as of the date of this Amendment, the following Exhibits, relating to the Agreement, each of which is attached hereto, are made part of the Agreement, and replace those currently in effect:

Exhibit 1.1 – Participating Funds

Exhibit 2.1 – List of Authorized Representatives

Exhibit 3.1 – Certificate of Borrower

Exhibit 3.7 – Specific Representations of the Borrower

Appendix A – Pledge and Security Agreement

Appendix B – Authorization Letter

Section 2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment supplements and amends the Agreement. The provisions set forth in this Amendment supersede all prior negotiations, understandings and agreements bearing upon the subject matter covered herein, including any conflicting provisions of the Agreement or any provisions of the Agreement that directly cover or indirectly bear upon matters covered under this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each reference to the "Agreement" in the Agreement (as it existed prior to this Amendment) and in every other agreement, contract, or instrument to which the parties are bound, shall hereafter be construed as a reference to the Agreement as amended by this Amendment. Except as provided in this Amendment, the provisions of the Agreement remain in full force and effect. No amendment or modification to this Amendment shall be valid unless made in writing and executed by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Paragraph headings in this Amendment are included for convenience only and are not to be used to construe or interpret this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken together, shall constitute one and the same agreement.

***SIGNATURE PAGE TO FOLLOW***

**IN WITNESS WHEREOF,** the Borrower and the Bank have executed this Amendment by their duly authorized officers as of the date first above written.

---

| | |
|:---|:---|
| **SPIRIT OF AMERICA INVESTMENT<br> FUND, INC. on behalf of those Funds<br> listed on Exhibit 1.1 of the Agreement** | **SPIRIT OF AMERICA INVESTMENT<br> FUND, INC. on behalf of those Funds<br> listed on Exhibit 1.1 of the Agreement** |
| By: | /s/ David Lerner |
| Name: David Lerner | Name: David Lerner |
| Title: President | Title: President |
| **THE HUNTINGTON NATIONAL BANK** | **THE HUNTINGTON NATIONAL BANK** |
| By: |  |
| Name: Michael Felix | Name: Michael Felix |
| Title: Senior Vice President | Title: Senior Vice President |

---

**EXHIBIT 1.1**

**TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT**

**BETWEEN**

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

**AND**

**THE HUNTINGTON NATIONAL BANK**

**Date:** May 15, 2024, as amended March 1, 2026

---

| | |
|:---|:---|
| **PARTICIPATING FUNDS** | **PARTICIPATING FUNDS** |
| **<u>Fund</u>** | **<u>Date Added</u>** |
| Spirit of America Real Estate Income and Growth Fund | May 28, 2014 |
| Spirit of America Large Cap Value Fund | May 28, 2014 |
| Spirit of America Municipal Tax Free Bond Fund | May 28, 2014 |
| Spirit of America Income Fund | May 28, 2014 |
| Spirit of America Energy Fund | August 7, 2014 |
| Spirit of America Utilities Fund | January 30, 2023 |

---

**EXHIBIT 2.1**

**TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT**

**BETWEEN**

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

**AND**

**THE HUNTINGTON NATIONAL BANK**

**Fund:** Spirit of America Real Estate Income and Growth Fund

Spirit of America Large Cap Value Fund

Spirit of America Municipal Tax Free Bond Fund

Spirit of America Income Fund

Spirit of America Energy Fund

Spirit of America Utilities Fund

**DATE:** May 15, 2024, as amended March 1, 2026

**LIST OF AUTHORIZED REPRESENTATIVES**

In accordance with section 2.1(b) of that certain revolving credit agreement dated May 15, 2014, between Spirit of America Investment Trust, Inc. (the "Borrower") and The Huntington National Bank (the "Bank"), the Borrower hereby authorizes the Bank to act upon the telephonic and/or written instructions of the following authorized representatives of the Borrower:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower: | David Lerner |
|  | Alan P. Chodosh |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser: | Mark Reilly |
|  | Sean Mitchell |
|  | Brett Reilly |
|  | Douglas Revello |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian: | Any and all officers and employees of Argent |
|  | Institutional Trust Company |

---

---

| | |
|:---|:---|
| **Spirit of America Investment Trust, Inc., on** | **Spirit of America Investment Trust, Inc., on** |
| **behalf of those Funds listed on Exhibit 1.1** | **behalf of those Funds listed on Exhibit 1.1** |
| By: | EXHIBIT |
| Name: David Lerner | Name: David Lerner |
| Title: President | Title: President |

---

**EXHIBIT 3.1**

**TO REVOLVING CREDIT AGREEMENT**

**BETWEEN**

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

**AND**

**THE HUNTINGTON NATIONAL BANK**

**FORM OF CERTIFICATE OF BORROWER**

**<u>Spirit of America Investment Fund, Inc.</u>**

**CERTIFICATE OF BORROWER**

re: Spirit of America Real Estate Income and Growth Fund<br> Spirit of America Large Cap Value Fund<br> Spirit of America Municipal Tax Free Bond Fund<br> Spirit of America Income Fund<br> Spirit of America Energy Fund<br> Spirit of America Utilities Fund

The undersigned does hereby certify that he is the duly elected, qualified and acting President of Spirit of America Investment Trust, Inc. a Maryland corporation (the "Borrower"), and the undersigned does hereby further certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Attached
 hereto, marked <u>Attachment A</u>, is a true and correct copy of the current Articles of
 Incorporation, as in effect on the date hereof certified by the Secretary of State of the
 State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Attached
 hereto, marked <u>Attachment B</u>, is a true and correct copy of the Bylaws of the Borrower,
 as in effect on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
following persons are the duly elected officers of the Borrower, holding the office set forth opposite their respective names. Each officer
who has executed or will execute any documents in connection with this loan transaction has set forth his or her true and customary signature
opposite his name:

<u><u>Name</u></u> <u><u>Title</u></u> <u><u>Signature</u></u> <br> <u>David Lerner</u> <u>President</u>   <br> <u>Alan Chodosh</u> <u>Secretary</u>  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each
officer whose personal signature appears above has been duly authorized by resolution of the Board of Trustees of the Borrower to execute
any and all instruments or documents which he may deem necessary or appropriate in connection with this loan transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Attached
 hereto, marked <u>Attachment C</u>, is a copy of the resolution authorizing the execution
 and delivery of any documents in connection with this loan transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 Borrower is in good standing in the state of its formation. Attached hereto, marked <u>Attachment D</u>, is a certificate of good standing issued within the past thirty (30) days by the Secretary
 of State of Mayland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Attached
 hereto, marked <u>Attachment E</u>, is a certificate executed in the name of the Borrower
 by an officer of the Borrower certifying that the representations and warranties contained
 in Section 3 of the Second Amended and Restated Revolving Credit Agreement are true and correct
 in all material respects as of the date hereof and shall remain true and correct for as long
 as the Second Amended and Restated Revolving Credit Agreement remains in effect.

IN WITNESS WHEREOF, the undersigned hereby certifies the above to be true and has executed this certificate this 1<sup>st</sup> day of March 2026.

<u>EXHIBIT</u> <br> David Lerner, President

The undersigned does hereby certify that he is the Secretary of the Borrower and does further certify that the signatory above is the President of the Borrower, and that his signature set forth above is her true and customary signature.

<u>EXHIBIT</u> <br> Alan Chodosh, Secretary

**EXHIBIT 3.7**

**TO REVOLVING CREDIT AGREEMENT**

**BETWEEN**

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

**THE HUNTINGTON NATIONAL BANK**

**Date:** May 15, 2024, as amended March 1, 2026

**SPECIFIC REPRESENTATIONS OF BORROWER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 exact legal name of the Borrower is: <u>Spirit of America Investment Fund, Inc.</u> 

2. If
the Borrower has changed its name since it was established, its past legal names were: ___________________________

3. The
Borrower uses in its business and owns the following trade names:

4. The
Borrower was organized on May 15, 1997 under the laws of the State of Maryland and is in good standing under those laws.

5. The
Borrower has its chief executive office and principal place of business at:

6. The
Borrower maintains all of its records with respect to its accounts at that address.

7. The
Borrower also has places of business at: _____________________________________________________________

8. No
securities owned by the Participating Funds are located at any other place, nor were they located at any other place within the past
four (4) months, except as held by The Huntington National Bank or Argent Institutional Trust Company, as custodian, and by the agents
and sub-custodians thereof.

9. In
the past five (5) years the Borrower has never maintained its chief executive office or principal place of business or records with respect
to accounts, nor owned personal property, at any locations except those set forth above and except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The applicable Fund(s) operated by the Borrower are:

Spirit of America Real Estate Income and Growth Fund

Spirit of America Large Cap Value Fund

Spirit of America Municipal Tax Free Bond Fund

Spirit of America Income Fund

Spirit of America Energy Fund

Spirit of America Utilities Fund

11. If the name of any Fund has been changed since it was formed,
its past names are:

**APPENDIX A**

**TO REVOLVING CREDIT AGREEMENT**

**BETWEEN**

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

**AND**

**THE HUNTINGTON NATIONAL BANK**

**PLEDGE AND SECURITY AGREEMENT**

**THIS PLEDGE AND SECURITY AGREEMENT** ("Agreement"), dated as of March 1, 2026, Spirit of America Investment Fund, Inc., a Maryland corporation (the "Borrower"), executing this Agreement on behalf of itself and on behalf of those investment series set forth on <u>Exhibit 1.1</u> **(**the "Fund(s)" and each, a "Fund"), and **THE HUNTINGTON NATIONAL BANK,** a national banking association ("Bank").

**WITNES**S**ETH:**

**WHEREAS,** the Borrower and Argent Institutional Trust Company ("Custodian") have previously entered into a Custody Agreement dated March 1, 2026 (as said Custody Agreement may be amended, restated or otherwise modified from time to time, "the Custody Agreement"), pursuant to which Bank holds securities as custodian for the Borrower on behalf of the Funds, all as more fully set forth in the Custody Agreement; and

**WHEREAS,** the Borrower, on behalf of the Funds, is issuing to Bank a promissory note (as said Note may be amended, restated or otherwise modified from time to time, the "Note") in connection with the execution on the date hereof by the Borrower on behalf of the Funds and Bank of that certain Revolving Credit Agreement (as said Loan Agreement may be amended, restated or otherwise modified from time to time, the "Loan Agreement"); and

**WHEREAS,** the Borrower, on behalf of the Funds, the Investment Adviser and the Bank may execute a Foreign Exchange Agreement(s) ("FX Agreement") pursuant to which the Investment Adviser enters into foreign exchange transactions on behalf of a Fund for hedging and investment purposes and the Borrower, on behalf of the Funds, the Investment Adviser and the Bank may execute an ISDA Master Agreement (Multicurrency - Cross Border), as well as any related annexes, confirmations and other documentation (an "FX Options Agreement", and together with the FX Agreement, the "FX Documentation"), pursuant to which the Investment Adviser may enter into foreign currency options transactions on behalf of a Fund; and;

**WHEREAS,** it is a condition to Bank executing the Loan Agreement, an FX Agreement and, if applicable, an FX Options Agreement that this Agreement be executed and delivered by the Borrower, pursuant to which the Borrower is, among other things, agreeing to pledge securities owned by the Borrower but held by a Fund to (i) secure borrowings incurred by the Borrower on behalf of the Fund under the Loan Agreement and as reflected on the Note and (ii) secure the settlement of foreign exchange transactions under the FX Documentation.

**NOW, THEREFORE,** in consideration of the premises and to induce Bank to agree to execute the Loan Agreement and the FX Documentation, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>.

Specific Definitions. The following definitions shall apply:

"Alternative Funding Date" shall have the meaning given it in the FX Agreement.

"Business Day" shall mean any day other than a Saturday, a Sunday, or other day on which Bank is authorized or required to be closed.

"Collateral" shall have the meaning set forth that term in Section 2.

"Costs" shall have the meaning set forth that term in Section 4.

"Default" means any event that, with the giving of notice or the passage of time, or both, would be an Event of Default.

"Event of Default" has the meaning set forth in Section 8.

"Governmental Authority" shall mean any foreign, federal, state, regional, local, municipal or other government, or any department, commission, board, bureau, agency, public authority or instrumentality thereof, or any court.

"Insolvency Event" means, with respect to a Person, any of the following: a court enters a decree or order for relief in respect to such Person in an involuntary case under any applicable bankruptcy, insolvency or other similar law then in effect, or appoints a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of such Person or for any substantial part of its property, or orders the wind-up or liquidation of its affairs; or a petition initiating an involuntary case under any such bankruptcy, insolvency or similar law is filed against such Person; or such Person commences a voluntary case under any applicable bankruptcy, insolvency or other similar law in effect, or makes any general assignment for the benefit of creditors, or fails generally to pay its debts as such debts become due, or takes corporate action in furtherance of any of the foregoing.

"Investment Adviser", has the meaning set forth in Exhibit 1.1

"Lien" means any security interest, mortgage, pledge, assignment, or voluntary or involuntary lien, charge or other encumbrance of any kind, including interests of vendors or lessors under conditional sale contracts or capital leases.

"Obligation(s)" (i) means all loans, advances, indebtedness and other obligations of the Borrower owed to Bank under the Loan Agreement, as the same may be amended from time to time hereafter, of every description whether now existing or hereafter arising and whether direct or indirect, primary or as guarantor or surety, absolute or contingent, liquidated or unliquidated, matured or unmatured, secured or unsecured, and all expenses and attorney's fees incurred by Bank under this Agreement or any other document or instrument related thereto, and (ii) any

amounts owed to the Bank in connection with any foreign exchange transaction or foreign currency options transaction entered into on behalf of a Fund and to pay any and all applicable fees under the FX Agreement, the FX Options Agreement or any Pledge Documents, and all Costs incurred by the Bank.

"OF AC" means The Office of Foreign Assets Control of the U.S. Department of the Treasury.

"Person" shall mean and include an individual, business trust, statutory trust, corporation, partnership, corporation, joint stock company, trust, unincorporated association, joint venture or other entity.

"Pledge Documents," means this Agreement and the Control Agreement dated March 1, 2026, by and among the Borrower, on behalf of the Funds; the Custodian and the Bank, including any and all such documents as they may be amended, restated or otherwise modified from time to time.

