Spirit Of America Investment Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number : 811-08231

SPIRIT OF AMERICA INVESTMENT FUND, INC.

(Exact name of registrant as specified in charter)

477 Jericho Turnpike

P.O. Box 9006

Syosset, NY 11791-9006

(Address of principal executive offices) (Zip code)

Mr. David Lerner

David Lerner Associates

477 Jericho Turnpike

P.O. Box 9006

Syosset, NY 11791-9006

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-516-390-5565

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

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

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

Item 1. Reports to Stockholders.

(a)

(SPIRIT OF AMERICA LOGO)

SEMI-ANNUAL REPORT

June 30, 2023


	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 Utilities Fund

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

ILLUSTRATION OF INVESTMENTS (UNAUDITED)

Summary of Portfolio Holdings (Unaudited)

As of June 30, 2023

Residential REITs	22.14	%	$	18,387,323
Industrial REITs	18.36	%		15,242,230
Self-Storage REITs	11.68	%		9,695,849
Retail REITs	10.79	%		8,954,035
Data Center REITs	9.69	%		8,043,386
Gaming REITs	5.59	%		4,637,252
Health Care REITs	4.34	%		3,603,547
Hotel REITs	4.21	%		3,497,026
Multi Asset Class REITs	2.58	%		2,137,722
Infrastructure REITs	2.51	%		2,079,790
Office REITs	2.17	%		1,802,278
Specialty REITs	1.72	%		1,424,785
Energy	1.71	%		1,418,402
Money Market Funds	1.33	%		1,105,749
Mortage Finance	0.72	%		601,692
Midstream - Oil & Gas	0.33	%		275,660
Timber REITs	0.13	%		110,583
Total Investments	100.00	%	$	83,017,309

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

ILLUSTRATION OF INVESTMENTS (UNAUDITED) (CONT.)

Average Annual Returns (Unaudited)

For the periods ended June 30, 2023

	6 Months	1 Year	5 Year	10 Year	Expense Ratios⁴
Class A Shares - with load	(1.82)%	(7.20)%	2.36%	4.62%	1.54%
Class A Shares - no load	3.67%	(2.05)%	3.47%	5.18%	1.54%
Class C Shares - with load¹	2.39%	(3.56)%	2.76%	4.45%	2.24%
Class C Shares - no load¹	3.38%	(2.67)%	2.76%	4.45%	2.24%
Institutional Shares²	3.82%	(1.77)%	3.79%	5.50%	1.24%
MSCI US REIT Index³	5.45%	(0.09)%	4.55%	6.39%

The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns, with load, include the 5.25% maximum sales charge for the Class A Shares or the 1.00% maximum deferred sales charge for the Class C Shares.

Class C Shares commenced operations on March 15, 2016. Prior to March 15, 2016, performance is based on the performance of Class A Shares adjusted for the Class C Shares’ 12b-1 fees and contingent deferred sales charge.

Institutional Shares commenced operations on May 1, 2020. Prior to May 1, 2020, performance is based on the performance of Class A Shares.

The Morgan Stanley Capital International (“MSCI”) US REIT Index is an unmanaged index. The MSCI US REIT Index is a free float-adjusted market capitalization weighted index that is comprised of equity Real Estate Investment Trusts (“REITs”) that are included in the MSCI US Investable Market 2500 Index, with the exception of specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. The index represents approximately 85% of the US REIT universe. The performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible.

Reflects the expense ratio as disclosed in the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Fund’s expense ratios as of June 30, 2023, can be found in the Financial Highlights tables.

Fixed Distribution Policy (Unaudited)

The Board of Directors of the Fund has set a fixed distribution policy whereby the Fund will declare semi-annual distributions comprised of income earned, if any, realized long-term capital gains, if any, and to the extent necessary, return of capital, payable as of June 30 and December 31 of each year in the annual aggregate minimum amount of $0.85 per share. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions. The Fund’s total return based on net asset value is presented in the table above as well as in the Financial Highlights tables.

2	SPIRIT OF AMERICA

SPIRIT OF AMERICA LARGE CAP VALUE FUND

ILLUSTRATION OF INVESTMENTS (UNAUDITED)

Summary of Portfolio Holdings (Unaudited)

As of June 30, 2023

Technology	35.71	%	$	49,808,250
Health Care	10.86	%		15,152,778
Energy	10.77	%		15,020,333
Industrials	9.84	%		13,730,554
Consumer Staples	8.68	%		12,107,310
Financials	7.43	%		10,364,747
Communications	5.16	%		7,202,043
Consumer Discretionary	3.82	%		5,328,666
Utilities	3.23	%		4,500,689
Real Estate Investment Trusts (REITs)	1.87	%		2,601,519
Materials	1.65	%		2,297,879
Money Market Funds	0.98	%		1,371,415
Total Investments	100.00	%	$	139,486,183

Average Annual Returns (Unaudited)

For the periods ended June 30, 2023

	6 Months	1 Year	5 Year	10 Year	Expense Ratios⁴
Class A Shares - with load	10.31%	14.59%	10.11%	10.16%	1.51%
Class A Shares - no load	16.44%	20.94%	11.30%	10.76%	1.51%
Class C Shares - with load¹	15.05%	19.10%	10.52%	9.96%	2.21%
Class C Shares - no load¹	16.05%	20.10%	10.52%	9.96%	2.21%
Institutional Shares²	16.66%	21.35%	11.65%	11.09%	1.21%
S&P 500 Index³	16.89%	19.59%	12.31%	12.86%

Institutional Shares commenced operations on May 1, 2020. Prior to May 1, 2020, performance is based on the performance of Class A Shares.

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND

ILLUSTRATION OF INVESTMENTS (UNAUDITED) (CONT.)

Fixed Distribution Policy (Unaudited)

The Board of Directors of the Fund has set a fixed distribution policy whereby the Fund will declare semi-annual distributions comprised of income earned, if any, realized long-term capital gains, if any, and to the extent necessary, return of capital, payable as of June 30 and December 31 of each year in the annual aggregate minimum amount of $1.40 per share. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions. The Fund’s total return based on net asset value is presented in the table above as well as in the Financial Highlights tables.

4	SPIRIT OF AMERICA

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

ILLUSTRATION OF INVESTMENTS (UNAUDITED)

Summary of Portfolio Holdings (Unaudited)

As of June 30, 2023

New York	20.41	%	$	7,263,689	Arizona	1.49	%	$	530,429
Texas	11.69	%		4,164,949	Utah	1.37	%		487,121
Pennsylvania	10.94	%		3,895,559	Michigan	1.33	%		471,992
Florida	8.72	%		3,102,602	Maryland	1.11	%		394,354
California	6.32	%		2,250,757	Tennessee	1.00	%		354,788
Connecticut	6.04	%		2,149,788	Money Market Funds	0.85	%		304,237
Massachusetts	5.18	%		1,842,290	South Dakota	0.81	%		286,686
Indiana	3.78	%		1,343,791	Iowa	0.74	%		263,218
New Jersey	3.63	%		1,292,826	Virginia	0.72	%		255,305
Missouri	2.57	%		916,479	Vermont	0.63	%		225,044
District of Columbia	2.25	%		801,012	North Carolina	0.57	%		204,382
Nevada	2.03	%		721,281	North Dakota	0.28	%		100,384
Maine	1.81	%		643,895	Wisconsin	0.23	%		81,508
Minnesota	1.64	%		582,161	Illinois	0.23	%		81,194
Georgia	1.63	%		581,227	Total Investments	100.00	%	$	35,592,948

Average Annual Returns (Unaudited)

For the periods ended June 30, 2023

					Expense Ratios⁴
						With Applicable
	6 Months	1 Year	5 Year	10 Year	Gross	Waivers
Class A Shares - with load	(2.34)%	(2.92)%	(0.25)%	1.52%	1.19%	0.92%
Class A Shares - no load	2.52%	1.95%	0.72%	2.01%	1.19%	0.92%
Class C Shares - with load¹	1.09%	0.09%	(0.13)%	1.12%	2.04%	1.77%
Class C Shares - no load¹	2.09%	1.09%	(0.13)%	1.12%	2.04%	1.77%
Institutional Shares²	2.72%	2.22%	0.89%	2.18%	1.04%	0.77%
Bloomberg Municipal Bond Index³	2.67%	3.19%	1.84%	2.68%

The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns, with load, include the 4.75% maximum sales charge for the Class A Shares or the 1.00% maximum deferred sales charge for the Class C Shares.

Institutional Shares commenced operations on May 1, 2020. Prior to May 1, 2020, performance is based on the performance of Class A Shares.

The Bloomberg Municipal Bond Index is an unmanaged index. The performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible.

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

ILLUSTRATION OF INVESTMENTS (UNAUDITED) (CONT.)

⁴

Reflects the expense ratio as disclosed in the Fund’s prospectus dated May 1, 2023. Spirit of America Management Corp. (the “Adviser”) has contractually agreed to waive advisory fees and/or reimburse expenses under an Operating Expenses Agreement so that the total operating expenses will not exceed 0.90%, 1.75% and 0.75% of the Class A Shares, Class C Shares and Institutional Shares average daily net assets, respectively, through May 1, 2024. The waiver does not include front end or contingent deferred loads, taxes, interest, dividend expenses, brokerage commissions or expenses incurred in connection with any merger, reorganization, or extraordinary expenses such as litigation. Any amounts waived or reimbursed by the Adviser are subject to reimbursement by the Fund within the following three years, provided the Fund is able to make such reimbursement and remain in compliance with the expense limitations stated above. The Operating Expense Agreement may be terminated at any time, by the Board of Directors, on behalf of the Fund, upon sixty days written notice to the Adviser. Additional information pertaining to the Fund’s expense ratios as of June 30, 2023, can be found in the Financial Highlights tables.

6	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME FUND

ILLUSTRATION OF INVESTMENTS (UNAUDITED)

Summary of Portfolio Holdings (Unaudited)

As of June 30, 2023

Municipal Bonds	58.25	%	$	44,000,713
Preferred Stocks	19.77	%		14,934,135
Common Stocks	11.03	%		8,328,063
Corporate Bonds	10.61	%		8,011,448
Money Market Funds	0.27	%		207,173
Collateralized Mortgage Obligations	0.07	%		54,854
Total Investments	100.00	%	$	75,536,386

Average Annual Returns (Unaudited)

For the periods ended June 30, 2023

					Expense Ratios⁴
						With Applicable
	6 Months	1 Year	5 Year	10 Year	Gross	Waivers
Class A Shares - with load	(1.35)%	(4.50)%	1.13%	2.91%	1.18%	1.12%
Class A Shares - no load	3.57%	0.29%	2.13%	3.41%	1.18%	1.12%
Class C Shares - with load¹	2.19%	(1.39)%	1.35%	2.62%	1.93%	1.87%
Class C Shares - no load¹	3.19%	(0.46)%	1.35%	2.62%	1.93%	1.87%
Institutional Shares²	3.69%	0.45%	2.36%	3.66%	0.93%	0.87%
Bloomberg U.S. Aggregate Bond Index³	2.09%	(0.94)%	0.77%	1.52%

The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns, with load, include the 4.75% maximum sales charge for the Class A Shares or the 1.00% maximum deferred sales charge for the Class C Shares.

Institutional Shares commenced operations on May 1, 2020. Prior to May 1, 2020, performance is based on the performance of Class A Shares.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index. The performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible.

Reflects the expense ratio as disclosed in the Fund’s prospectus dated May 1, 2022. Spirit of America Management Corp. (the “Adviser”) has contractually agreed to waive advisory fees and/or reimburse expenses under an Operating Expenses Agreement so that the total operating expenses will not exceed 1.10%, 1.85% and 0.85% of the Class A Shares, Class C Shares and Institutional Shares average daily net assets, respectively, through May 1, 2024. The waiver does not include front end or contingent deferred loads, taxes, interest, dividend expenses, brokerage commissions or expenses incurred in connection with any merger, reorganization, or extraordinary expenses such as litigation. Any amounts waived or reimbursed by the Adviser are subject to reimbursement by the Fund within the following three years, provided the Fund is able to make such reimbursement and remain in compliance with the expense limitations stated above. The Operating Expense Agreement may be terminated at any time, by the Board of Directors, on behalf of the Fund, upon sixty days written notice to the Adviser. Additional information pertaining to the Fund’s expense ratios as of June 30, 2023, can be found in the Financial Highlights tables.

SPIRIT OF AMERICA UTILITIES FUND

ILLUSTRATION OF INVESTMENTS (UNAUDITED)

Summary of Portfolio Holdings (Unaudited)

As of June 30, 2023

Utilities	89.81	%	$	10,176,076
Money Market Funds	9.38	%		1,062,867
Energy	0.58	%		65,260
Industrials	0.23	%		26,013
Total Investments	100.00	%	$	11,330,216

Average Annual Returns (Unaudited)

For the periods ended June 30, 2023

		Expense Ratios²
	Since
	Inception
	(January 31,		With Applicable
	2023)	Gross	Waivers
Class A Shares - with load	(8.48)%	2.19%	1.53%
Class A Shares - no load	(2.90)%	2.19%	1.53%
Class C Shares - with load	(4.17)%	2.94%	2.28%
Class C Shares - no load	(3.24)%	2.94%	2.28%
Institutional Shares	(2.85)%	1.94%	1.28%
S&P 500 Utilities Index¹	(3.76)%

The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns, with load, include the 5.75% maximum sales charge for the Class A Shares or the 1.00% maximum deferred sales charge for the Class C Shares.

The S&P 500 Utilities Index is an unmanaged index. The performance of an index assumes no transaction costs, taxes, management fees or other expenses. A direct investment in an index is not possible.

Reflects the expense ratio as disclosed in the Fund’s prospectus dated January 30, 2023. Spirit of America Management Corp. (the “Adviser”) has contractually agreed to waive advisory fees and/or reimburse expenses under an Operating Expenses Agreement so that the total operating expenses will not exceed 1.53%, 2.28% and 1.28% of the Class A Shares, Class C Shares and Institutional Shares average daily net assets, respectively, through May 1, 2024. The waiver does not include front end or contingent deferred loads, taxes, interest, dividend expenses, brokerage commissions or expenses incurred in connection with any merger, reorganization, or extraordinary expenses such as litigation. Any amounts waived or reimbursed by the Adviser are subject to reimbursement by the Fund within the following three years, provided the Fund is able to make such reimbursement and remain in compliance with the expense limitations stated above. The Operating Expense Agreement may be terminated at any time, by the Board of Directors, on behalf of the Fund, upon sixty days written notice to the Adviser. Additional information pertaining to the Fund’s expense ratios as of June 30, 2023, can be found in the Financial Highlights tables.

8	SPIRIT OF AMERICA

SPIRIT OF AMERICA UTILITIES FUND

ILLUSTRATION OF INVESTMENTS (UNAUDITED) (CONT.)