"Requirements of Law" as to any Person shall mean the articles or certificate of incorporation and bylaws or other organizational or governing documents of such Person and any determination of an arbitrator or a court or other Governmental Authority, or law, treaty, rule or regulation or, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"Sanctioned Entity" means (i) a country or a government of a country, (ii) an agency of the government of a country, (iii) an organization directly or indirectly controlled by a country or its government, (iv) a Person resident in or determined to be resident in a country, in each case, that is subject to a country Sanctions program administered and enforced by OF AC.

"Sanctioned Person" means a Person named on the list of Specially Designated Nationals maintained by OFAC.

"Securities" shall have the meaning set forth that term in Section 2.

"Settlement Date" has the meaning given it in the FX Documentation.

"Trade Date" has the meaning given it in the FX Documentation.

"Trust Custody Account," means each account of the Borrower established with the Custodian on behalf of a Fund pursuant to the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Pledge</u>. To secure the payment and performance by the Borrower, on behalf of a Fund, of the Obligations under the Loan Agreement and the FX Documentation, the Borrower grants to the Bank and its successors and assigns, with full power and discretion as hereinafter provided, a continuing first priority lien and security interest in and right of setoff against all of the Borrower's rights, title and interest, including without limitations the Borrower's securities entitlement (as such term is defined in Article 8 of the Uniform Commercial Code as adopted by the State of Indiana (the "UCC")), in and to the Securities (as defined below) now or at any time held or controlled by Custodian pursuant to the Custody Agreement or by any third party, whether

or not acting on behalf of the Bank, together with all the Borrower's rights, title and interest in and to all Securities and financial assets (as such term is defined in Article 8 of the UCC) therein and all principal, interest, distributions, dividends (whether cash or stock), income, earnings, cash and other rights at any time received or receivable or otherwise distributed in respect of or in exchange therefor, and all additions to, all replacements of, all substitutions for, and all proceeds of any or all of the foregoing (the "Collateral).

The Borrower acknowledges and agrees that so long as this Agreement is in effect, the Custodian is holding physical possession and/or control of the Securities for the purposes set forth in the Custody Agreement.

"Securities" shall include, without limitation, whether certificated or uncertificated, those common and preferred stocks, bonds, registered and unregistered investment company securities, call options, put options, debentures, notes, bank certificates of deposit, banker's acceptances, mortgage backed securities, U.S. Treasury Securities, money market instruments or other obligations, repurchase agreements and the underlying collateral, certificates, receipts, warrants, securities entitlements, securities accounts or other investment property, instruments or documents, and all additions, all as owned by the Borrower on behalf of a Fund. Securities shall also include any rights or other interests therein to receive, purchase or subscribe for any of the foregoing and all investments and rights therein. The collateral value of the Securities shall be calculated in accordance with the procedures set forth in the Borrower's current prospectus and Statement of Additional Information ("Securities Valuation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Authorization to File Financing Statements; Ratification</u>. The Borrower hereby authorizes the Bank to file all financing statements. The Borrower will deliver to the Bank control agreements (substantially in the form attached here to as <u>Annex 1</u>, a "Control Agreement") and other documents and take such other actions as may from time to time be requested by the Bank in order to maintain a first perfected security interest in and, if applicable, Control (as defined in the UCC) of the Collateral owned by the Borrower on behalf of a Fund. Any financing statement filed by the Bank may be filed in any filing office in any UCC jurisdiction and may indicate the Borrower's Collateral (i) as all assets of the Borrower or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the UCC or such jurisdiction, or (ii) by any other description which reasonably approximates the description contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Fees and Costs</u>. The Borrower shall reimburse the Bank for all fees, costs and expenses including, without limitation, reasonable attorney's fees, other professional fees, appraisal fee, court costs, litigation and other expenses (collectively, "Costs") incurred in connection with the enforcement of the Pledge Documents without any limitation. Costs shall be due and payable upon demand by the Bank. If the Borrower fails to pay Costs upon such demand, the Bank is entitled to disburse such Costs as Obligations. Thereafter, the Costs shall bear interest from the date incurred or disbursed at the highest rate set forth in the Loan Agreement. This provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties</u>. The Borrower represents and warrants to the Bank that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date of each Loan (as defined in the Loan Agreement) and each transaction under the FX Documentation, the Borrower will be the sole beneficial owner of the Securities free and clear of any security interest, pledge, or other lien or encumbrance (collectively, "Lien") thereon or affecting the title thereto, except for Liens in favor of the Bank and the Custodian and Liens of governmental entities which secure amounts not at the time due and payable and which are imposed by law without the consent of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower has the right and requisite authority to pledge, mortgage, assign, transfer, deliver, deposit, set over, grant a security interest in and confirm the Securities to the Bank and/or the Custodian, as applicable, as provided herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower has obtained all permits, consents, approvals, authorizations or other orders of any Person, corporation, partnership, trust, governmental entity, or other entity required for the execution and delivery of this Agreement or the delivery of the Securities to the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower has good and marketable title to the Securities, and the Liens granted to the Bank pursuant to this Agreement are fully perfected first priority Liens in and to the Securities assuming that the Custodian has physical possession and/or control of the Securities as set forth in Section 2, Control Agreements remain in effect with respect to the Securities providing control of the Securities to the Bank, and that Bank makes and continues such UCC-1 financing statement filings as are necessary to perfect Bank's security interest in the Securities.

The representations and warranties set forth in this Section 5 shall survive the execution and delivery of this Agreement and shall be deemed to have been made anew upon the making of each Loan pursuant to the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Covenants</u>. The Borrower covenants and agrees that until payment in full of all the Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without the prior written consent of the Bank, it will not mortgage, pledge or otherwise encumber any of the Borrower's rights in or to the Securities or any unpaid dividends or other distributions or payments with respect thereto, or grant a Lien in any of the above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower will not cause or permit any Fund to create, incur, assume or permit to continue in existence any Lien on Collateral now owned or hereafter acquired by the Borrower, except for Liens to the Bank under this Agreement in favor of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Rights with Respect to Securities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in this Agreement, the Borrower shall have the rights provided to it in the Custody Agreement or any Control Agreement. The Borrower shall have the right, from time to time, to vote and give consents with respect to the Securities for all purposes not inconsistent with the provisions of this Agreement, the Custody Agreement or any Control Agreement. Notwithstanding anything else set forth in this Agreement, in the event of a conflict between this Agreement, the Custody Agreement and the Control Agreement, the provisions of this Agreement and the Control Agreement shall control and in the event of a conflict between this Agreement and the Control Agreement, the Control Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank (itself or through an agent) is hereby authorized and empowered at its election, subject to the terms of the Control Agreements, to transfer and register in its name or in the name of its nominee the whole or any part of the Securities to collect and receive all cash dividends and other distributions made thereon, to sell in one or more sales, but without any previous notice or advertisement, the whole or any part of the Securities and to otherwise act with respect to the Securities as though the Bank was the outright owner thereof. Except as provided in the Authorization Letter (as defined in the Loan Agreement), the Bank hereby agrees that it shall not exercise any of the powers granted in this Section 7(b) unless an Event of Default (as defined in Section 8) has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Events of Default</u>. The following shall each constitute an "Event of Default" under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The occurrence of an Event of Default under the terms of the Loan Agreement, the Note or the FX Documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure by the Borrower to observe and perform any covenant, condition, or agreement on the Borrower's part to be observed or performed under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Failure of any representation or warranty of the Borrower contained in this Agreement to be true when given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An Insolvency Event occurs with respect to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any of the following occurs: there is a material impairment of the value or priority of the Bank's Lien in the Collateral; a notice of lien, levy or assessment is filed against the Borrower or an asset of the Borrower by any government authority; or a judgment or other claim becomes a Lien on any Collateral; or any asset of the Borrower is seized, attached, or otherwise levied upon by a judicial officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any event occurs which might, in the Bank's reasonable opinion, have a material adverse effect on the Collateral pledged to the Bank under this Agreement or on the

Borrower's financial condition, operations or prospects or the ability of the Borrower to perform its obligations under this Agreement or any other Pledge Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Custody Agreement is terminated except upon the simultaneous execution by the Bank, the Custodian, and the Borrower of a substantially identical custody agreement in replacement thereof, in form and substance satisfactory to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Event of Default shall occur and be continuing, then or at any time thereafter, and in addition to the rights and remedies of Bank pursuant to the terms and provisions of the Loan Agreement and the Note, the Bank (itself or through an agent) is hereby authorized and empowered at its election, to sell in one or more public or private sales after seven days' notice (which notice the Borrower agrees is commercially reasonable) but without any previous notice or advertisement, the whole or any part of the Securities. Any sale may be either for cash or upon credit or for future delivery, and the Bank may be the purchaser of the whole or any part of the Securities so sold and hold the same thereafter in its own right free from any claim of the Borrower or any right of redemption. The Bank reserves the right to reject any and all bids at such sale which, in its sole discretion, it shall deem inadequate. Demands of performance, except as otherwise herein specifically provided for, notices of sale, advertisements and the presence of property at sale are hereby waived and any sale hereunder may be conducted by any officer or agent of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, at the original time or times appointed for the sale of the whole or any part of the Securities, the then current market price is inadequate to discharge in full all the Obligations, or if the Securities be offered for sale in lots, if at any of such sales, the highest bid for the lot offered for sale would indicate to the Bank, in its discretion, the unlikelihood of the proceeds of the sales of all of the Securities being sufficient to discharge all the Obligations, the Bank may, on one or more occasions, postpone any of said sales by public announcement at the time of sale or the time of previous postponement of sale, and no other notice of such postponement or postponements of sale need be given, any other notice being hereby waived; provided, however, that any sale or sales made after such postponement shall be after seven days' notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of any sale(s) hereunder the Bank shall, after deducting all costs or expenses of every kind (including, to the full extent permitted by law, attorney's fees and disbursements) for care, safekeeping, collection, sale, delivery or otherwise, apply the residue of the proceeds of the sale(s) to the payment or reduction, either in whole or in part, of the Obligations returning the surplus, if any, to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, at any time when the Bank shall determine to exercise its right to sell the whole or any part of the Securities hereunder, such Securities or the part thereof to be sold shall not be effectively registered, for any reason whatsoever, under the Securities Act of 1933, as then in effect (or any similar statute then in effect) (the "Securities Act"), the Bank may, in its discretion (subject only to applicable Requirements of Law), sell such Securities or part thereof by private sale in such manner and under such circumstances as the Bank may deem necessary or advisable, but subject to the other requirements of this Section 9, and shall not be required to effect such

registration or to cause the same to be effected. Without limiting the generality of the foregoing, in any such event the Bank in its discretion (i) may proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Securities or part thereof could be or shall have been filed under said Securities Act (or similar statute), (ii) may approach and negotiate with a single possible purchaser to effect such sale, and (iii) may restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment and not with a view to the distribution or sale of such Securities or part thereof. In addition to a private sale as provided above in this Section 9, if any of the Securities shall not be freely distributable to the public without registration under the Securities Act (or similar statute) at the time of any proposed sale pursuant to this Section 9, then the Bank shall not be required to effect such registration or cause the same to be effected but, in its discretion (subject only to applicable Requirements of Law), may require that any sale hereunder (including a sale at auction) be conducted subject to restrictions (i) as to the financial sophistication and ability of any Person permitted to bid or purchase at sale, (ii) as to the content of legends to be placed upon any certificates representing the Securities sold in such sale, including restrictions on future transfer thereof, (iii) as to the representations required to be made by each Person bidding or purchasing at such sale relating to that Person's access to financial information about the Borrower and such Person's intentions as to the holding of the Securities so sold for investment, for its own account, and not with a view to the distribution thereof, and (iv) as to such other matters as the Bank may, in its discretion, deem necessary or appropriate in order that such sale (notwithstanding any failure so to register) may be effected in compliance with laws affecting the enforcement of creditors' rights and the Securities Act and all applicable state or other jurisdictions' securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower acknowledges that any sale under the circumstances described in this Section 9 shall be deemed to have been held in a manner which is commercially reasonable. In the event of any such sale under the circumstances described in this Section 9, the Bank shall incur no responsibility or liability for selling all or any part of the Securities at a price which the Bank may deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might be realized if the sales were deferred until after registration as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower agrees that it will not at any time plead, claim or take the benefit of any appraisal, valuation, stay, extension, moratorium or redemption law now or hereafter in force in order to prevent or delay the enforcement of this Agreement, or the absolute sale of the whole or any part of the Securities or the possession thereof by any purchaser at any sale hereunder, and the Borrower waives the benefit of all such laws to the extent it lawfully may do so. The Borrower agrees that it will not interfere with any right, power and remedy of the Bank provided for in this Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by the Bank of any one or more of such rights, powers or remedies. No failure or delay on the part of the Bank to exercise any such right, power or remedy and no notice or demand which may be given to or made upon the Borrower by the Bank with respect to any such remedies shall operate as a waiver hereof, or limit or impair the Bank's right to take any action or to exercise any power or remedy hereunder, without notice or demand, or prejudice its rights as against the Borrower in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Bank acknowledges and agrees that the exercise of remedies set forth in this Section 9 is subject to compliance with the terms of the Control Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower waives any right to require Bank to: (i) proceed against or exhaust any security held for the Obligations, or (ii) pursue any other remedy in Bank's power whatsoever. The Borrower hereby waives notice of acceptance of this Agreement, and also presentment, demand, protest and notice of dishonor of any and all of the Obligations, and promptness in commencing suit against any party thereto or liable thereon, and in giving notice to or of making any claim or demand hereunder upon the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No delay on the Bank's part in exercising any power of sale, lien, option or other right hereunder, and no notice or demand which may be given to or made upon the Borrower by the Bank with respect to any power of sale, lien, option or other right hereunder, shall constitute a waiver thereof, or limit or impair the Bank's right to take any action or to exercise any power of sale, lien, option, or any other right hereunder, without notice or demand, or prejudice the Bank's rights as against the Borrower in any respect. No act or omission of any kind on Bank's part shall in any event affect or impair this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Indemnification</u>. The Borrower agrees to indemnify and hold the Bank harmless from and against any taxes, liabilities, claims and damages, including reasonable attorney's fees and disbursements, and other expenses incurred or arising by reason of the taking or the failure to take action by the Bank, in good faith, under this Agreement and in respect of any transactions effected in connection with this Agreement, including, without limitation, any taxes payable in connection with the delivery or registration of any of the Securities as provided herein. The obligations of the Borrower under this Section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower agrees to promptly reimburse Bank for actual out-of-pocket expenses, including, without limitation, reasonable counsel fees, incurred by the Bank in connection with the administration and enforcement of this Agreement and/or the Note and/or the Loan Agreement; provided, however, that this Section 12(a) shall not be construed as granting the Bank a security interest in any Securities for the purpose of paying such counsel fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall be binding upon the Borrower and the Borrower's assigns, and shall inure to the benefit of, and be enforceable by, the Bank and its successors, transferees and assigns. None of the terms or provisions of this Agreement may be waived, altered, modified or amended except in writing duly signed for and on behalf of the Bank and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>. Any notices under or pursuant to this Agreement shall be deemed duly sent when delivered by hand or when mailed by registered or certified mail, return receipt requested, or when sent by facsimile transmission, addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 to Bank, at