Fixed Distribution Policy (Unaudited)

The Board of Directors of the Fund has set a fixed distribution policy whereby the Fund will declare semi-annual distributions comprised of income earned, if any, realized long-term capital gains, if any, and to the extent necessary, return of capital, payable as of June 30 and December 31 of each year in the aggregate minimum amount of $1.70 per share. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions. The Fund’s total return based on net asset value is presented on the prior page as well as in the Financial Highlights tables.

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

SCHEDULE OF INVESTMENTS | JUNE 30, 2023 (UNAUDITED)

	Shares		Market Value
Common Stocks 97.05%

Data Center REITs 9.68%
Digital Realty Trust, Inc.		25,381	$	2,890,134
Equinix, Inc.		6,465		5,068,172
				7,958,306
Energy 1.73%
Black Stone Minerals LP		7,000		111,650
Cheniere Energy Partners LP		8,300		382,962
Energy Transfer LP		35,500		450,850
Enterprise Products Partners LP		7,000		184,450
MPLX LP		8,500		288,490
				1,418,402
Gaming REITs 5.64%
Gaming and Leisure Properties, Inc.		33,885		1,642,067
VICI Properties, Inc.		95,297		2,995,185
				4,637,252
Health Care REITs 4.38%
Global Medical REIT, Inc.		15,000		136,950
Healthcare Realty Trust, Inc.		10,000		188,600
Healthpeak Properties, Inc.		30,568		614,417
Medical Properties Trust, Inc.		7,500		69,450
Omega Healthcare Investors, Inc.		11,000		337,590
Physicians Realty Trust		12,350		172,776
Ventas, Inc.		6,050		285,984
Welltower, Inc.		22,225		1,797,780
				3,603,547
Hotel REITs 2.96%
Apple Hospitality REIT, Inc.		45,210		683,123
Host Hotels & Resorts, Inc.		48,900		822,987
Park Hotels & Resorts, Inc.		9,250		118,585
Pebblebrook Hotel Trust		42,281		589,397
Summit Hotel Properties, Inc.		9,000		58,590
Sunstone Hotel Investors, Inc.		15,700		158,884
				2,431,566
Industrial REITs 18.55%
Americold Realty Trust		4,700		151,810
Prologis, Inc.		82,051		10,061,914
Rexford Industrial Realty, Inc.		16,500		861,630
STAG Industrial, Inc.		45,950		1,648,686
Terreno Realty Corp.		41,900		2,518,190
				15,242,230
Infrastructure REITs 2.53%
American Tower Corp., Class A		5,360		1,039,518
Crown Castle International Corp.		9,130		1,040,272
				2,079,790
Midstream - Oil & Gas 0.33%
Plains All American Pipeline LP		11,000		155,100
Plains GP Holdings LP, Class A^(a)		5,000		74,150
Western Midstream Partners LP		1,750		46,410
				275,660

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

10	SPIRIT OF AMERICA

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Shares		Market Value
Mortgage Finance 0.69%
Blackstone Mortgage Trust, Inc., Class A		13,200	$	274,692
Starwood Property Trust, Inc.		15,000		291,000
				565,692
Multi Asset Class REITs 2.56%
Lexington Realty Trust		2,700		26,325
One Liberty Properties, Inc.		2,500		50,800
WP Carey, Inc.		29,950		2,023,422
				2,100,547
Office REITs 2.15%
Alexandria Real Estate Equities, Inc.		10,800		1,225,692
Boston Properties, Inc.		6,215		357,922
Cousins Properties, Inc.		1,000		22,800
Kilroy Realty Corp.		5,265		158,424
				1,764,838
Residential REITs 22.31%
American Homes 4 Rent, Class A		15,050		533,522
Apartment Income REIT Corp.		25,902		934,803
AvalonBay Communities, Inc.		15,390		2,912,865
Camden Property Trust		13,200		1,437,084
Equity LifeStyle Properties, Inc.		29,750		1,989,978
Equity Residential		30,715		2,026,269
Essex Property Trust, Inc.		5,636		1,320,515
Mid-America Apartment Communities, Inc.		17,422		2,645,705
Sun Communities, Inc.		20,100		2,622,246
UDR, Inc.		44,600		1,916,016
				18,339,003
Retail REITs 10.68%
Agree Realty Corp.		8,250		539,467
Brixmor Property Group, Inc.		46,475		1,022,450
Federal Realty Investment Trust		12,800		1,238,656
Four Corners Property Trust, Inc.		5,000		127,000
Getty Realty Corp.		1,000		33,820
Kimco Realty Corp.		27,569		543,661
National Retail Properties, Inc.		17,750		759,523
Realty Income Corp.		30,985		1,852,593
Regency Centers Corp.		17,600		1,087,152
Simon Property Group, Inc.		13,600		1,570,528
Spirit MTA REIT^(a)(b)		1,140		—
				8,774,850
Self-Storage REITs 11.00%
CubeSmart		21,450		957,957
Extra Space Storage, Inc.		13,395		1,993,846
Life Storage, Inc.		25,850		3,437,016
Public Storage		9,075		2,648,811
				9,037,630
Specialty REITs 1.73%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		4,717		117,925
Iron Mountain, Inc.		23,000		1,306,860
				1,424,785

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

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Shares		Market Value
Timber REITs 0.13%
Weyerhaeuser Co.		3,300	$	110,583

Total Common Stocks
(Cost $63,721,688)				79,764,681

Preferred Stocks 2.61%

Data Center REITs 0.10%
Digital Realty Trust, Inc., Series J, 5.25%		4,000		85,080

Hotel REITs 1.30%
Ashford Hospitality Trust, Inc., Series F, 7.38%		6,000		92,370
Hersha Hospitality Trust, Series D, 6.50%		5,000		98,750
Hersha Hospitality Trust, Series E, 6.50%		5,000		96,800
Pebblebrook Hotel Trust, Series F, 6.30%		2,500		48,700
Pebblebrook Hotel Trust, Series G, 6.38%		4,000		74,800
Pebblebrook Hotel Trust, Series H, 6.38%		6,000		104,400
Sotherly Hotels, Inc., Series B, 8.00%		6,000		149,220
Sotherly Hotels, Inc., Series C, 7.88%		2,000		48,600
Summit Hotel Properties, Inc., Series F, 5.88%		10,000		195,900
Sunstone Hotel Investors, Inc., Series H, 6.13%		4,000		80,840
Sunstone Hotel Investors, Inc., Series I, 5.70%		4,000		75,080
				1,065,460
Mortgage Finance 0.04%
New York Mortgage Trust Inc., Series G, 7.00%		2,000		36,000

Multi Asset Class REITs 0.04%
Vornado Realty Trust, Series M, 5.25%		2,500		37,175

Office REITs 0.05%
Hudson Pacific Properties Inc., Series C, 4.75%		4,000		37,440

Residential REITs 0.06%
American Homes 4 Rent, Series G, 5.88%		2,000		48,320

Retail REITs 0.22%
CTO Realty Growth, Inc., Series A, 6.38%		2,000		39,500
Federal Realty Investment Trust, Series C, 5.00%		6,500		139,685
				179,185
Self-Storage REITs 0.80%
Public Storage, Series I, 4.88%		1,917		44,916
Public Storage, Series K, 4.75%		4,000		88,520
Public Storage, Series L, 4.63%		2,000		44,060
Public Storage, Series M, 4.13%		1,167		23,223
Public Storage, Series N, 3.88%		4,000		74,720
Public Storage, Series P, 4.00%		2,000		38,860
Public Storage, Series Q, 3.95%		4,000		73,720

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

12	SPIRIT OF AMERICA

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Shares		Market Value
Self-Storage REITs (cont.)
Public Storage, Series R, 4.00%		4,000	$	75,800
Public Storage, Series S, 4.10%		10,000		194,400
				658,219
Total Preferred Stocks
(Cost $2,752,766)				2,146,879

Money Market Funds 1.35%
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 5.03%^(c)		1,105,749		1,105,749

Total Money Market Funds
(Cost $1,105,749)				1,105,749

Total Investments — 101.01%
(Cost $67,580,203)				83,017,309
Liabilities in Excess of Other Assets — (1.01)%				(832,982	)
NET ASSETS — 100.00%			$	82,184,327

(a)

Non-income producing security.

(b)

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

(c)

Rate disclosed is the seven day effective yield as of June 30, 2023.

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS | JUNE 30, 2023 (UNAUDITED)

	Shares		Market Value
Common Stocks 98.99%

Communications 5.20%
Alphabet, Inc., Class A^(a)		36,300	$	4,345,110
AT&T, Inc.		6,500		103,675
Verizon Communications, Inc.		28,540		1,061,402
Walt Disney Co. (The)^(a)		18,950		1,691,856
				7,202,043
Consumer Discretionary 3.85%
Amazon.com, Inc.^(a)		11,600		1,512,176
Home Depot, Inc. (The)		6,038		1,875,644
Lowe’s Companies, Inc.		1,750		394,975
Masco Corp.		8,500		487,730
McDonald’s Corp.		2,980		889,262
NIKE, Inc., Class B		700		77,259
Tesla, Inc.^(a)		350		91,620
				5,328,666
Consumer Staples 8.74%
Altria Group, Inc.		12,650		573,045
Coca-Cola Co. (The)		7,900		475,738
Colgate-Palmolive Co.		1,500		115,560
Conagra Brands, Inc.		7,100		239,412
Constellation Brands, Inc., Class A		1,400		344,582
Costco Wholesale Corp.		6,551		3,526,928
Kroger Co. (The)		9,000		423,000
Lamb Weston Holdings, Inc.		4,300		494,285
PepsiCo, Inc.		2,400		444,528
Philip Morris International, Inc.		7,350		717,507
Procter & Gamble Co. (The)		7,265		1,102,391
Target Corp.		11,130		1,468,047
Wal-Mart Stores, Inc.		13,884		2,182,287
				12,107,310
Energy 10.85%
Antero Midstream Corp.		5,000		58,000
Baker Hughes Co.		8,750		276,587
Cheniere Energy, Inc.		13,150		2,003,534
Chevron Corp.		13,760		2,165,136
CNX Resources Corp.^(a)		4,000		70,880
ConocoPhillips		5,300		549,133
Devon Energy Corp.		7,800		377,052
Diamondback Energy, Inc.		2,650		348,104
Enbridge, Inc.		3,000		111,450
EOG Resources, Inc.		4,400		503,536
Exxon Mobil Corp.		7,550		809,737
Halliburton Co.		3,000		98,970
Kinder Morgan, Inc.		22,750		391,755
Marathon Oil Corp.		2,000		46,040
Marathon Petroleum Corp.		1,150		134,090
Occidental Petroleum Corp.		6,500		382,200
ONEOK, Inc.		2,000		123,440
Phillips 66		7,250		691,505
Pioneer Natural Resources Co.		7,575		1,569,389
Schlumberger Ltd.		500		24,560

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

14	SPIRIT OF AMERICA

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Shares		Market Value
Energy (cont.)
Targa Resources Corp.		5,600	$	426,160
Valero Energy Corp.		16,765		1,966,535
Williams Companies, Inc. (The)		58,000		1,892,540
				15,020,333
Financials 6.82%
American Express Co.		5,000		871,000
Bank of America Corp.		25,850		741,636
Berkshire Hathaway, Inc., Class B^(a)		3,870		1,319,670
Blackstone Group, Inc. (The), Class A		11,250		1,045,913
Carlyle Group, Inc. (The)		6,050		193,298
Citigroup, Inc.		16,700		768,868
CME Group, Inc.		1,404		260,147
Goldman Sachs Group, Inc. (The)		2,715		875,696
JPMorgan Chase & Co.		20,792		3,023,988
Morgan Stanley		3,000		256,200
Wells Fargo & Co.		2,000		85,360
				9,441,776
Health Care 10.94%
Abbott Laboratories		3,100		337,962
AbbVie, Inc.		24,957		3,362,457
Amgen, Inc.		1,150		255,323
Bristol-Myers Squibb Co.		16,650		1,064,767
Centene Corp.^(a)		7,300		492,385
CVS Health Corp.		1,811		125,194
Edwards LifeSciences Corp.^(a)		3,000		282,990
Eli Lilly & Co.		3,200		1,500,736
Humana, Inc.		1,350		603,625
McKesson Corp.		4,700		2,008,357
Medtronic PLC		7,069		622,779
Merck & Co., Inc.		18,350		2,117,407
Quest Diagnostics, Inc.		4,500		632,520
Thermo Fisher Scientific, Inc.		1,090		568,708
UnitedHealth Group, Inc.		2,450		1,177,568
				15,152,778
Industrials 9.92%
Boeing Co. (The)^(a)		3,355		708,442
Caterpillar, Inc.		11,490		2,827,114
CSX Corp.		37,600		1,282,160
Cummins, Inc.		3,550		870,318
Deere & Co.		6,335		2,566,879
FedEx Corp.		1,500		371,850
Honeywell International, Inc.		8,900		1,846,750
Johnson Controls International PLC		8,253		562,359
Lockheed Martin Corp.		300		138,114
Raytheon Technologies Corp.		2,100		205,716
United Parcel Service, Inc., Class B		2,450		439,163
Waste Connections, Inc.		13,375		1,911,689
				13,730,554
Materials 1.66%
CF Industries Holdings, Inc.		8,200		569,244
Corteva, Inc.		7,233		414,451
Dow, Inc.		6,083		323,980

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Shares		Market Value
Materials (cont.)
DuPont de Nemours, Inc.		6,500	$	464,360
International Paper Co.		500		15,905
New Linde PLC		1,300		495,404
WestRock Co.		500		14,535
				2,297,879
Real Estate Investment Trusts (REITs) 1.88%
American Tower Corp., Class A		1,040		201,698
Crown Castle International Corp.		2,690		306,499
Equinix, Inc.		900		705,546
Mid-America Apartment Communities, Inc.		250		37,965
Prologis, Inc.		6,300		772,569
Sun Communities, Inc.		2,600		339,196
Terreno Realty Corp.		2,075		124,707
VICI Properties, Inc.		3,073		96,584
Weyerhaeuser Co.		500		16,755
				2,601,519
Technology 35.97%
Accenture PLC, Class A		3,825		1,180,318
Adobe, Inc.^(a)		1,350		660,136
Advanced Micro Devices, Inc.^(a)		3,450		392,989
Apple, Inc.		49,232		9,549,531
Applied Materials, Inc.		14,220		2,055,359
Cisco Systems, Inc.		17,250		892,515
Cognizant Technology Solutions Corp., Class A		4,600		300,288
Corning, Inc.		8,000		280,320
Dell Technologies, Inc., Class C		1,624		87,875
Garmin Ltd.		1,000		104,290
HP, Inc.		15,600		479,076
International Business Machines Corp.		2,668		357,005
MasterCard, Inc., Class A		2,400		943,920
Microchip Technology, Inc.		6,450		577,855
Microsoft Corp.		19,689		6,704,892
NetApp, Inc.		2,600		198,640
NortonLifeLock, Inc.		24,700		458,185
NVIDIA Corp.		35,592		15,056,128
Oracle Corp.		26,875		3,200,544
Palo Alto Networks, Inc.^(a)		200		51,102
Paychex, Inc.		3,850		430,700
QUALCOMM, Inc.		3,550		422,592
Texas Instruments, Inc.		10,425		1,876,709
Visa, Inc., Class A		7,150		1,697,982
Workday, Inc., Class A^(a)		7,280		1,644,479
Zscaler, Inc.^(a)		1,400		204,820
				49,808,250
Utilities 3.16%
AES Corp.		7,000		145,110
American Electric Power Company, Inc.		1,850		155,770
Dominion Energy, Inc.		13,000		673,270
Duke Energy Corp.		2,000		179,480
Edison International		2,600		180,570
NextEra Energy, Inc.		28,625		2,123,975