The Huntington National Bank<br> 45 North Pennsylvania Street<br> INHP22

Indianapolis, IN 46204<br> Attention: Michael Felix

Tel: 317-687-2440

Email: <u>Michael.Felix@Huntington.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 to the Trust:

Spirit of America Investment Fund, Inc.<br> 477 Jericho Turnpike

PO Box 9006 <br> Syosset, NY 11791<br> Attention: Alan P. Chodosh<br> Tel: 516-390-5525

Email: apchodosh@davidlerner.com

with a copy to:<br> Thomas Westle, Esq.<br> Blank Rome LLP<br> 405 Lexington Avenue<br> New York, NY 10174

Either party may change such address by sending notice of the change to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, which shall, collectively and separately, constitute one agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Governing Law; Jurisdiction</u>. All acts and transactions hereunder and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Ohio. The Borrower agrees that the state and federal courts in Franklin County, Ohio or any other court in which Bank initiates proceedings have exclusive jurisdiction over all matters arising out of this Agreement, and that service of process in any such proceeding shall be effective if mailed to the Borrower at its address described in the Notices section of this Agreement. BANK AND THE BORROWER HEREBY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER PARTY AGAINST ANY OTHER ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

***SIGNATURES ON FOLLOWING PAGE***

**IN WITNESS WHEREOF,** the parties hereto have caused this Pledge and Security Agreement to be duly executed as of the date first above written.

---

| | |
|:---|:---|
| **Spirit of America Investment Fund, Inc.** | **Spirit of America Investment Fund, Inc.** |
| **on behalf and for the benefit of the Funds,** | **on behalf and for the benefit of the Funds,** |
| "Borrower" | "Borrower" |
| By: | EXHIBIT |
| Name: David Lerner | Name: David Lerner |
| Title: President | Title: President |
| **THE HUNTINGTON NATIONAL** | **THE HUNTINGTON NATIONAL** |
| **BANK,** "Bank" | **BANK,** "Bank" |
| By: | EXHIBIT |
| Name: Michael Felix | Name: Michael Felix |
| Title: Senior Vice President | Title: Senior Vice President |

---

**EXHIBIT 1.1**

**TO PLEDGE AND SECURITY AGREEMENT**

**BETWEEN**

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

**AND**

**THE HUNTINGTON NATIONAL BANK**

**PARTICIPATING FUNDS**

---

| | | |
|:---|:---|:---|
| <u>Fund</u> | &nbsp;&nbsp;<u>Investment Adviser</u> | &nbsp;&nbsp;<u>Date Added</u> |
| Spirit of America Real Estate Income and Growth Fund | &nbsp;&nbsp;Spirit of America Management Corp. | &nbsp;&nbsp;May 28, 2013 |
| Spirit of America Large Cap Value Fund | &nbsp;&nbsp;Spirit of America Management Corp. | &nbsp;&nbsp;May 28, 2013 |
| Spirit of America Municipal Tax Free Bond Fund | &nbsp;&nbsp;Spirit of America Management Corp. | &nbsp;&nbsp;May 28, 2013 |
| Spirit of America Income Fund | &nbsp;&nbsp;Spirit of America Management Corp. | &nbsp;&nbsp;May 28, 2013 |
| Spirit of America Energy Fund | &nbsp;&nbsp;Spirit of America Management Corp. | &nbsp;&nbsp;July 14, 2014 |
| Spirit of America Utilities Fund | &nbsp;&nbsp;Spirit of America Management Corp | &nbsp;&nbsp;January 30, 2023 |

---

---

| | |
|:---|:---|
| **SPIRIT OF AMERICA INVESTMENT** | **SPIRIT OF AMERICA INVESTMENT** |
| **TRUST, INC. on behalf of the Funds** | **TRUST, INC. on behalf of the Funds** |
| "Borrower" | "Borrower" |
| By: | EXHIBIT |
| Name: David Lerner | Name: David Lerner |
| Title: President | Title: President |
| **THE HUNTINGTON NATIONAL** | **THE HUNTINGTON NATIONAL** |
| **BANK,** "Bank" | **BANK,** "Bank" |
| By: | EXHIBIT |
| Name: Michael Felix | Name: Michael Felix |
| Title: Senior Vice President | Title: Senior Vice President |

---

**ANNEX 1**

**TO PLEDGE AND SECURITY AGREEMENT**

**BETWEEN**

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

**AND**

**THE HUNTINGTON NATIONAL BANK**

**CONTROL AGREEMENT**

This Control Agreement (this "Agreement"), dated March 1, 2026, is by and among **SPIRIT OF AMERICA INVESTMENT FUND, INC.,** a Maryland corporation (the "Borrower") executing this Agreement on behalf of itself and on behalf of those investment series set forth in Exhibit A (the "Funds" and each, a "Fund"), **THE HUNTINGTON NATIONAL BANK,** a national bank ("Bank"), and **ARGENT INSTITUTIONAL TRUST COMPANY,** (the "Custodian").

WHEREAS, the Borrower and the Custodian are parties to a certain Custody Agreement(s) whereunder Custodian holds custody of various assets of Borrower, which include the Collateral Account(s), as defined and listed below; and

WHEREAS, the Borrower and Bank have entered into the Pledge Agreement dated as of March 1, 2026; and

WHEREAS, Bank, the Borrower and the Custodian are entering into this Agreement to provide for Bank's control of the Collateral Account(s) and the financial assets and other property held in the Collateral Account(s).

NOW THEREFORE, for valuable consideration, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Establishment of Collateral Account(s)</u>. The Custodian hereby confirms and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Custodian has established the following account(s) (the "Collateral Account(s)"), in the name of the Borrower.

---

| | |
|:---|:---|
| <u>Fund</u> | <u>Collateral Account Numbers</u> |
| Spirit of America Real Estate Income and Growth Fund | 15040000357 |
| Spirit of America Large Cap Value Fund | 15040000367 |
| Spirit of America Municipal Tax Free Bond Fund | 15040000337 |
| Spirit of America Income Fund | 15040000347 |
| Spirit of America Energy Fund | 15040000664 |
| Spirit of America Utilities Fund | 15040003113 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Custodian is, and at all times hereafter will be, acting in the capacity of "Securities Intermediary" (as such term is defined in Article 8 of the Uniform Commercial Code

as adopted by the State of Ohio (the "UCC")) in respect of all Securities or other property credited to the Collateral Account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 All securities or other property underlying any financial assets credited to the Collateral Account(s) shall be registered in the name of the Custodian or its nominee, indorsed to the Custodian or in blank and in no case, will any financial asset credited to a Collateral Account be registered in the name of the Borrower, payable to the order of the Borrower or specially indorsed to the Borrower except to the extent the foregoing have been specially indorsed to the Custodian or in blank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Collateral Account Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Bank Security Interest</u>. The Borrower has granted Bank a security interest in the Collateral and Collateral Account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Control</u>. Custodian will comply with the entitlement order(s) (as defined in the UCC) or other instruction(s) received from the Borrower until Custodian receives a written notice from Bank instructing Custodian that Bank is exercising its right to exclusive control over the Collateral Account(s). Such notice, which shall be substantially in the form attached hereto as <u>Exhibit B</u>, is referred to herein as a "Notice of Exclusive Control". After Custodian receives a Notice of Exclusive Control and Custodian has a reasonable time to act thereon, Custodian shall thereafter comply only with the entitlement order(s) (as defined in the UCC) or other instruction(s) received from Bank with respect to the Collateral and the Collateral Account(s) without further consent of Borrower or any other Person. If the Custodian receives conflicting entitlement orders or instructions from the Borrower and the Bank, the Custodian shall follow the instructions or entitlement orders originated by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Limited Responsibility of Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Custodian shall have no responsibility or liability to Bank for complying with entitlement orders or other instructions originated by the Borrower concerning the Collateral Account(s) or any Collateral, prior to Custodian receiving a Notice of Exclusive Control and Custodian having had a reasonable time to act thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Custodian shall have no responsibility or liability to the Borrower, for complying with a Notice of Exclusive Control or complying with entitlement orders or other instructions originated by Bank concerning the Collateral Accounts or any Collateral. The Custodian shall have no duty to investigate or make any determination as to whether any entitlement order or Notice of Exclusive Control is appropriate whether or not the Borrower may allege that such entitlement order or Notice of Control is inappropriate. Upon Bank issuing a Notice of Exclusive Control, the Borrower agrees not to issue any request or instructions to Custodian to make trades of securities held in the Collateral Account(s) or to transfer or withdraw any financial assets, cash or other property from the Collateral Account(s) without the prior written consent of Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Notwithstanding any provision contained herein or in any other document or instrument to the contrary, Custodian shall not be liable for any action taken or omitted to be taken at the instruction of Bank or the Borrower, as applicable, or any action taken or omitted to

be taken under or in connection with this Agreement, except for Custodian's own gross negligence or willful misconduct in carrying out such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Distributions; Tax Reporting</u>. Custodian or its agent shall credit to the Borrower's custodial account(s) all interest, dividends and other income received by Custodian on the Collateral, unless Custodian has received a Notice of Exclusive Control and has had a reasonable time to act thereon. All items of income, gain, expense and loss recognized in the Collateral Account(s) shall be reported to the Internal Revenue Service and all state and local taxing authorities under the name and taxpayer identification number of Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Duties and Services of Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Custodian shall have no duties, obligations, responsibilities or liabilities with respect to the Collateral or the Collateral Account(s) except as and to the extent expressly set forth in this Agreement (and as between the Borrower and Custodian the Custody Agreement), and no implied duties of any kind shall be read into this Agreement against Custodian including, without limitation, the duty to preserve, exercise or enforce rights in the Collateral and Collateral Account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Instructions under this Agreement from the Borrower's authorized representative given in accordance with the terms of the Custody Agreement shall also constitute proper instructions under the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Bank agrees to provide to Custodian, on <u>Exhibit C</u> attached hereto, the names and signatures of authorized parties who may give written notices, instructions or entitlement orders concerning the Collateral Account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Notwithstanding anything to the contrary in this Agreement, Bank and the Borrower hereby further acknowledge and agree that any Collateral issued outside the United States ("Foreign Security System Assets") which may be held by Custodian, a sub-custodian within Custodian's network of sub-custodians (each a "Sub-Custodian") or a depository or book-entry system for the central handling of securities and other financial assets in which Custodian or the Sub-Custodian are participants may not permit the Borrower to have a security entitlement under the UCC with respect to such Foreign Security System Assets (and such property shall be deemed for purposes of this Agreement not to be a financial asset held within the Collateral Account(s)). The parties hereby further acknowledge that Custodian gives no assurance that a security entitlement is created under the UCC with respect to any assets held in Euroclear or Clearstream Banking or their successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Indemnification of the Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Borrower and Bank hereby agree that Custodian is released from any and all liabilities to the Borrower and Bank arising from the terms of this Agreement and the compliance of Custodian with the terms hereof, except to the extent that such liabilities arise directly from Custodian's gross negligence or willful misconduct. In no event shall Custodian be liable under this Agreement to the Borrower or Bank or any Person claiming by through or under the Borrower or Bank for consequential or special damages, even if Custodian has been advised

of the possibility or likelihood of such damages. This provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 As between the Borrower and Custodian, Custodian shall be and remains entitled to all of the rights, indemnities, powers, and protections in its favor under the Custody Agreement, which shall apply fully to Custodian's actions and omissions hereunder. This provision shall survive the termination of this Agreement. In addition to such the rights, indemnities, powers, and protections set forth in the Custody Agreement, Borrower hereby agrees to hold harmless, indemnify, and defend Custodian, and its affiliates, successors, assigns, officers, directors, employees, and agents, against all losses, liabilities, claims, litigation, demands, suits, costs (including reasonable attorneys' fees), disbursements, or expenses incurred as a result of the assertion of any claim by any Person or entity arising out of or otherwise arising from or in connection with or related to this Agreement, including any that may be incurred in performing its duties or responsibilities pursuant to the terms of this Agreement, except to the extent the losses, liabilities, claims, litigation, demands, suits, costs, disbursements, or expenses are a direct result of Custodian's gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 As between Custodian and Bank, Bank will hold harmless, indemnify, and defend Custodian, and its affiliates, successors, assigns, officers, directors, employees, and agents, against all losses, liabilities, claims, litigation, demands, suits, costs, disbursements, or expenses arising out of entitlement orders and any other instructions given by Bank to Custodian under this Agreement or actions taken by Custodian in compliance with entitlement orders originated by Bank, or otherwise following instructions of Bank hereunder, including reasonable attorneys' fees and disbursements, except to the extent the losses, liabilities, claims, litigation, demands, suits, costs, disbursements, or expenses are a direct result of Custodian's gross negligence or willful misconduct. This provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Custodian Representations</u>. The Custodian agrees and confirms, as of the date hereof, and at all times until the termination of this Agreement that it has not entered into, and until the termination of this Agreement will not enter into, any agreement (other than the Custody Agreement and any sub-custodian agreements in connection therewith) with any other Person or entity relating to the Collateral or the Collateral Account(s) under which it has agreed to comply with entitlement orders (as defined in Section 8-102 of the UCC) of such other Person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Access To Reports</u>. The Custodian will provide access to Bank to view statements of the holdings report of the Collateral Account(s) which is updated on daily basis; provided, however, that Custodian's failure to provide access to Bank to shall not give rise to any liability hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Fees and Expenses of Custodian</u>. In addition to the terms of the Custody Agreement, the Borrower hereby agrees to pay and reimburse Custodian for any advances, costs, expenses (including, without limitation, reasonable attorney's fees and costs) and disbursements that may be paid or incurred by Custodian in connection with this Agreement or the arrangement contemplated hereby, including any that may be incurred in performing its duties or responsibilities pursuant to the terms of this Agreement. This provision shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liens; Advances; Right of Offset</u>. Any fees, expenses or other amounts that may be owing to Custodian from time to time pursuant to the terms hereof or of the Custody Agreement shall be secured by any lien, encumbrance and other rights that Custodian may have under the Custody Agreement or applicable law; and Custodian shall be entitled to exercise such rights and interests against the Collateral and Collateral Account(s) in accordance with the terms of the Custody Agreement. Without limiting the generality of the foregoing, Bank furthermore agrees that (a) if Custodian, at its option without any liability or obligation to do so, advances cash or investments to the Collateral Account(s) for any purpose (including but not limited to securities settlements, foreign exchange contracts, assumed settlement or account overdraft) for the benefit of the Borrower, any property at any time held pursuant to this Agreement shall be security therefor and, should Borrower fail to repay Custodian promptly, Custodian shall be entitled to utilize available cash and/or to liquidate assets in the Collateral Account(s) to the extent necessary to obtain reimbursement; and (b) Custodian shall be entitled to utilize available cash and/or to liquidate assets in the Collateral Account(s) for the payment of fees, cost and expenses owing to Custodian with respect to the Collateral Account(s), and all costs and expenses that may be paid or incurred by Custodian in connection with this Agreement, including, without limitation, any that may be incurred in performing Custodian's duties under this Agreement pertaining to instructions or entitlement orders or a Notice of Exclusive Control issued by Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. Any notice, instruction or other instrument required to be given hereunder requests and demands to or upon the respective parties hereto shall be in writing and may be sent by hand, or by facsimile transmission, or delivery by any recognized delivery service, prepaid or, by certified or registered mail, postage prepaid, and addressed as follows, or to such other address as any party may hereafter notify the other respective parties hereto in writing; provided, however, that any notice to the Custodian shall not be deemed to be given until received by it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 to Custodian, then:

Argent Institutional Trust Company

5901 Peachtree Dunwoody Road

Suite C495

Atlanta, GA 30328

Attention: Legal Department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to
 Bank, then:

The Huntington National Bank

45 North Pennsylvania Street

INHP22

Indianapolis, IN 46204

Attn: Michael Felix

Tel: 317-687-2440

Email: <u>Michael.Felix@Huntington.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
to Borrower, then:

Spirit of America Investment Fund, Inc.

477 Jericho Turnpike

PO Box 9006

Syosset, NY 11791

Attention: Alan P. Chodosh

Tel: 516-390-5525

Email: apchodosh@davidlerner.com

with a copy to:

Thomas Westle, Esq.

Blank Rome LLP

405 Lexington Avenue<br> New York, NY 10174

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendment</u>. No amendment or modification of this Agreement will be effective unless it is in writing and signed by each of the parties hereto. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but such counterparts together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Termination</u>. This Agreement shall continue in effect until Bank has notified Custodian in writing that this Agreement or its interest in the Collateral Account(s) is terminated. Upon receipt of such notice, Bank shall have no further right to originate instructions with respect to the Collateral or Collateral Account(s) and any previous Notice of Exclusive Control delivered by the Bank shall be deemed to be of no further force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Severability</u>. In the event any provision of this Agreement is held illegal, void or unenforceable, the remainder of this Agreement shall remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Successors; Assignment</u>. This Agreement shall be binding upon the parties hereto and their respective successors and assigns. No party may assign or transfer any of its rights or obligations hereunder without the prior written consent of the other parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio, without giving effect to the conflict of law provisions thereof and the jurisdiction of Custodian for purposes of this Agreement shall be the State of Ohio. The Borrower and Bank agree that the state and federal courts in Franklin County, Ohio or any other court in which Custodian initiates proceedings have exclusive jurisdiction over all matters arising out of this Agreement, and that service of process in any such proceeding shall be effective if mailed to the Borrower or Bank at its addresses described in the Notices section of this Agreement. EACH OF THE PARTIES HEREBY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OTHER PARTY ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but such counterparts together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Headings</u>. Any headings appearing on this Agreement are for convenience only and shall not affect the interpretation of any of the terms of this Agreement.

IN WITNESS WHEREOF, the undersigned have executed this Agreement under their respective seals as of the date first written above.

---

| | |
|:---|:---|
| **ARGENT INSTITUTIONAL TRUST** | **ARGENT INSTITUTIONAL TRUST** |
| **COMPANY,** as Custodian | **COMPANY,** as Custodian |
| By: | EXHIBIT |
| Name: Luke McCabe | Name: Luke McCabe |
| Title: Managing Director | Title: Managing Director |
| Its duly authorized officer | Its duly authorized officer |
| **THE HUNTINGTON NATIONAL** | **THE HUNTINGTON NATIONAL** |
| **BANK,** as Bank | **BANK,** as Bank |
| By: | EXHIBIT |
| Name: Michael Felix | Name: Michael Felix |
| Title: Senior Vice President | Title: Senior Vice President |
| Its duly authorized officer | Its duly authorized officer |
| **SPIRIT OF AMERICA INVESTMENT** | **SPIRIT OF AMERICA INVESTMENT** |
| **FUND, INC.,** on behalf of the Funds, as | **FUND, INC.,** on behalf of the Funds, as |
| Borrower | Borrower |
| By: | EXHIBIT |
| Name: David Lerner | Name: David Lerner |
| Title: President | Title: President |
| Its duly authorized officer | Its duly authorized officer |

---

<u>Exhibit A</u>

To the

Control Agreement

<u>Participating Funds</u>

Spirit of America Real Estate Income and Growth Fund<br> Spirit of America Large Cap Value Fund<br> Spirit of America Municipal Tax Free Bond Fund<br> Spirit of America Income Fund<br> Spirit of America Energy Fund<br> Spirit of America Utilities Fund

<u>Exhibit B</u>

[Bank letterhead]

Argent Institutional Trust Company

5901 Peachtree Dunwoody Road

Suite C495

Atlanta, GA 30328

Attention: Legal Department

<u>NOTICE OF EXCLUSIVE CONTROL</u>

We hereby instruct you pursuant to the terms of that certain Control Agreement dated as of March 1, 2026 (as from time to time amended and supplemented, the "Control Agreement") among the undersigned, The Huntington National Bank (together with its successors and assigns), Spirit of America Investment Fund, Inc. (the "Borrower") and you, as Custodian, that you (i) shall not follow any instructions or entitlement orders of Borrower in respect of the Collateral Account(s) or the Collateral assets held by you for Borrower (as each such capitalized term is defined in the Control Agreement), and (ii) unless and until otherwise expressly instructed by the undersigned, Custodian shall exclusively follow the entitlement orders and instructions of the undersigned in respect of the Collateral Account(s) or the Collateral Account(s) assets.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| THE HUNTINGTON NATIONAL BANK | THE HUNTINGTON NATIONAL BANK |
| By: | EXHIBIT |
|  | Authorized Signatory |

---

cc: Spirit of America Investment Fund, Inc.<br> Spirit of America Management Corp.

<u>Exhibit C</u>

[Bank letterhead]

Argent Institutional Trust Company

5901 Peachtree Dunwoody Road

Suite C495

Atlanta, GA 30328

Attention: Legal Department

The Huntington National Bank, (the "Bank"), hereby certifies that the Persons whose names appear below are authorized to act on its behalf, including the authorization to give instructions, with respect to the Control Agreement among the undersigned, The Huntington National Bank (together with its successors and assigns), Spirit of America Investment Fund, Inc. (the "Borrower") and you, as Custodian, dated as of March **1,** 2026. The Bank further certifies that the true signature of each such Person is set forth below opposite his/her name, and that Custodian may rely upon this certificate until such time as it receives another certificate bearing a later date and has had a reasonable opportunity to act thereon.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAME | SIGNATURE |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Felix | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andrew Cardien | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jonathan Ericksen | |

---

---

| |
|:---|
| **THE HUNTINGTON NATIONAL BANK** |
| BY: |
| TITLE: |
| DATE: |

---

**APPENDIX B**

**TO REVOLVING CREDIT AGREEMENT**

**BETWEEN**

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

**AND**

**THE HUNTINGTON NATIONAL BANK**

**AUTHORIZATION LETTER**

March 1, 2026

Michael Felix

The Huntington National Bank

45 North Pennsylvania Street

INHP22

Indianapolis, IN 46204

Ladies and Gentlemen:

This letter will serve as a notification that Spirit of America Investment Fund, Inc. (the "Borrower") and Spirit of America Management Corp. (the "Investment Adviser") have the power and authority to request and enter into borrowings on behalf of those investment series set forth on <u>Exhibit 1.1</u> (the "Funds" and each a "Fund) pursuant to that certain Credit Agreement between the Borrower and The Huntington National Bank dated as of even date herewith ("Credit Agreement"). The Borrower is the Borrower referenced in the Credit Agreement. The Adviser is the investment adviser for the Borrower registered under the Investment Advisers Act of 1940 with SEC registration number 801-54782.

The Borrower and the Investment Adviser hereby expressly authorize Argent Institutional Trust Company (the "Custodian") as the Borrower's designated representative on behalf of the Funds, without any further oral or written instruction, (a) to request advances from The Huntington National Bank (the "Bank") under the Credit Agreement for the purposes set forth therein on each occasion where a Fund has daily cash needs in excess of the amount of cash then available in the Fund's Trust Custody Account, and (b) to immediately apply when available the cash held by the Custodian on behalf of the Fund to the repayment of principal and interest of the amounts due by the Fund under the Credit Agreement.

The Borrower and the Investment Adviser hereby acknowledge and agree that all securities of a Fund are to be pledged as security for any and all advances made to the Fund under the Credit Agreement pursuant to the terms of the Pledge and Security Agreement to be entered into between the Bank and the Borrower (the Pledge Agreement") and upon the delivery of a Report of Pledged Securities to the Bank. The Borrower and the Investment Adviser hereby authorize and direct the

Custodian to execute on behalf of the Fund, a Report of Pledged Securities granting to the Bank a security interest in securities owned by the Fund in an amount equal to the Loan.

Notwithstanding the authority granted to the Custodian in this Authorization Letter, the Borrower and the Investment Adviser shall be at all times responsible for ensuring that the borrowings made by a Fund under the Credit Agreement do not violate the Investment Company Act of 1940 or any of the rules and regulations thereunder. A Fund shall from time to time promptly inform the Custodian of any applicable limitations, restrictions and/or prohibitions on borrowings by the Fund under any agreement binding upon or affecting the Fund.

Nothing in this Authorization Letter shall obligate the Custodian to request any advances under the Credit Agreement. To the extent that the Custodian takes any actions contemplated by this Authorization Letter, the Custodian shall be held to the exercise of reasonable care and shall be without liability to a Fund for any loss, damage, cost, expense (including attorneys' fees and disbursements), liability or claim unless arising from the gross negligence, bad faith or willful misconduct of the Custodian. The Custodian shall not be under any obligation at any time to ascertain whether a Fund is in compliance with the Investment Company Act of 1940, the rules and regulations thereunder, any other laws, rules or regulations applicable to the Borrower or the Fund, the provisions of the Borrower's charter documents or by-laws, or the Fund's investment objectives and policies as then in effect.

Nothing contained in this Agreement shall be deemed to modify or amend the Custody Agreement in effect between the Custodian and the Borrower. The obligations and liabilities of the Bank and the Borrower shall be as set forth in the Credit Agreement and related loan documents.

The Borrower and the Investment Adviser hereby expressly authorize the Bank to act upon the oral and/or written instructions of the Custodian as the Funds' authorized designated representative, in making advances to the Fund under the Credit Agreement. The authorizations and designations set forth in this Authorization Letter shall remain in force as to a Fund until delivery to the Custodian and the Bank of written notice by Borrower revoking such authorizations and designations.

***SIGNATURE PAGE TO FOLLOW***

---

| | |
|:---|:---|
| Sincerely yours, | Sincerely yours, |
| Spirit of America Investment Fund, Inc. | Spirit of America Investment Fund, Inc. |
| By: | EXHIBIT |
| Name: David Lerner | Name: David Lerner |
| Title: President | Title: President |
| Spirit Of America Management Corp. | Spirit Of America Management Corp. |
| By: | EXHIBIT |
| Name: David Lerner | Name: David Lerner |
| Title: President | Title: President |

---

<u>Exhibit 1.1</u>

To the

Authorization Letter

<u>Participating Funds</u>

**Date:** March 1, 2026

Spirit of America Real Estate Income and Growth Fund<br> Spirit of America Large Cap Value Fund<br> Spirit of America Municipal Tax Free Bond Fund<br> Spirit of America Income Fund<br> Spirit of America Energy Fund<br> Spirit of America Utilities Fund

## Ex-99.J

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Post-Effective Amendment No. 82 to the Registration Statement on Form N-1A of Spirit of America Energy Fund and to the use of our report dated January 28, 2026 on the financial statements and financial highlights of the Spirit of America Energy Fund, appearing in Form N-CSR for the year ended November 30, 2025, which are also incorporated by reference into the Registration Statement.

**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**March 27, 2026**

## Ex-99.O

**<u>Code of Ethics of Spirit of America Investment Fund, Inc., and David <br> Lerner Associates, Inc.</u>**

**<u>GENERAL</u>**

This Code of Ethics of Spirit of America Investment Fund, Inc. (the "Fund"), and David Lerner Associates, Inc. (the "principal underwriter") pursuant to the requirements of Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Act"), and Rule 204A-1 of the Investment Advisers Act of 1940 shall apply to each currently existing and all future series of shares of the Fund. Each reference to "Fund" in the Code of Ethics shall be deemed to apply to each of the currently existing and all future separate series of shares of the Fund. It should be noted that Appendix A to this Code of Ethics contains the Financial Officer Code of Ethics which has been adopted by the Fund.