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

16	SPIRIT OF AMERICA

SPIRIT OF AMERICA LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Shares		Market Value
Utilities (cont.)
UGI Corp.		1,000	$	26,970
WEC Energy Group, Inc.		10,100		891,224
				4,376,369
Total Common Stocks
(Cost $67,989,882)				137,067,477

Preferred Stocks 0.76%

Financials 0.67%
Arch Capital Group Ltd., Series F, 5.45%		2,000		45,200
Arch Capital Group Ltd., Series G, 4.55%		2,000		38,120
Athene Holding Ltd., Series C, 6.38%		2,000		46,740
Bank of America Corp., Series GG, 6.00%		4,000		99,920
Bank of America Corp., Series HH, 5.88%		2,000		49,340
Bank of America Corp., Series LL, 5.00%		2,000		43,580
Bank of America Corp., Series SS, 4.75%		2,000		41,140
Charles Schwab Corp. (The), Series J, 4.45%		2,000		39,400
Globe Life, Inc., 4.25%		1,000		19,660
JPMorgan Chase & Co., Series EE, 6.00%		2,000		50,880
JPMorgan Chase & Co., Series JJ, 4.55%		2,000		40,120
JPMorgan Chase & Co., Series LL 4.63%		6,000		122,880
JPMorgan Chase & Co., Series MM, 4.20%		6,000		115,740
Morgan Stanley, Series O, 4.25%		2,000		37,200
Northern Trust Corp., Series E, 4.70%		1,360		28,315
Prudential Financial, Inc., 4.13%		705		14,051
Prudential Financial, Inc., 5.63%		2,000		49,800
RenaissanceRE Holdings Ltd., Series G, 4.20%		150		2,685
U.S. Bancorp, Series O, 4.50%		2,000		38,200
				922,971
Utilities 0.09%
Brookfield Infrastructure Partners LP, 5.00%		2,000		37,400
DTE Energy Co., 4.38%		2,000		42,340
Entergy Louisiana LLC, 4.88%		2,000		44,580
				124,320
Total Preferred Stocks
(Cost $1,234,695)				1,047,291

Money Market Funds 0.99%
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 5.03%^(b)		1,371,415		1,371,415

Total Money Market Funds
(Cost $1,371,415)				1,371,415

Total Investments — 100.74%
(Cost $70,595,992)				139,486,183
Liabilities in Excess of Other Assets — (0.74)%				(1,023,075	)
NET ASSETS — 100.00%			$	138,463,108

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day effective yield as of June 30, 2023.

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS | JUNE 30, 2023 (UNAUDITED)

	Principal
	Amount		Market Value
Municipal Bonds 98.18%

Arizona 1.47%
City of Phoenix, AZ, General Obligation Unlimited, Callable 7/1/2026 @ 100, 5.00%, 7/1/2027	$	500,000	$	530,429

California 6.26%
California State Public Works Board, Revenue Bonds, Callable 11/1/2026 @ 100, 5.00%, 11/1/2029		600,000		643,611
Los Angeles CA Department of Water & Power, Revenue Bonds, Callable 1/1/2029 @ 100, 5.25%, 7/1/2049		200,000		216,235
Los Angeles Community College District, General Obligation Refunding Bonds Unlimited, Callable 8/1/2026 @ 100, 4.00%, 8/1/2038		500,000		505,957
Regents of the University of California Medical Center Pooled Revenue, Revenue Bond, Callable 5/15/2026 @ 100, 4.00%, 5/15/2037		145,000		145,468
San Francisco City & County Public Utilities Commission Water Revenue, Revenue Bonds Series 2020 A, Callable 4/1/2028 @ 100, 4.00%, 10/1/2043		100,000		100,323
San Francisco Municipal Transportation Agency, Callable 3/1/2027 @ 100, 4.00%, 3/1/2046		200,000		199,607
State of California, General Obligation Unlimited, Callable 8/1/2025 @ 100, 5.00%, 8/1/2029		250,000		261,401
State of California, General Obligation Unlimited, Callable 9/1/2026 @ 100, 4.00%, 9/1/2036		175,000		178,155
				2,250,757
Connecticut 5.98%
City of New Haven, CT, General Obligation Unlimited, Callable 8/15/2026 @ 100, 5.00%, 8/15/2036		230,000		240,887
Connecticut Housing Finance Authority, Multi-Family Housing, Revenue Bonds, Callable 11/15/2025 @ 100, 3.25%, 11/15/2036		250,000		229,148
Connecticut Housing Finance Authority, Revenue Bonds, Callable 5/15/2027 @ 100, 3.40%, 11/15/2037		25,000		23,817
Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 5.00%, 7/1/2034		250,000		261,397
Connecticut State Health & Educational Facility Authority, Revenue Bonds, Callable 7/1/2024 @ 100, 5.00%, 7/1/2034		100,000		101,559
State of Connecticut Special Tax Revenue, Highway Improvements, Revenue Bonds, Callable 10/1/2023 @ 100, 5.00%, 10/1/2030		250,000		250,900
State of Connecticut, General Obligation Unlimited, Callable 4/15/2027 @ 100, 5.00%, 4/15/2032		500,000		535,337
State of Connecticut, General Obligation Unlimited, 5.00%, 6/15/2024		250,000		254,545
University of Connecticut, University & College Improvements, Revenue Bonds, Callable 2/15/2024 @ 100, 5.00%, 2/15/2034		250,000		252,198
				2,149,788
District of Columbia 2.23%
District of Columbia Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, (Fannie Mae), 4.45%, 6/15/2031		320,000		320,125
District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100, 5.00%, 10/1/2036		250,000		260,591
District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 4/1/2026 @ 100, 5.00%, 10/1/2034		150,000		156,915
District of Columbia Water & Sewer Authority, Revenue Bonds, Callable 10/1/2029 @ 100, 4.00%, 10/1/2049		65,000		63,381
				801,012

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

18	SPIRIT OF AMERICA

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Principal
	Amount		Market Value
Florida 8.63%
Central Florida Expressway Authority, Revenue Bonds, Callable 7/1/2026 @ 100, 4.00%, 7/1/2035	$	150,000	$	151,617
City of Orlando, FL, Public Improvements, Revenue Bonds, Callable 10/1/2024 @ 100, 5.00%, 10/1/2046		1,000,000		1,014,833
FSU Financial Assistance, Inc., State Single-Family Housing, Refunding Revenue Bonds, 5.00%, 10/1/2030		500,000		500,776
Greater Orlando Aviation Authority, Port, Airport & Marina Improvements, Revenue Bonds, 5.00%, 10/1/2025		120,000		120,134
Miami-Dade County Educational Facilities Authority, University & College Improvements, Revenue Bonds, (AMBAC), 5.25%, 4/1/2031		260,000		294,687
School Board of Miami-Dade County (The), Certificates of Participation, Callable 2/1/2026 @ 100, 4.00%, 2/1/2033		1,000,000		1,020,555
				3,102,602
Georgia 1.62%
Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2029 @ 100, 3.00%, 11/1/2037		500,000		450,073
Atlanta GA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2027 @ 100, 5.00%, 11/1/2047		125,000		131,154
				581,227
Illinois 0.22%
Illinois State Finance Authority, Revenue Bonds Series 2020 A, Callable 4/1/2030 @ 100, 4.00%, 4/1/2050		85,000		81,194