Rule 17j-1(a) under the Act makes it unlawful for any employee, officer or director of a registered investment company or its investment adviser or principal underwriter, and certain other affiliated persons of such entities, in connection with the purchase or sale, directly or indirectly, by such person of a security "held or to be acquired" by such investment company, to (i) employ any device, scheme or artifice to defraud such investment company, (ii) make to such investment company any untrue statement of a material fact or omit to state to the investment company a material fact necessary in order to make the statements made, not misleading, (iii) engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon the investment company, or (iv) engage in manipulative practice with respect to the investment company. Rule 204A-1 requires registered investment advisers to establish a standard of business conduct for their supervised persons, which standard must reflect the fiduciary obligations of the adviser and its supervised persons.

The underlying general principles of this Code of Ethics are that "Access Persons," (as defined below) in conducting their personal securities transactions, (i) owe a fiduciary duty to shareholders of an affiliated investment company and at all times have a duty to place the interests of such shareholders ahead of their personal interests, (ii) are obligated to conduct all personal "securities" transactions in accordance with this Code of Ethics and in a manner so as to avoid any actual or potential conflict of interest or abuse of such person's position of trust and responsibility, and any appearance of such conflict of interest or abuse of position, and (iii) should not take inappropriate advantage of their positions.

**I.** **DEFINITIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;A. "Access
Person" means any officer, director, Advisory Person (as defined below), or Supervised Person (as defined below) of the Fund or
its investment adviser and principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;B. "Advisory
Person" means: (a) any officer, director or employee of the Fund or its investment adviser or of any company in a control relationship
with the Fund who, in connection with his/her regular functions or duties, makes, participates in, or obtains information regarding the
purchase or sale of a Covered Security (as defined below) by the Fund, or whose functions relate to the making of any recommendations
with respect to such purchases or sales; (b) any natural person in

a control relationship with the Fund or its investment adviser who obtains information with respect to the Fund regarding the purchase or sale of Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;C. A
security is "being considered for purchase or sale" when a recommendation to purchase or sell a security has been made and
communicated, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;D. "Beneficial
Ownership" shall have the meaning ascribed thereto under Section 16 of the Securities Exchange Act of 1934, as amended, and the
rules and regulations thereunder. Generally, an employee is regarded as having a beneficial interest in those securities held in his
or her name, the name of his or her spouse and the names of his or her minor children who reside with him or her. A person may be regarded
as having a beneficial interest in the securities held in the name of another person (individual, partnership, fund, trust or another
entity) if, by reason of a contract, understanding or relationship he or she obtains or may obtain therefrom benefits substantially equivalent
to those of ownership.

&nbsp;&nbsp;&nbsp;&nbsp;E. "Control"
means the power to exercise a controlling influence over the management or policies of the fund, unless such power is solely the result
of an official position with the fund.

&nbsp;&nbsp;&nbsp;&nbsp;F. "Covered
Security" shall have the meaning set forth in Section 2(a)(36) of the Act, including Shares of the Fund, options, warrants and futures
contracts, except it does not include securities issued by the Government of the United States or by federal agencies and which are direct
obligations of the United States, bankers' acceptances, certificates of deposit, commercial paper (and such other money market instruments
as may be designated from time to time by the Fund's Board of Directors), and shares of open end mutual funds other than the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;G. "Initial
Public Offering" or "IPO" means an offering of securities registered under the Securities Act of 1933, the issuer of which,
immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange
Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;H. "Limited
Offering" is an offering that is exempt from registration under the Securities Act of 1933 pursuant to Sections 4(2) or 4(6) or
pursuant to Rules 504, 505 or 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;I. "Supervised
Person" is any person who has access to non-public information regarding any clients' purchase or sale of securities, or non-public
information regarding the portfolio holdings of any reportable fund; or who is involved in making securities recommendations to clients,
or who has access to such recommendations that are non-public.

&nbsp;&nbsp;&nbsp;&nbsp;J. "A
security held or to be acquired" means any Covered Security which, within the most recent 15 days: (i) is or has been held by the
Fund; or (ii) is being or has been

considered by the Fund or its investment adviser for purchase by the Fund, including an option to purchase or sell a Security.

**II.** **PROHIBITONS/RESTRICTIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;A. It
is prohibited for an Access Person of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In
connection with the purchase or sale, directly or indirectly, by such person of a Covered Security held or to be acquired by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
make to the Fund any untrue statement of a material fact or omit to state to the Fund a material fact necessary in order to make the
statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to
engage in any manipulative practice with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to
purchase or sell, directly or indirectly, any Covered Security in which he/she has, or by reason of such transaction acquires, any direct
or indirect beneficial ownership and which to his/her actual knowledge, or should have known, at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
being considered for purchase or sale by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is
then being purchased or sold by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;B. Pre-Clearance
of Investments in Covered Securities

Access Persons must obtain approval from the Compliance Officer of the Fund before directly or indirectly acquiring beneficial ownership in any Covered Security (i.e., regardless of whether the Fund then holds that security). The Compliance Officer, in determining whether approval should be given, will take into account, among other factors, whether such transaction is in conformance with the Trade Allocation Procedures and/or the Policy on Insider Trading.

Any approval given under this paragraph will remain in effect until the earliest of: (i) its revocation, or (ii) 12:00 p.m. the following business day. If the order for the securities transaction is not placed within that period, a new authorization must be obtained before the securities transaction order is placed.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** Pre-clearance
of Investments in IPOs and Limited Offerings.

Access Persons must obtain approval from the Compliance Officer of the Fund before directly or indirectly acquiring beneficial ownership in any securities in an IPO or a Limited Offering. The Compliance Officer, in determining whether approval should be given, will take into account, among other factors, whether the investment opportunity should be reserved for the Fund and whether the investment opportunity is being offered to the access person by virtue of his/her position with the Fund.

Any approval given under this paragraph will remain in effect until the earliest of: (i) its revocation, or (ii) 12:00 p.m. the following business day. If the order for the securities transaction is not placed within that period, a new authorization must be obtained before the securities transaction order is placed.

**III.** **PROCEDURAL MATTERS.** 

&nbsp;&nbsp;&nbsp;&nbsp;A. A
Compliance Officer shall be appointed to receive reports under this Code of Ethics and to otherwise oversee implementation and administration
of the Code. The Compliance Officer of the Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Identify
and maintain a current list of all Access Persons and shall inform the same of their reporting obligations under this Code. The Compliance
Officer shall institute procedures to ensure that all reporting Access Persons have submitted reports, confirmations or statements in
a timely manner. The Compliance Officer may delegate this function to one or more other persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Furnish
a copy of this Code to each Access Person of the Fund annually so each such Access Person must certify that he/she has read and understand
said Code of Ethics and recognizes that he/she is subject to the principles and prohibitions contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Notify
each such Access Person of his/her obligation to certify annually that he/she has complied with the requirements of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notify
each such Access Person of his/her obligation to file reports as provided by Section IV of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Report
to the Board of Directors the facts contained in any reports filed with the Compliance Officer pursuant to Section IV of this Code when
any such report indicates that an Access Person engaged in a transaction in a security held or to be acquired by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Review
all holdings reports and make prior approval determinations and to determine whether there has been a violation or non-compliance with
the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The
Compliance Officer shall report to the Directors at least annually and in writing, any issues arising under this Code since the last
report, including, but not limited to, information about any material violations of this Code and any

sanctions imposed. Such report shall also certify that the Fund and the Advisor each have adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Maintain
the records required by paragraph (f) of Rule 17j-1.

&nbsp;&nbsp;&nbsp;&nbsp;B. All
reports disclosing personal securities transactions or holdings, and any other information filed pursuant to this Code, shall be treated
as confidential, but are subject to review as provided herein and by representatives of the Securities and Exchange Commission.

**IV.** **REPORTING.** 

&nbsp;&nbsp;&nbsp;&nbsp;A. Initial
Holdings Report. No later than 10 days after a person becomes an Access Person, that person (except as described in Section V below)
shall report to the Compliance Officer the following information on the form attached hereto as Exhibit B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the
title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect Beneficial
Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct
or indirect benefit of the Access Person as of the date the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the
date that the report is filed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In
lieu of filing an initial holdings report, copies of the Access Person's most recent periodic (monthly/quarterly) brokerage account
statements may be filed with the Compliance Officer

&nbsp;&nbsp;&nbsp;&nbsp;B. Quarterly
Transaction Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Every
Access Person shall report to the Fund the information described in Section IV(B)(2) of this Code with respect to transactions in any
Covered Security in which such Access Person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership
in the Covered Security on the form attached hereto as Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each
report shall be made not later than 10 calendar days after the end of the calendar quarter in which the transaction to which the report
relates was effected, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
date of the transaction, the title and the number of shares, and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
price of the Covered Security in which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
date that the report is filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In
lieu of filing quarterly reports, copies of confirmations and periodic (monthly/quarterly) brokerage account statements may be filed
with the Compliance Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any
such report may contain a statement that the report shall not be construed as an admission by the person making such report that he/she
has any direct or indirect Beneficial Ownership in the Covered Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;C. Annual
Holdings Reports. Thirty days after the fund's fiscal year end, each Access Person must submit the following information (which
information must be current as of a date no more than 30 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the
title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect Beneficial
Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities are held for the direct
or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the
date that the report is filed by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In
lieu of filing the Annual Holdings Reports, copies of the Access Person's year-end (or most recent) brokerage account statements
may be filed with the Compliance Officer.

**V.** **EXCEPTIONS TO REPORTING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;A. A
Director who is not an "interested person" (as defined in the Act) of the Fund, and who would be required to make a report
solely by reason of his or her position as Director, is not required to file an Initial Report or an Annual Report. In addition, a Director
who is not an "interested person" of the Fund need only report a transaction in a Covered Security if such Director, at the
time of that transaction, knew, or in the ordinary course of fulfilling his/her official duties as a Director of the Fund, should have
known, that during the 15-day period immediately preceding or following the date of the transaction by the Director, such Covered Security
is or was purchased or sold by the Fund or was being considered for purchase or sale by the Fund or by its investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;B. A
person need not make an Initial Report, Quarterly Report or Annual Report with respect to transactions effected for, and any Covered
Security held in, any account over

which that person has no direct or indirect influence or control, or which are non-volitional on the part of either the Access Person or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;C. A
person need not make an Initial Report, Quarterly Report or Annual Report with respect to transactions which are part of an automatic
dividend reinvestment plan or purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of
its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;D. A
person need not make an Initial Report, Quarterly Report or Annual Report with respect to purchases or sales of Covered Securities which
are not eligible for purchase or sale by the Fund

**VI.** **VIOLATIONS.** 

Upon being apprised of facts which indicate that a violation of this Code may have occurred, the Board of Directors of the Fund shall determine whether, in their judgment, the conduct being considered did in fact violate the provisions of this Code. If the Board of Directors determines that a violation of the Code has occurred, the Board may impose such sanctions as it deems appropriate in the circumstances. If the person whose conduct is being considered by the Board is a Director of the Fund, he/she shall not be eligible to participate in the judgment of the Board as to whether a violation exists or in whether, or to what extent, sanctions should be imposed.

**VII.** **CONFIDENTIALITY OF SECURITIES TRANSACTIONS REPORTS.** 

All personal securities transactions reports disclosing personal securities holdings, and any other information filed pursuant to this Code, shall be treated as confidential, but are subject to review as provided herein and by representatives of the Securities and Exchange Commission.

---

| | |
|:---|:---|
| Adopted: | March 7, 2000 |
| Amended: | October 31, 2006 |
| Amended: | February 29, 2008 |
| Reviewed: | November 12, 2008 |
| Amended: | December 31, 2008 |
| Amended: | May 20, 2009 |
| Amended: | October 14, 2014 |
| Amended: | March 3, 2017 |
| Amended: | January 23, 2018 |
| Amended: | January 16, 2020 |
| Amended: | November 8, 2022 |
| Amended: | October 15, 2025 |

---

<u>List of Access Persons of Spirit of America Investment Fund and David Lerner Associates, Inc.</u>

David Lerner

Daniel Lerner

Alan Chodosh

Joseph Pickard

Leslie Reid

Mark Reilly

Douglas Revello

Brett Reilly

Sean Mitchell

Phillip Thune (Independent Director (non-reporting))

David Feinblatt (Independent Director (non-reporting))

John Desmond (Independent Director (non-reporting))

Allen Holeman (Distributor, CCO (non-reporting)

Exhibit A

SPIRIT OF AMERICA INVESTMENT FUND INC., SPIRIT OF AMERICA MANAGEMENT CO.

AND DAVID LERNER ASSOCIATES, INC.

Personal Securities Transactions REPORT CALENDAR Quarter Ended ___/___/___

During the calendar quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transaction acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Fund's Code of Ethics.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Number** |  | **Nature of** |  |  |
|  |  | **of Shares** |  | **Transaction** |  | **Broker/Dealer or Bank** |
| **Name of Security/Ticker** | **Date of** | **of** | **Principal** | **(purchase,** |  | **Through Whom** |
| **Symbol or Cusip #** | **Transaction** | **Security** | **Amount** | **sale, other)** | **Price** | **Effected** |

---

During the quarter, I established accounts of securities held for my direct or indirect benefit at the banks/brokers/dealers below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Bank/Broker/Dealer** | &nbsp;&nbsp;**Date Account Established** |

---

*This report (i) excludes transactions with respect to which I had no direct or indirect influence or control and (ii) is not an admission that I have direct or indirect beneficial ownership in the securities listed above.*

Date:____________ Signature:_____________________________________ <br>Print Name:____________________________________

Exhibit B

SPIRIT OF AMERICA INVESTMENT FUND INC.

SPIRIT OF AMERICA MANAGEMENT CO.

AND

DAVID LERNER ASSOCIATES, INC.

PERSONAL HOLDINGS Report

---

| | |
|:---|:---|
| **Please Check One:** | □ Initial Report |
|  | □ Annual Report |

---

I hold direct or indirect beneficial ownership of the securities listed below:

***(Please continue list on Page two of this Report or attach additional pages if needed****)*

---

| | | |
|:---|:---|:---|
|  | **Number of** |  |
|  | **Shares of** | **Broker/Dealer, Bank or other entity with which** |
| **Name of Security** | **Security** | **securities are held** |

---

I maintain accounts of securities held for my direct or indirect benefit at the banks/brokers/dealers below:

*This report (i) excludes securities with respect to which I had no direct or indirect influence or control and (ii) is not an admission that I have direct or indirect beneficial ownership in the securities listed above.*

Date:____________ Signature:_____________________________________ <br>Print Name:____________________________________

APPENDIX A

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

**FINANCIAL OFFICER CODE OF ETHICS**

**Purposes of the Code**

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

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

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

**Principles for Handling of Financial Information**

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

● Act with honesty and integrity

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

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

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

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

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

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

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

● Refrain from using confidential information for personal advantage

**Violations of the Code**

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

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

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

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

***Violations***

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

***Disclosures***

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

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

***Outside Service Providers***

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

***Non-Retaliation Policy***

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

**Annual Certification**

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

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

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

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

## Ex-99.O

As amended on October 8, 2025

***Spirit of America Management Corp.***

***CODE OF ETHICS***

The Spirit of America Management Corp. ("SOA" or the "Firm") is an SEC registered investment adviser which provides investment advisory services to retail clients and sub-advisory services to registered investment companies. Currently, SOA provides sub-advisory services to one client, the Spirit of America Investment Fund, Inc. (the "Fund"), which is an affiliate (under common control) of SOA.

SOA seeks to foster a reputation for integrity and professionalism. To further this goal, the Firm has adopted this Code of Ethics, which applies to each "Supervised Person" (i.e., the Firm's officers, directors and employees, as well as anyone else who provides investment advice on the Firm's behalf and is subject to the Firm's supervision and control) and "Access Person" (i.e., a Supervised Person who, in connection with his/her regular functions or duties, has access to non-public information regarding any clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any clients, or who is involved in making securities recommendations to clients or has access to such recommendations that are non-public) of SOA, as well as the Supervised Persons and Access Persons of the Fund. **A list of Supervised Persons and Access Persons, which may be amended from time to time by the Chief Compliance Officer, as appropriate, is attached hereto as Attachment Z. SOAMC has determined to treat all SOAMC Supervised Persons as SOAMC Access Persons.**

This Code of Ethics deals with a range of issues, including the Firm's fiduciary duties toward clients; the need to maintain the confidentiality of information of clients and the investment advice SOA renders to clients; the prohibition on insider trading; and other aspects of Access Persons' trading for their personal accounts. A current Code of Ethics is available to clients and prospective clients upon request. SOA provides the Code of Ethics to the Fund annually and no later than six months after the adoption of any material change to the Code of Ethics.

Supervised Persons are expected to be knowledgeable about the Code of Ethics and to adhere to the Code, and are required to comply with all applicable federal securities laws. The Firm will take any violation of this Code of Ethics seriously. Such violations constitute grounds

As amended on October 8, 2025

for disciplinary sanctions, including dismissal. If you have any questions about this Code of Ethics, please contact Mr. Joseph Pickard, SOA's Chief Compliance Officer ("CCO"), for assistance and advice.

**A.** **General Standards of Conduct for Supervised Persons** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SOA's investment advisory operations are governed by the Investment Advisers Act of 1940 ("Advisers Act") and the rules and regulations that the U.S. Securities and Exchange Commission (the "SEC") has promulgated thereunder, and with regard to the Fund, the Investment Company Act of 1940 ("Company Act") and the rules and regulations thereunder, to the extent applicable, including Rules 17j-1 and 38a-1. As a registered investment adviser, SOA has a fiduciary relationship with its clients. Therefore, all Supervised Persons must carry out their duties solely in the best interests of SOA's clients and free from all compromising influences and loyalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If a Supervised Person identifies a conflict of interest involving either SOA or a Supervised Person that could reasonably be expected to impair the rendering of unbiased and objective investment advice, the Supervised Person must report that situation to the CCO before rendering any advice to clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Under no circumstances may a Supervised Person warrant or guarantee the future value of or return on any security or investment. Nor may he/she warrant or guarantee the success or profitability of any investment advice SOA renders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Under no circumstances may a Supervised Person misrepresent to a client or a prospective client the qualifications of SOA or any of SOA's Supervised Persons or the nature of the advisory services SOA offers or the fees it charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Under no circumstances may a Supervised Person use confidential information about clients or about an investment or potential investment of a client for the Supervised Person's own benefit. Nor may he/she divulge information about a client or investments or potential investments of a client to any person except in the course of performing his/her duties on behalf of SOA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Under no circumstances may a Supervised Person lend or borrow money, securities or commodities to or from a client. This prohibition shall not apply to (a) borrowing on an arms'-length basis from a client who is a financial institution engaged in the business of making loans, or (b) the lending or borrowing of money to or from a person with whom the Supervised Person has a familial relationship.

As amended on October 8, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Supervised Persons are prohibited from receiving any form of payment, including gifts in excess of $100 per individual per year where the payment or gift relates to the recipient's employment. SOA employees who receive payment or gifts of $100 or less shall disclose the payment or gift to SOA's Chief Compliance Officer or Chief Investment Officer. This prohibition does not apply to gifts from persons with whom the Supervised Person has a familial or other personal relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Supervised Persons are prohibited from making any form of payment or give a gift in excess of $100 per individual per year where the payment or gift relates to the business of the recipient's employer. This prohibition does not apply to gifts to persons with whom the Supervised Person has a familial or other personal relationship. This prohibition also does not apply to ordinary and usual business entertainment hosted by SOA or any affiliated entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Supervised Persons are prohibited from accepting any compensation in connection with the purchase or sale of any Fund property. This does not include a Supervised Person's receipt of compensation in connection with providing underwriting or brokerage services to the Fund. (See Section 17(e)(1) of the Investment Company Act.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Under no circumstances may a Supervised Person directly or indirectly authorize or pay any rebate, bonus, fee or other consideration, to any person for business sought or procured or to any official of any governmental or regulatory body except as expressly authorized by SOA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Under no circumstances may a Supervised Person make or cause to be made any false or misleading entry or record in the books, records or accounts of SOA or its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Under no circumstances may a Supervised Person or person affiliated with the Firm, directly or indirectly, in connection with the purchase or sale of any securities (including, "securities held or to be acquired by a Fund"): (a) employ any device, scheme or artifice to defraud; or (b) make any untrue statement or omit any material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading; or (c) engage in any act, practice or course of business which operates or would operate as a fraud or deceit; or (d) engage in any manipulative practice. "Securities held or to be acquired by a Fund" means any security which, within the most recent 15 days is or has been held by the Fund or is being or has been considered by the Fund or SOA for purchase by the Fund, and any option

As amended on October 8, 2025

to purchase or sell, and any security convertible into or exchangeable for such security. (See Rule 17j-1 of the Investment Company Act).

**B.** **SOA's Code of Ethics Program** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SOA will provide to each Supervised Person a copy of this Code of Ethics at the time of employment and any amendments thereto, as well as a copy of SOA's Compliance Procedures Manual. Each Supervised Person must submit a certification (a form for which is appended as **Attachment A** to this Code of Ethics) that he/she has read and understood the Code of Ethics and he/she recognizes that as a Supervised Person he/she is subject to and agrees to comply with the terms of this Code of Ethics. When SOA provides an amendment to the Code of Ethics to each Supervised Person, each Supervised Person must submit a certification that he/she has read and understood the amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Supervised Persons"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>At the time of employment</u>, each Supervised Person must submit an information statement to the CCO regarding the Supervised Person's outside business activities (a form for which is appended as **Attachment B** to this Code of Ethics), and disciplinary history (a form for which is appended as **Attachment C** to this Code of Ethics).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Annually</u>, each Supervised Person must deliver an information statement to the CCO, which includes information regarding the Supervised Person's outside business activities (a form for which is appended as **Attachment B** to this Code of Ethics), and disciplinary history (a form for which is appended as **Attachment C** to this Code of Ethics) and a certification that he/she has complied with the requirements of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Access Persons" (As noted above, SOAMC treats all Supervised Persons as Access Persons.)

In addition to the requirements of paragraph B.2, above, Access Persons are required to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Within ten days of employment</u>, each Access Person must submit personal securities holdings (a form for which is appended as **Attachment D** to this Code of Ethics).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Annually</u>, each Access Person must also deliver personal securities holdings (a form for which is appended as **Attachment F** to this Code of Ethics).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Quarterly</u>, each Access Person must deliver an information statement to the CCO regarding the Access Person's personal securities transactions (a form for which is appended as **Attachment E** to this Code of Ethics).

As amended on October 8, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Reporting of Possible Violations. Supervised Persons must promptly report information and/or conduct that relates to a possible violation of SOA's Code of Ethics as well as any other possible violation of law involving SOA, its employees, or outside vendors or service providers, whether such violation has occurred, is ongoing, or is about to occur (a "Possible Violation").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Reporting of a Possible Violation should be made to the CCO. If you have a reasonable belief that the CCO is involved with the Possible Violation, reporting should be made to Mr. Alan Chodosh. Such reports may be oral or in writing. If in writing, they should not be sent via e-mail. Reports need not be signed; anonymous reports will be accepted. SOA takes all reports seriously, therefore, any employee making a report should do so in good faith and not to embarrass someone or put them in a bad light.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All reports of Possible Violations will be treated as confidential. The employee's identity will be kept confidential except to those who need to know, *e.g.*, the CCO, General Counsel and individuals conducting an investigation, where warranted. Any person identified in the employee's report as a potential wrongdoer will not be provided the reporting employee's identity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. SOA will promptly investigate the reported Possible Violation and determine what action is required. The CCO (or if the CCO is believed to be involved in the Possible Violation, Mr. Chodosh) shall be responsible for evaluating the report, determining whether an investigation or other action needs to be taken, and, if so, overseeing the investigation until its conclusion. The CCO (or Mr. Chodosh) shall also be responsible for reporting, as necessary, to the applicable governmental agency or regulatory body. An investigation may include, but is not limited to: interviewing employees, gathering documentation, and reviewing of emails. Outside counsel may be engaged to conduct or assist in the investigation. The CCO (or Mr. Chodosh) will create and retain a report of the reported Possible Violation, the investigation conducted by SOA, and any action SOA takes in response thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. SOA will not retaliate against an employee who in good faith reports a Possible Violation under the above procedures. Nor will SOA retaliate against employees who in good faith disclose or threaten to disclose a Possible Violation to any governmental or other regulatory body as provided under applicable law including, but not limited to, the Sarbanes-Oxley Act of

As amended on October 8, 2025

2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Please note that nothing in this Code of Ethics or elsewhere limits a Supervised Person's right to report alleged wrongdoing directly to the SEC or to participate in a government-sponsored whistleblower program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Any employee who becomes aware of (or the target of) retaliation from another employee should report such retaliation as a Possible Violation as provided above. Any employee found to have retaliated against another employee for making a good faith report of a Possible Violation under the above procedure may be subject to criminal, civil and administrative penalties as well as disciplinary action, including termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. SOA's Chief Compliance Officer Review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Initial, Quarterly, Annual Review of Personal Securities Reports**.

The CCO or his designee shall follow these steps for initial, quarterly and annual review of Access Person's personal securities reports:

● Ensure that each Access Person has submitted on a timely basis the requisite initial, quarterly, or annual personal securities reports;

● Assess whether Access Person has followed required pre-clearance procedures;

● Compare personal trading to the Restricted List and the Composite Holdings List, described below;

● If Access Person has properly engaged in trading in the same securities SOA is trading for a client, assess whether the client is receiving terms as favorable as the Access Person takes for him or herself;

● Analyze the Access Person's trading for patterns that may indicate abuse, including market timing; and

● Take any necessary action.

The CCO shall document his review of the personal securities reports by initialing and dating the Access Person's personal trading reports. Any forms required to be submitted by SOA's CCO shall be reviewed by Mr. Chodosh.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Quarterly reports.** The Chief Compliance Officer shall report to senior management and the Fund's Board of Directors, on a quarterly basis, any material violations of the Code.

As amended on October 8, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Annual Review of Code.**

The Chief Compliance Officer shall review at least annually the adequacy of the Code and report to senior management the effectiveness of its implementation.

Pursuant to Rule 17j-1 of the Company Act, the CCO shall furnish to the Fund's Board of Directors on an annual basis a written report that (1) describes any issues arising under the Code of Ethics since the last report to the Fund's Board of Directors, including information about material violations of the Code of Ethics and sanctions imposed in response to those violations and (2) certifies that SOA has adopted procedures reasonably necessary to prevent Supervised Persons from violating the Code of Ethics.

**C.** **Personal Trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Preventing Insider Trading Abuse</u> 

Stiff criminal and civil penalties may be imposed upon persons who trade while in possession of "inside information" or who communicate such information to others in connection with a securities transaction. "Inside information" is defined as material non-public information about an issuer or security. Such information typically originates from an "insider" of the issuer, such as an officer, director, or controlling shareholder. However, insider trading prohibitions also extend to trading while in possession of certain market information. "Market information" is material non-public information which affects the market for an issuer's securities, but comes from sources outside the issuer. A typical example of market information is knowledge of an impending tender offer, which may come from sources other than an insider.