Indiana 3.74%
Indiana Finance Authority Wastewater Utility Revenue, Revenue Bonds, Callable 10/1/2026 @ 100, 5.00%, 10/1/2046		600,000		619,335
Indiana Finance Authority Wastewater Utility Revenue, Revenue Bonds, Callable 10/1/2030 @ 100, 5.00%, 10/1/2050		500,000		535,213
Indiana State Finance Authority Health Systems Revenue, Revenue Bonds, Callable 11/1/2025 @ 100, 4.00%, 11/1/2051		200,000		189,243
				1,343,791
Iowa 0.73%
State of Iowa, Revenue Bonds, Callable 6/1/2026 @ 100, 5.00%, 6/1/2027		250,000		263,218

Maine 1.79%
Maine Health & Higher Educational Facilities Authority, Revenue Bonds, Callable 7/1/2030 @ 100, 4.00%, 7/1/2045		385,000		365,432
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, Callable 11/15/2024 @ 100, 3.75%, 11/15/2044		100,000		91,614
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, 3.60%, 11/15/2036		95,000		90,951
Maine State Housing Authority, State Single-Family Housing, Revenue Bonds, 3.45%, 11/15/2032		45,000		43,992
Maine Turnpike Authority, Refunding Revenue Bonds, Callable 7/1/2025 @ 100, 5.00%, 7/1/2026		50,000		51,906
				643,895
Maryland 1.10%
City of Baltimore MD, Water Projects, Revenue Bonds, Callable 7/1/2029 @ 100, 4.00%, 7/1/2049		405,000		394,354

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Principal
	Amount		Market Value
Massachusetts 5.12%
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2025 @ 100, 3.25%, 12/1/2036	$	575,000	$	524,395
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.75%, 12/1/2037		250,000		238,594
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2027 @ 100, 3.25%, 12/1/2032		200,000		195,138
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 12/1/2026 @ 100, 3.55%, 12/1/2037		85,000		83,810
Massachusetts Housing Finance Agency, Revenue Bonds, Callable 6/1/2026 @ 100, 3.15%, 12/1/2026		40,000		39,595
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 5.13%, 12/1/2039		65,000		65,039
Massachusetts Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 4.85%, 12/1/2029		60,000		60,027
Massachusetts School Building Authority, Revenue Bonds, Callable 2/15/2028 @ 100, 5.25%, 2/15/2048		500,000		531,748
Massachusetts School Building Authority, Revenue Bonds, Callable 8/15/2025 @ 100, 5.00%, 8/15/2026		100,000		103,944
				1,842,290
Michigan 1.31%
Michigan Public Educational Facilities Authority, School Improvements, Refunding Revenue Bonds, 6.00%, 12/1/2035		500,000		471,992

Minnesota 1.62%
Southern Minnesota Municipal Power Agency Power Supply System, Revenue Bonds, Callable 1/1/2026 @ 100, 5.00%, 1/1/2041		565,000		582,161

Missouri 2.55%
Health & Educational Facilities Authority of the State of Missouri, Healthcare, Hospital & Nursing Home Improvements, Revenue Bonds, (OID), Callable 11/15/2024 @ 100, 4.00%, 11/15/2045		500,000		482,631
Health & Educational Facilities Authority of the State of Missouri, Healthcare, Hospital & Nursing Home Improvements, Revenue Bonds, (OID), 3.75%, 11/15/2039		100,000		92,784
Missouri State Health & Educational Facilities Authority, Health Facilities Revenue. Revenue Bonds, Callable 11/15/2027 @ 100, 4.00%, 11/15/2049		360,000		341,064
				916,479
Nevada 2.01%
Nevada System of Higher Education, Certificates of Participation, Callable 7/1/2026 @ 100, 4.00%, 7/1/2027		700,000		721,281

New Jersey 3.60%
Borough of Seaside Heights, NJ, General Obligation Unlimited, Callable 4/1/2025 @ 100, 4.00%, 4/1/2026		125,000		126,999
Hudson County Improvement Authority, Refunding Revenue Bonds, (AGM), 5.40%, 10/1/2025		150,000		157,812
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, (OID), 5.00%, 7/1/2027		15,000		15,009
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100, 3.50%, 11/1/2036		500,000		483,924
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Callable 11/1/2025 @ 100, 3.90%, 11/1/2050		175,000		159,756

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

20	SPIRIT OF AMERICA

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Principal
	Amount		Market Value
New Jersey (cont.)
New Jersey St Transportation Trust Fund Authority, Revenue Bonds, Callable 12/15/2030 @ 100, 4.00%, 6/15/2045	$	100,000	$	95,740
State of New Jersey, Public Improvements, General Obligation Unlimited, Callable 6/1/2025 @ 100, 4.00%, 6/1/2034		250,000		253,586
				1,292,826
New York 20.21%
City of New York NY, General Obligation Unlimited, Callable 4/1/2028 @ 100, 5.00%, 4/1/2043		195,000		206,609
City of New York NY, General Obligation Unlimited, Callable 10/1/2029 @ 100, 5.00%, 10/1/2039		145,000		157,628
City of New York NY, General Obligation Unlimited, Callable 4/1/2028 @ 100, 5.00%, 4/1/2040		305,000		324,703
City of New York NY, General Obligation Unlimited, Callable 3/1/2030 @ 100, 5.00%, 3/1/2043		150,000		162,413
Hudson Yards Infrastructure Corp., Revenue Bonds Series 2017 A, Callable 2/15/2027 @ 100, 4.00%, 2/15/2044		575,000		568,064
Metropolitan Transportation Authority, Refunding Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2037		250,000		267,600
Metropolitan Transportation Authority, Refunding Revenue Bonds, 5.25%, 11/15/2028		50,000		50,374
Metropolitan Transportation Authority, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2035		250,000		270,241
Metropolitan Transportation Authority, Revenue Bonds, 5.00%, 11/15/2028		250,000		267,765
Metropolitan Transportation Authority, Transit Improvements, Refunding Revenue Bonds, 5.00%, 11/15/2028		250,000		258,968
Metropolitan Transportation Authority, Transit Improvements, Revenue Bonds, 5.00%, 11/15/2033		100,000		100,032
New York City Housing Development Corp., Revenue Bonds, Callable 11/1/2025 @ 100, 3.60%, 11/1/2031		250,000		248,608
New York City Housing Development Corp., Revenue Bonds, Callable 5/1/2025 @ 100, 3.10%, 11/1/2032		250,000		237,218
New York City Housing Development Corp., Revenue Bonds, Callable 2/1/2026 @ 100, 3.50%, 11/1/2032		150,000		147,593
New York City Transitional Finance Authority, 5.00%, 8/1/2023		75,000		75,092
New York City Transitional Finance Authority, 5.00%, 8/1/2023		25,000		25,032
New York City Transitional Finance Authority Building Aid Revenue, Public Improvements, Revenue Bonds, (State Aid Withholding), Callable 1/15/2025 @ 100, 5.00%, 7/15/2027		250,000		257,031
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, 5.00%, 7/15/2031		250,000		261,552
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Callable 5/1/2027 @ 100, 4.00%, 5/1/2044		300,000		296,770
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, Callable 8/1/2026 @ 100, 4.00%, 8/1/2035		100,000		102,174
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds Series 2016 A-1, 5.00%, 8/1/2024		100,000		102,072
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Revenue Bonds, Callable 8/1/2025 @ 100, 5.00%, 8/1/2027		25,000		25,982
New York City Water & Sewer System, Revenue Bonds, Callable 6/15/2028 @ 100, 5.00%, 6/15/2049		500,000		530,123
New York City Water & Sewer System, Revenue Bonds, Callable 6/15/2027 @ 100, 5.00%, 6/15/2032		100,000		107,662
New York State Dormitory Authority, Refunding Revenue Bonds, (State Aid Withholding), 3.25%, 4/1/2031		280,000		278,808