In order to assess whether a particular situation runs afoul of the prohibition against insider trading, the following must be considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Information is deemed "material" if there is a substantial likelihood that a reasonable investor would consider it important in making his/her investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Information is considered "non-public" if it has not been released through appropriate public media in such a way as to achieve a broad dissemination to the investing public generally, without favoring any special person or group. Unfortunately, the question of publicity is very fact-specific; there are no hard and fast rules. In the past, information has been deemed to be publicly disclosed if it was given to the Dow Jones Broad Tape, Reuters Financial Report, the Associated Press, United Press International, or one or more newspapers of general circulation in the New York City area. On the other hand, public dissemination is not accomplished by disclosure to a select group of analysts, broker-dealers and market makers or

As amended on October 8, 2025

via a telephone call-in service for investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. By virtue of SEC Rule 10b5-1, a person will be presumed to have traded "on the basis" of inside information if he/she was aware of the material, non-public information when he made the purchase or sale. Notwithstanding this presumption, an individual will not be deemed to have traded on inside information if he/she can show that: (a) before becoming aware of the information, he/she had (i) entered into a binding contract to buy or sell the security, which contract adequately specified the terms of the trade or did not permit the trader to exercise subsequent influence over the trade details; (ii) provided instructions to another person to execute the trade or (iii) adopted a written plan for trading the securities, and (b) the purchase or sale that occurred was pursuant to the contract, instruction or plan. An entity other than a natural person may also escape the presumption of trading on the basis of inside information if the entity can show that the person who made the investment decision on behalf of the entity was not aware of the information, and if the entity had implemented reasonable policies and procedures to ensure against insider trading violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. SEC Rule 10b5-2 addresses the question of when insider trading liability arises from the misappropriation of confidential information in the context of a family or other personal relationship. Under this rule, a person receiving confidential information could be liable for insider trading where: (i) the person agreed to keep the information confidential; (ii) a reasonable expectation of confidentiality can be implied from the fact that the parties to the communication have a history or practice of sharing confidences; or (iii) the person supplying the information is a spouse, partner, child or sibling of the person who receives the information, unless there is an affirmative showing based on the particular circumstances of the family relationship that there was no reasonable expectation of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The selective disclosure of material non-public information by corporate insiders may lead to insider trading violations by an outsider under the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 insider intentionally breached a duty of confidentially owed to the issuer's shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 insider received some personal benefit from this breach, either by way of monetary gain or
 a reputational benefit that could translate into future earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 outsider knew or should have known that the insider breached a duty by disclosing the information;
 and

As amended on October 8, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 outsider acts with a mental state showing intent to deceive, manipulate or defraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. An outsider might also run afoul of the prohibition against insider trading under a "misappropriation" theory. This theory applies to those who trade on information they have taken in breach of some fiduciary duty, even though that may not be a duty to the issuer's shareholders. An example of this would be an employee of an investment adviser who trades while in possession of material, non-public information he/she learns in the course of his/her advisory duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. When obtaining material information about an issuer from insiders of a particular company, securities analysts or any other source, Supervised Persons must be mindful that the information may be private, confidential or otherwise non-public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. If you suspect that, or are unsure whether, you or SOA has learned material, non-public information about an issuer, you must take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Report
 the information and any proposed trade in that security to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Do
 not buy or sell the securities for your own account or cause anyone else to trade in the
 securities until otherwise instructed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 CCO, in consultation with others, will make a determination as to whether the information
 is inside information. If the CCO determines that the information is not inside information,
 the CCO will advise that Supervised Persons may take action based upon that information.
 If the CCO concludes that the information is inside information, the CCO must immediately
 take steps to add the securities of the subject company to the list of securities for which
 Supervised Persons may not engage in transactions. (the "Restricted List").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **SOA and Supervised Persons may not trade or cause anyone else to effect a trade in a security (or any related security) while in possession of inside information,** or disclose inside
 information to any person (outside of SOA or any person in SOA) unless that person has an
 official need to know the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) When
 the inside information has become publicly known, the CCO will cause the securities to be
 removed from the Restricted List. The CCO will maintain and update, as necessary, the "Restricted
 List," and make available such "Restricted List" to all Supervised Persons.

As amended on October 8, 2025

If, at any time, the CCO is aware of any information or circumstance which would indicate that a Supervised Person has failed to comply with the "Restricted List" prohibition, the CCO may request information and documents from the Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Additional Restrictions and Required Conduct to Prevent Personal Trading Abuses</u>

In order to prevent violations of the ban on insider trading, or the appearance of impropriety regarding personal trading, the following standards of conduct must be observed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All information about clients, including - but not limited to - the value of accounts, securities bought, sold or held, current or proposed business plans, trading strategies, confidential financial reports or projections, borrowings, etc. must be held in strictest confidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Under no circumstances may action be taken for clients in order to benefit a Supervised Person's account, those of his/her immediate family members or those of affiliates of SOA. For purposes of this Code of Ethics, "immediate family" means the spouse, minor children and any other close relative who shares the same house as the Supervised Person for whom the Supervised Person provides financial support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. No Access Person shall recommend any securities transaction for a client without having disclosed to SOA his/her interest, if any, in such securities or the issuer of the securities, including without limitation: (1) his/her direct or indirect beneficial ownership of any securities of such issuer; (2) any transaction by such person in such securities; (3) any position with such issuer or its affiliates; and (4) any present or proposed business relationship between such issuer or its affiliates and such Access Person or any party in which such Access Person has a significant interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The CCO or his designee shall maintain and update, as necessary, a list of all securities holdings of all advisory clients, and any securities which SOA's Investment Committee is considering purchasing or selling for a client (the "Composite Holdings List"). The Investment Committee shall inform the CCO of the securities being considered. **Access Persons may not trade or cause anyone else to effect a trade on their behalf in a security (or any related security) while such security (or related security) is on the "Composite Holdings List."** The CCO shall maintain and update, as necessary, the Composite Holdings List and shall make available the current Composite Holdings List to all Access Persons.

As amended on October 8, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Exceptions to Prohibition</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The "Restricted List" and the "Composite Holdings List" prohibitions do not apply to the following circumstances: (1) securities transactions occurring pursuant to an automatic investment plan as permitted by Rule 10b5-1; (2) securities transactions effected upon exercise of rights issued by an issuer pro rata to all holders of a class of its securities; or (3) securities transactions effected due to stock dividends, dividend reinvestments, stock splits, reverse stock split, mergers, consolidations, spin-offs, or any other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If for any reason a Supervised Person believes special circumstances should allow such Supervised Person to engage in a securities transaction in a security on the "Restricted List" or such Access Person to engage in a securities transaction in a security on the "Composite Holdings List," the following procedure applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Supervised Person must deliver a request in writing (or electronic mail) to the CCO seeking pre-clearance. The CCO may request any additional information with respect to such request and may deny the request to engage in the securities transaction for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The CCO shall only grant approval if a requested securities transaction is consistent with the purposes of this Code of Ethics and applicable law. Any approval given under this paragraph will remain in effect until the earliest of: (i) its revocation, or (ii) 12:00p.m. the following business day. If the order for the securities transaction is not placed within that period, a new authorization must be obtained before the securities transaction order is placed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Documentation of the approval/denial of the request and any other documentation related thereto shall be maintained for at least five years after the end of the fiscal year in which the approval/denial was issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any request to engage in a securities transaction by the CCO shall be reviewed and approved/denied by Alan Chodosh.

As amended on October 8, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Other Securities Transactions Requiring Approval</u>

Access Persons may not purchase or otherwise directly or indirectly acquire any direct or indirect beneficial ownership of any security in a U.S. Initial Public Offering (an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934) or a U.S. Limited Offering (an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or 4(6) or pursuant to Rules 504, 505, or 506 thereunder, i.e., a private placement) without receiving prior written permission from the CCO.

Procedures for an Access Person to request approval to engage in a securities transaction with respect to an initial public offering or a limited offering are outlined in Section C.3.b. above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Access Person Reporting Requirements</u>

Every Access Person must submit to the Firm an Initial Holding Report (**Attachment D**), a Quarterly Transaction Report (**Attachment E**) and an Annual Holdings Report (**Attachment F**) containing the information set forth below about all security holdings covered by the reports and any transactions by which the Access Person acquires any direct or indirect beneficial ownership<sup>1</sup> of a Reportable Security.

For purposes of this Code of Ethics, the term "Reportable Security" has the meaning set forth in Section 202(a)(18) of the Investment Advisers Act and therefore means virtually any security,<sup>2</sup> except that it does not include the following securities which are referred to in this

<sup>1</sup> The term "beneficial ownership" as used in this Code of Ethics is to be interpreted by reference to Rule 16a-1 under the U.S. Securities Exchange Act of 1934, as amended. Under the Rule, a person is generally deemed to have beneficial ownership of securities if the person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the securities. The term "pecuniary interest" means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities. The term "indirect pecuniary interest" includes, but is not limited to (a) securities held by members of the person's immediate family sharing the same household (presumption of such beneficial ownership may be rebutted); (b) a general partner's proportionate interest in the portfolio securities held by a general or limited partnership; (c) a performance-related fee, other than an asset-based fee, received by any broker, dealer, bank, insurance company, investment company, investment adviser, investment manager, trustee or person or entity performing a similar function; (d) a person's right to dividends that is separated or separable from the underlying securities; (e) a person's interest in securities held by a trust; and (f) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable.

<sup>2</sup> As Section 202(a)(18) is extremely broad, all transactions in financial instruments or other similar types of transactions must be reported unless specifically excluded as stated above or unless the Access Person has been advised by the CCO that such instruments do not constitute securities. A "reportable fund" is any fund for which SOA serves as an investment adviser, e.g., Spirit of America Funds.

As amended on October 8, 2025

Code of Ethics as "Non-Reportable Securities":

● direct obligations of the U.S. Government;

● bankers' acceptances, bank certificates of deposit, commercial paper, high-quality short-term debt instruments (including repurchase agreements);

● shares issued by money market funds;

● shares issued by open-end investment companies other than "reportable funds"; and

● shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are "reportable funds."

An Access Person must also report the names of all brokers, dealers or banks with which the Access Person maintains an account in which **ANY** securities are held for the Access Person's direct or indirect benefit, even if the only securities in those accounts are Non-Reportable Securities, except that:

● Holdings and Transaction Reports need not disclose securities held in accounts over which the Access Person has no direct or indirect influence or control.

● Transaction Reports need not disclose transactions effected pursuant to an automatic investment plan, except where such a plan has been overridden. An "automatic investment plan" means a program in which regular, periodic purchases or withdrawals are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation.

Any questions as to whether a security holding or securities transaction is covered by these reporting requirements should be addressed to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Initial Reports** 

Within 10 days after a person becomes an Access Person, he/she is required to supply the CCO with an Initial Report of Securities Holdings (**Attachment D**), listing all securities holdings required to be reported. The information in the Initial Report of Securities Holdings must be current as of a date not more than 45 days prior to the individual's becoming an Access Person or – for initial reports of existing Access Persons - the date the report is submitted.

The Initial Report of Securities Holdings must contain the following information:

● For each security in which the Access Person or his/her immediate family has any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the
title and type of security;

As amended on October 8, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the
security's ticker symbol or CUSIP number (if available);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. number
of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. principal
amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. the
name of any broker-dealer or bank with which the Access Person (or any member of his/her immediate family) maintains an account in which
securities are held for the Access Person's direct or indirect benefit.

● If any securities held are Non-Reportable Securities, the only information required to be provided in respect to those securities is that specified in (v) immediately above.

If no securities of any kind are held, an Access Person can write "No Securities Held", sign and date the form and submit it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **Transaction Reports** 

Each Access Person must provide a quarterly transaction report (**Attachment E**) of all Reportable Securities transactions to the CCO or his designee within 30 days after quarter end.

The quarterly transaction report must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the
date of the transaction, the title and the number of shares, and the principal amount of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the
nature of the transaction (i.e., purchase, sale or other acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the
price at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the
name of the broker, dealer or bank with or through whom the transaction was effected.

If no securities transactions occurred in a Reportable Security during the quarter, the Access Person can write "No Transactions" on the form, sign, date and submit the form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **Annual Reports** 

Every Access Person must submit an annual securities holdings report (**Attachment F**) to the CCO, no later than 30 days after the end of each year (December 31<sup>st</sup>) containing the information stated above for the Initial Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** **Alternative Method For Reporting of Securities Holdings and Transactions** 

In lieu of listing the securities information described above on the Initial Holdings, Quarterly Transaction and/or Annual Holdings Reports, an Access Person can satisfy this

As amended on October 8, 2025

requirement by providing a copy of securities account statement(s) listing all of his or her securities holdings or transactions, so long as the securities account statement(s) provides the relevant information for the respective report as described above.

Regardless of the method used for reporting the required securities information, all Access Persons must sign and submit the appropriate Initial Holdings Report (**Attachment D**), Quarterly Transaction Report (**Attachment E**), or Annual Holdings Report (**Attachment F**) within the time periods described above.

**D.** **Administration and Procedural Matters** 

The CCO or his designee will monitor compliance with the "Restricted List" and the "Composite Holdings List" and other prohibitions through a review of the various reports submitted by Access Persons as well as through obtaining information about the trading activities of Supervised Persons as may be necessary or appropriate. SOA will not be responsible for any losses in personal accounts arising from the implementation of this Code of Ethics.

The CCO will conduct inspections or investigations as are reasonably required to detect and report any apparent violations of this Code of Ethics to senior management. The CCO shall also maintain and cause to be maintained, in an easily accessible place, the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a
copy of all versions of the Firm's Code of Ethics in effect or adopted in the past five (5) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. a
 record of any violation of any such Code of Ethics and of any action taken as a result of
 such violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. a
 copy of each report made by the CCO during the past five (5) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. a
 list of all persons who are, or within the past five (5) years have been, required to make
 reports pursuant to this Code of Ethics with an appropriate description of their title or
 employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. a
 copy of each report made by an Access Person as required above, including any information
 provide in lieu of the reports (i.e., personal account statements), during the past five
 (5) years.

**E.** **Sanctions** 

Upon discovering that a Supervised Person/ Access Person has not complied with the requirements of this Code of Ethics, the CCO may, in consultation with the Adviser's Chief Executive Officer and Chief Financial Officer, impose on such Supervised Person/ Access

As amended on October 8, 2025

Person whatever sanctions the CCO deems appropriate, including among other things, a letter of censure, suspension or termination of such Supervised Person/ Access Person and/or a monetary fine. In addition, where judged to be appropriate by the CCO, the CCO may, in consultation with the Adviser's Chief Executive Officer and Chief financial Officer, require a Supervised Person/ Access Person to rescind, cancel or otherwise break any securities transactions that the CCO determines has been entered into in violation of this Code of Ethics.

As amended on October 8, 2025

---

| | |
|:---|:---|
| Adopted : | May 25, 2010 |
| Amended: | September 30, 2014 |
| Amended: | October 16, 2014 |
| Amended: | August 29, 2016 |
| Amended: | March 2, 2017 |
| Amended: | April 17, 2017 |
| Amended: | June 2, 2017 |
| Amended: | June 20, 2017 |
| Amended: | June 15, 2018 |
| Amended: | October 18, 2019 |
| Amended: | January 16, 2020 |
| Amended: | November 7, 2022 |
| Amended: | November 7, 2023 |
| Amended: | October 8, 2025 |

---

**Attachment A**

**FORM OF CERTIFICATION OF SUPERVISED PERSONS**

Attention: Chief Compliance Officer <br>

Chief Compliance Officer:

I hereby certify that I have read and understand the Code of Ethics of the Spirit of America Management Corp ("SOA"), as amended October 8, 2025 and the Compliance Procedures Manual of SOA, as amended October 8, 2025 and will comply with them.