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Principal
	Amount		Market Value
New York (cont.)
New York State Dormitory Authority, Revenue Bonds, Callable 7/1/2025 @ 100, 5.00%, 7/1/2037	$	135,000	$	140,066
New York State Dormitory Authority, Revenue Bonds, Callable 3/15/2028 @ 100, 5.00%, 3/15/2043		250,000		265,644
New York State Dormitory Authority, Revenue Bonds, 4.75%, 10/1/2040		5,000		5,003
New York State Thruway Authority, Revenue Bonds, Callable 1/1/2026 @ 100, 4.00%, 1/1/2037		100,000		100,711
New York, NY, General Obligation Unlimited, Callable 8/1/2029 @ 100, 5.00%, 8/1/2043		30,000		32,237
Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2037		250,000		268,896
Port Authority of New York & New Jersey, Revenue Bonds, Callable 11/15/2027 @ 100, 5.00%, 11/15/2030		250,000		272,587
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100, 5.00%, 11/15/2040		310,000		319,596
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2023		100,000		100,628
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2025 @ 100, 5.00%, 11/15/2035		250,000		259,173
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 5/15/2031 @ 100, 5.00%, 11/15/2051		60,000		64,382
Triborough Bridge & Tunnel Authority, Revenue Bonds, 5.00%, 11/15/2027		100,000		104,652
				7,263,689
North Carolina 0.57%
University of North Carolina at Charlotte (The), Revenue Bonds, Callable 10/1/2027 @ 100, 4.00%, 10/1/2037		100,000		101,035
University of North Carolina at Charlotte (The), University & College Improvements, Revenue Bonds, Callable 4/1/2025 @ 100, 5.00%, 4/1/2040		100,000		103,347
				204,382
North Dakota 0.28%
City of Bismarck, ND, Sanitary Sewer Revenue, Revenue Bonds, Callable 5/1/2025 @ 100, 3.00%, 5/1/2029		100,000		100,384

Pennsylvania 10.84%
Allegheny County PA Hospital, Development Authority, Revenue Bonds, Callable 4/1/2028 @ 100, 4.00%, 4/1/2044		150,000		135,494
City of Philadelphia, PA Water & Wastewater Revenue, Revenue Bonds Series 2021 C, Callable 10/1/2031 @ 100, 5.00%, 10/1/2046		500,000		530,480
City of Philadelphia, PA Water & Wastewater Revenue, Revenue Bonds Series 2021 C, Callable 10/1/2031 @ 100, 4.00%, 10/1/2051		500,000		465,782
Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue, Revenue Bonds, Callable 6/1/2028 @ 100, 4.00%, 6/1/2039		250,000		246,051
Lehigh County PA General Purpose Authority Hospital Revenue, Revenue Bonds, Callable 7/1/2029 @ 100, 4.00%, 7/1/2049		325,000		301,350
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, 5.00%, 5/1/2037		100,000		87,775
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, 5.00%, 5/1/2042		100,000		82,515
Pennsylvania Higher Educational Facilities Authority, Hospital Improvements, Revenue Bonds, (OID), 4.00%, 5/1/2032		100,000		86,571
Pennsylvania Housing Finance Agency, Revenue Bonds, Callable 4/1/2027 @ 100, 3.65%, 10/1/2042		100,000		89,878
Pennsylvania State Economic Development Financing Authority, Revenue Bonds Series 2017 A, Callable 11/15/2027 @ 100, 4.00%, 11/15/2047		400,000		378,850
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2034		190,000		200,651

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

22	SPIRIT OF AMERICA

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Principal
	Amount		Market Value
Pennsylvania (cont.)
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2035	$	125,000	$	131,815
Pennsylvania State University, Revenue Bonds, Callable 9/1/2026 @ 100, 5.00%, 9/1/2036		100,000		104,991
Pennsylvania Turnpike Commission, Revenue Bonds, Callable 12/1/2025 @ 100, 5.00%, 12/1/2045		500,000		509,596
Pennsylvania Turnpike Commission, Revenue Refunding Bonds Series 2005 A, 5.25%, 7/15/2028		150,000		168,556
Philadelphia PA Water & Wastewater Revenue, Revenue Bonds, Callable 11/1/2030 @ 100, 5.00%, 11/1/2045		355,000		375,204
				3,895,559
South Dakota 0.80%
South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100, 2.45%, 5/1/2027		250,000		242,304
South Dakota Housing Development Authority, Revenue Bonds, Callable 11/1/2025 @ 100, 3.13%, 11/1/2036		45,000		44,382
				286,686
Tennessee 0.99%
City of Memphis, TN, Callable 4/1/2024 @ 100, 5.00%, 4/1/2044		80,000		80,574
City of Memphis, TN, 5.00%, 4/1/2044		20,000		20,254
Metropolitan Government of Nashville & Davidson County Convention Center Authority, Public Improvements, Revenue Bonds, 5.00%, 7/1/2026		200,000		200,302
Tennessee Housing Development Agency, Revenue Bonds, Callable 1/1/2027 @ 100, 3.40%, 7/1/2037		55,000		53,658
				354,788
Texas 11.59%
Austin TX Electric Utility System Revenue, Revenue Bonds Series 2019 B, Callable 11/15/2029 @ 100, 5.00%, 11/15/2049		15,000		15,933
City Public Service Board of San Antonio, TX, Revenue Bonds, Callable 8/1/2026 @ 100, 5.00%, 2/1/2032		250,000		263,046
Clifton Higher Education Finance Corp., School Improvements, Refunding Revenue Bonds, 4.00%, 8/15/2044		500,000		490,652
Comal Independent School District, Unlimited Tax School Building Bonds, Callable 2/1/2026 @ 100, 4.00%, 2/1/2034		250,000		255,870
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, Callable 5/15/2026 @ 100, 4.00%, 11/15/2030		130,000		131,320
North Texas Tollway Authority Revenue, Revenue Bonds, Series 2017 A, Callable 1/1/2028 @ 100, 4.00%, 1/1/2043		470,000		458,692
San Antonio Public Facilities Corp., Public Improvements, Refunding Revenue Bonds, (OID), 4.00%, 9/15/2042		250,000		240,336
San Antonio Water System, Refunding Revenue Bonds, Callable 11/15/2029 @ 100, 5.00%, 5/15/2034		190,000		212,818
San Antonio Water System, Revenue Bonds Series 2020 A, Callable 5/15/2030 @ 100, 5.00%, 5/15/2050		205,000		220,058
Texas Public Finance Authority, Revenue Bonds, Callable 12/1/2026 @ 100, 4.00%, 12/1/2031		200,000		204,322
Texas State Water Development Board, Revenue Bonds Series 2019 A, Callable 10/15/2029 @ 100, 4.00%, 10/15/2037		500,000		508,392
Texas State Water Development Board, Revenue Bonds Series 2019 A, Callable 10/15/2029 @ 100, 4.00%, 10/15/2054		500,000		489,257
Texas State Water Development Board, Revenue Bonds, Callable 10/15/2028 @ 100, 5.00%, 4/15/2049		450,000		477,867
White Oak, TX, Independent School District, Unlimited Tax School Building Bonds, Callable 2/15/2027 @ 100, 4.00%, 2/15/2029		190,000		196,386
				4,164,949