I also agree to file all forms, reports and certifications required by the Code of Ethics of SOA.

Signature:   <br>

Name:

Title:

**Attachment B**

**OUTSIDE BUSINESS ACTIVITY FORM**

Attention: Chief Compliance Officer <br>

Chief Compliance Officer:

I hereby certify that the following are my outside business activities:

---

| | |
|:---|:---|
| **Outside Business Activity:** | **Description of Activity:** |

---

Outside business activities include, but are not limited to, the following:

● self-employment;

● receiving compensation from another person or company;

● serving as an officer, director, partner, or consultant of another business organization (including a family owned company); and

● becoming a general or limited partner in a partnership or owning any stock in a business, unless the stock is publicly traded and no control relationship exists.

Outside business activities include serving with a governmental (federal, state or local) or charitable organization whether or not for compensation.

I am not involved in any outside business activities. (Please initial)

**______**

Initials

I declare that the information given above is true and accurate:

---

| | |
|:---|:---|
| Signature of Supervised Person | Date |
| Print Name |  |

---

**Attachment C**

**EMPLOYEE DISCLOSURE OF DISCIPLINARY HISTORY**

To the Chief Compliance Officer:

Except as disclosed on the attached form, I have never:

● been charged with, convicted of or pleaded guilty or nolo contendere (no contest) to any felony or misdemeanor;

● been enjoined by a U.S. or foreign court in connection with any investment-related activity or found to have been involved in a violation of investment-related statutes or regulations;

● been found by any U.S. or foreign federal or state regulatory agency to have made a false statement or omission or been dishonest, unfair or unethical; or to have been involved in a violation of investment-related laws or rules; or to have been the cause of an investment-related business having its authorization to do business denied, suspended, revoked or restricted;

● been a defendant in an investment-related civil action brought by a state or foreign financial regulatory authority in a U.S. or foreign court;

● had my license or authority to conduct an investment-related activity denied, suspended, revoked or restricted by a U.S. or foreign governmental or other regulatory body;

● had an authorization to act as an attorney, accountant, or federal contractor revoked or suspended;

● had any order regarding an investment-related activity entered against me by any foreign or U.S. regulatory agency;

● been found by a self-regulatory organization or commodities exchange to have been involved in a violation of its rules or to have made any false statement or omission; or

● otherwise been disciplined by a self-regulatory organization, commodities exchange or foreign financial regulatory authority.

________ "None"

If any of the foregoing apply to you, please furnish a complete description of the disciplinary event, including, date, caption of the proceeding, the court or other regulatory body taking the action and a description of the charges and the outcome. If you are currently a party to a proceeding that could result in a "yes" answer to any of the above, please explain. No information needs to be given with respect to minor traffic offenses. Indicate "None" if applicable.

I hereby represent that this information is true and accurate. I further represent that I have disclosed all disciplinary events.

Signed:   <br> Name:   <br> Date:  

**DISCIPLINARY HISTORY**

Date:

Caption of Proceeding:   <br>

Court:

Description of Charges:   <br>

Outcome:

Explanation:

I hereby represent that this information is true and accurate.

Signed:   <br> Name:   <br> Date:  

**Attachment D**

**INITIAL REPORT OF SECURITIES HOLDINGS** 

To the Chief Compliance Officer:

On the date indicated below, the following are securities of which I, my family (spouse, minor children or adults living in my household for whom I provide financial support) or trusts of which I am trustee, possessed direct or indirect "beneficial ownership," and which are required to be reported pursuant to the Code of Ethics.

If you hold non-reportable securities (Please use additional reports if necessary):

---

| | |
|:---|:---|
| Name of Institution with which<br> Securities are Held | "Non-Reportable Securities Only" |
| | " |
| | " |
| | " |
| | " |

---

For Reportable Securities (Please use additional reports if necessary):

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name and Type of<br> Security | Stock Symbol or<br> CUSIP number<br> (if any) | No. of<br> Shares | Principal<br> Amount | Name of Institution with which<br> Securities are Held |

---

If there were no such securities or accounts, I have so indicated by typing or printing "No Securities Held" in the box above.

This report may (i) exclude holdings with respect to which I or my immediate family, had no direct or indirect influence or control, (ii) exclude any other holdings not required to be reported under the Code and (iii) exclude any security which neither I nor my immediate family did not directly or indirectly beneficially own.

I hereby represent that I have disclosed or reported all personal securities holdings required to be disclosed or reported pursuant to the requirements of the Code of Ethics of SOA on the form above or via the attached brokerage statement(s).

Date:   Signature:   <br>

Position:   Print Name:  

**Attachment E**

**QUARTERLY REPORT OF SECURITIES TRANSACTIONS**

To the Chief Compliance Officer:

On the dates indicated, the following transactions, if any, were effected in securities of which I, my family (spouse, minor children or adults living in my household for whom I provide financial support) or trusts of which I am trustee, participated or acquired, direct or indirect "beneficial ownership," and which are required to be reported pursuant to the Code of Ethics.

If no such transactions were effected, but I hold reportable securities, I have so indicated by typing or printing "No Transactions" in the box below.

If I have only bought or sold non-reportable securities during the quarter, or currently hold only non-reportable securities I have so indicated by typing or printing "Non-Reportable Securities Only" in the box below.

If I neither hold nor transacted in reportable or non-reportable securities during the quarter, I have so indicated by typing or printing "No Securities Held" In the box below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Name of<br> Security | Date of<br> Transaction | No. of<br> Shares<br> or Principal<br> Amount | Dollar<br> Amount of<br> Transaction | Nature of<br> Transaction<br> (Purchase,<br> Sale, Other) | Price | Name of<br> Institution<br> through which<br> Transaction<br> Took Place |

---

This report may (i) exclude transactions with respect to which I or my immediate family, had no direct or indirect influence or control, (ii) exclude any other transactions not required to be reported under the Code and (iii) exclude any security which neither I nor my immediate family directly or indirectly beneficially own.

I hereby represent that I have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code of Ethics of SOA on the form above or via the attached brokerage statement(s).

Date:   Signature:   <br>

Position:   Print Name:  

**Attachment F**

**ANNUAL REPORT OF SECURITIES HOLDINGS**

To the Chief Compliance Officer:

As of December 31, 20__, the following are securities and accounts of which I, my family (spouse, minor children or adults living in my household for whom I provide financial support) or trusts of which I am trustee, possessed direct or indirect "beneficial ownership," and which are required to be reported pursuant to the Code of Ethics.

If you hold non-reportable securities (Please use additional reports if necessary):

---

| | |
|:---|:---|
| Name of Institution with which<br> Securities are Held | "Non-Reportable Securities Only" |
| | " |
| | " |
| | " |
| | " |

---

For Reportable Securities (Please use additional reports if necessary):

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name and Type of<br> Security | Stock Symbol or<br> CUSIP number<br> (if any) | No. of<br> Shares | Principal<br> Amount | Name of Institution with which<br> Securities are Held |

---

If there were no such securities or accounts, I have so indicated by typing or printing "No Securities Held" in the box above.

This report may (i) exclude transactions with respect to which I or my immediate family, had no direct or indirect influence or control, (ii) exclude any other transactions not required to be reported under the Code and (iii) exclude any security which neither I nor my immediate family directly or indirectly beneficially own.

I hereby represent that I have disclosed or reported all personal securities holdings required to be disclosed or reported pursuant to the requirements of the Code of Ethics of SOA on the form above or via the attached brokerage statement(s).

Date:   Signature:   <br>

Position:   Print Name:  

**Attachment G**

**SUPERVISED PERSON'S ANNUAL DECLARATION TO THE FIRM**

By signing this declaration, I hereby acknowledge that I have at all times since my previous annual declaration been in compliance with the following Firm policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
have informed the Firm of all outside business activities for which I have received either direct or indirect compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I
have not engaged in any activities in violation of the Firm's policy on insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I
have not made or received gifts or gratuities over $100 from persons whose employers have a business relationship with the Firm and have
reported all of my business entertainment to the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I
have reported to SOA all possible violations of the federal securities laws, the Code of Ethics and the Compliance Procedures Manual
of which I am aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I
have not used any social networking media to communicate concerning SOA's business (unless approved in writing by the CCO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I
have complied with the requirements of the Code of Ethics and the Compliance Procedures Manual.

**To the extent one of these statements is not true and correct in my case, I have first spoken (orally) with the Chief Compliance Officer and then documented the exception below.**

**I hereby certify that I have completed this form to the best of my knowledge and that I believe the information above is true and correct.**

    <br> Supervised Person Date

**Attachment Z**

The following individuals are Supervised and/or Access Persons of SOA:

---

| | |
|:---|:---|
| **<u>Supervised Persons</u>**<u>:<sup>3</sup></u> | **<u>Access Persons</u>**<u>:<sup>4</sup></u> |
| David Lerner, President | David Lerner, President |
| Joseph Pickard, Chief Compliance Officer | Joseph Pickard, Chief Compliance Officer |
| Alan Chodosh, Treasurer | Alan Chodosh, Treasurer |
| Douglas Revello, Portfolio Manager | Douglas Revello, Portfolio Manager |
| Mark Reilly, Portfolio Manager | Mark Reilly, Portfolio Manager |
| Brett Reilly, Assistant | Brett Reilly, Assistant |
| Sean Mitchell, Assistant | Sean Mitchell, Assistant |
| Leslie Reid, Assistant | Leslie Reid, Assistant |

---

The following individuals are Supervised and/or Access Persons of the Fund:

---

| | |
|:---|:---|
| **<u>Supervised Persons</u>**<u>:</u> | **<u>Access Persons</u>**<u>:</u> |
| Phillip R. Thune, Ind. Director | Phillip R. Thune, Ind. Director (non-reporting) |
| David Feinblatt, Ind. Director | David Feinblatt, Ind. Director (non-reporting) |
| John Desmond, Ind. Director | John Desmond, Ind. Director (non-reporting) |
| David Lerner, Chairman | David Lerner, Chairman |
| Daniel Lerner, Director | Daniel Lerner, Director |
| Joseph Pickard, Chief Compliance Officer | Joseph Pickard, Chief Compliance Officer |
| Alan Chodosh, Treasurer | Alan Chodosh, Treasurer |
| Douglas Revello, Portfolio Manager | Douglas Revello, Portfolio Manager |
| Mark Reilly, Portfolio Manager | Mark Reilly, Portfolio Manager |
| Brett Reilly, Assistant | Brett Reilly, Assistant |
| Sean Mitchell, Assistant | Sean Mitchell, Assistant |
| Leslie Reid, Assistant | Leslie Reid, Assistant |
| Allen Holeman, Distributor CCO (non-reporting) | Allen Holeman, Distributor CCO (non-reporting) |

---

The Chief Compliance Officer shall amend this list from time to time as appropriate.

SOA has established the following procedures to determine whether the Fund's independent directors are "Access Persons" who are required to report:

<sup>3</sup> A supervised person includes the following:

● Directors, officers and partners of the Firm or other persons occupying a similar status or performing similar functions;

● Employees of the Firm; and

● Persons who provide investment advice on behalf of the Firm and are subject to the Firm's supervision and control.

<sup>4</sup> An "access person" includes any supervised person who:

● Has access to nonpublic information regarding any client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any fund the Firm serves as an investment adviser as defined in Section 2(a)(20) of the Investment Company Act of 1940; or

● Is involved in making securities recommendations to clients, or has access to such recommendations that are nonpublic;

● All directors, officers and partners are presumed to be "access persons."

● Ascertain whether independent directors have access to nonpublic portfolio holdings or non-public portfolio transactions of the Fund, and whether independent directors make securities recommendations to the Fund or are provided information concerning such non-public recommendations.

● The CCO shall make a record of his determination.

## Ex-99.P

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS**, that the undersigned constitutes and appoints **Alan P. Chodosh and Joseph Pickard, Esq.**, and each of them, with full power to act without the other, as a true and lawful attorney-in-fact and agent, with full and several power of substitution, to take any appropriate action to execute and file with the U.S. Securities and Exchange Commission, any amendment to the registration statement of Spirit of America Investment Fund, Inc. (the "Company"), file any request for exemptive relief from state and federal regulations, to file the prescribed notices in the various states regarding the sale of shares of the Company, to perform on behalf of the Company any and all such acts as such attorneys-in-fact may deem necessary or advisable in order to comply with the applicable laws of the United States or any such state, and in connection therewith to execute and file all requisite papers and documents, including, but not limited to, applications, reports, surety bonds, irrevocable consents and appointments of attorneys for service of process; granting to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act requisite and necessary to be done in connection therewith, as fully as each might or could do in person, hereby ratifying and confirming all that such attorneys-in-fact and agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has executed this Power of Attorney on the 22<sup>nd</sup> day of September, 2025.

<u>/s/ Phillip Thune</u>

Phillip Thune

Director

## Ex-99.P

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS**, that the undersigned constitutes and appoints **Alan P. Chodosh and Joseph Pickard, Esq.**, and each of them, with full power to act without the other, as a true and lawful attorney-in-fact and agent, with full and several power of substitution, to take any appropriate action to execute and file with the U.S. Securities and Exchange Commission, any amendment to the registration statement of Spirit of America Investment Fund, Inc. (the "Company"), file any request for exemptive relief from state and federal regulations, to file the prescribed notices in the various states regarding the sale of shares of the Company, to perform on behalf of the Company any and all such acts as such attorneys-in-fact may deem necessary or advisable in order to comply with the applicable laws of the United States or any such state, and in connection therewith to execute and file all requisite papers and documents, including, but not limited to, applications, reports, surety bonds, irrevocable consents and appointments of attorneys for service of process; granting to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act requisite and necessary to be done in connection therewith, as fully as each might or could do in person, hereby ratifying and confirming all that such attorneys-in-fact and agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

**IN WITNESS WHEREOF**, the undersigned has executed this Power of Attorney on the 24<sup>th</sup> day of September, 2025.

<u>/s/ David Feinblatt</u>

David Feinblatt

Director