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Principal
	Amount		Market Value
Utah 1.35%
Utah County Utah Hospital Revenue IHC Health Services, Revenue Bonds, Callable 5/15/2026 @ 100, 5.00%, 5/15/2050	$	465,000	$	487,121

Vermont 0.63%
Vermont Housing Finance Agency, State Multi-Family Housing, Revenue Bonds, 3.75%, 8/15/2037		225,000		225,044

Virginia 0.71%
Virginia State Resource Authority Infrastructure, Revenue Bonds, Callable 11/1/2025 @ 100, 4.00%, 11/1/2033		75,000		76,193
Virginia State Resource Authority Infrastructure, Revenue Bonds, Pre- Refunded, Callable 11/1/2025 @ 100, 4.00%, 11/1/2033		175,000		179,112
				255,305
Wisconsin 0.23%
Wisconsin Housing & Economic Development Authority, State Multi- Family Housing, Revenue Bonds, (OID), 5.63%, 11/1/2035		80,000		81,508

Total Municipal Bonds
(Cost $37,192,509)				35,288,711

	Shares
Money Market Funds 0.84%
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 5.03%^(a)		304,237		304,237

Total Money Market Funds
(Cost $304,237)				304,237

Total Investments — 99.02%
(Cost $37,496,746)				35,592,948
Other Assets in Excess of Liabilities — 0.98%				350,781
NET ASSETS — 100.00%			$	35,943,729

(a)

Rate disclosed is the seven day effective yield as of June 30, 2023.

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Asssurance Corp.

OID — Original Issue Discount

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

24	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS | JUNE 30, 2023 (UNAUDITED)

	Shares		Market Value
Common Stocks 10.95%

Communications 0.37%
Verizon Communications, Inc.		7,500	$	278,925

Consumer Staples 1.03%
Philip Morris International, Inc.		8,000		780,960

Energy 6.57%
Chevron Corp.		5,500		865,425
Enbridge, Inc.		25,000		928,750
Kinder Morgan, Inc.		40,000		688,800
Phillips 66		5,500		524,590
TC Energy Corp.		15,000		606,150
Williams Companies, Inc. (The)		42,500		1,386,775
				5,000,490
Financials 0.32%
Blackstone Mortgage Trust, Inc., Class A		11,565		240,668

Health Care 1.06%
AbbVie, Inc.		6,000		808,380

Real Estate 1.25%
City Office REIT, Inc.		10,000		55,700
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		8,000		200,000
Medical Properties Trust, Inc.		5,000		46,300
Physicians Realty Trust		2,000		27,980
Simon Property Group, Inc.		4,000		461,920
Spirit MTA REIT^(a)(b)		2,000		—
Spirit Realty Capital, Inc.		4,000		157,520
				949,420
Utilities 0.35%
Duke Energy Corp.		3,000		269,220

Total Common Stocks
(Cost $6,215,743)				8,328,063

Preferred Stocks 19.63%

Financials 13.05%
Affiliated Managers Group, Inc., 4.20%		15,000		251,250
Affiliated Managers Group, Inc., 4.75%		10,000		177,600
Allstate Corp. (The), Series I, 4.75%		20,000		426,000
American Financial Group, Inc., 5.13%		15,000		325,050
American Financial Group, Inc., 5.63%		20,000		478,600
Athene Holding Ltd., Series C, 6.38%		10,000		233,700
Athene Holding Ltd., Series D, 4.88%		20,000		326,000
Bank of America Corp., Series HH, 5.88%		8,000		197,360
Bank of America Corp., Series LL, 5.00%		20,000		435,800
Bank of America Corp., Series NN, 4.38%		10,000		190,600
Bank of America Corp., Series PP, 4.13%		16,667		305,339
Bank of America Corp., Series QQ, 4.25%		10,000		187,000

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

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Shares		Market Value
Financials (cont.)
Brighthouse Financial, Inc., Series C, 5.38%		20,000	$	333,600
Capital One Financial Corp., Series J, 4.80%		10,000		183,400
Capital One Financial Corp., Series K, 4.63%		18,500		340,400
CNO Financial Group, Inc., 5.13%		2,000		32,000
Equitable Holdings, Inc., Series C, 4.30%		20,000		322,400
Fulton Financial Corp., Series A, 5.13%		6,000		99,480
Huntington Bancshares, Inc., Series H, 4.50%		10,000		177,000
JPMorgan Chase & Co., Series EE, 6.00%		20,000		508,800
JPMorgan Chase & Co., Series GG, 4.75%		20,000		428,600
KeyCorp, Series G, 5.63%		15,000		272,850
MetLife, Inc., Series F, 4.75%		15,000		318,000
Morgan Stanley, Series O, 4.25%		10,000		186,000
Northern Trust Corp., Series E, 4.70%		18,640		388,085
Prudential Financial, Inc., 4.13%		3,530		70,353
Prudential Financial, Inc., 5.63%		10,000		249,000
Prudential Financial, Inc., 5.95%		10,000		251,200
RenaissanceRE Holdings Ltd., Series G, 4.20%		850		15,215
Selective Insurance Group, Inc., Series B, 4.60%		1,000		16,370
State Street Corp., 5.35%		1,000		22,960
U.S. Bancorp, Series L, 3.75%		20,000		322,800
U.S. Bancorp, Series M, 4.00%		10,000		168,300
W.R. Berkley Corp., 5.10%		20,000		447,800
Washington Federal, Inc., Series A, 4.88%		10,000		149,000
Wells Fargo & Co., Series AA, 4.70%		20,000		368,800
Wells Fargo & Co., Series CC, 4.38%		20,000		349,200
Wells Fargo & Co., Series Z, 4.75%		20,000		380,800
				9,936,712
Real Estate 2.49%
Brookfield Property Partners LP, Series A, 5.75%		7,500		103,125
Diversified Healthcare Trust, 5.63%		26,660		343,914
Federal Realty Investment Trust, Series C, 5.00%		7,500		161,175
Public Storage, Series I, 4.88%		9,583		224,530
Public Storage, Series L, 4.63%		10,000		220,300
Public Storage, Series M, 4.13%		3,889		77,391
Public Storage, Series N, 3.88%		20,000		373,600
Public Storage, Series S, 4.10%		10,000		194,400
Vornado Realty Trust, 5.40%		12,298		191,972
				1,890,407
Technology 0.13%
Pitney Bowes, Inc., 6.70%		5,700		100,206

Utilities 3.96%
BIP Bermuda Holdings I Ltd, 5.13%		10,000		174,000
Brookfield Infrastructure Partners LP, 5.00%		10,000		187,000
Brookfield Infrastructure Partners LP, 5.13%		25,000		475,500
DTE Energy Co., Series G, 4.38%		20,000		432,800
Entergy Arkansas, Inc., 4.88%		20,000		448,000
Entergy Louisiana LLC, 4.88%		10,000		222,900
Entergy Mississippi, Inc., 4.90%		15,000		334,050
Southern Co., 4.95%		21,000		482,370

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

26	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Shares		Market Value
Utilities (cont.)
Southern Co., 5.25%		5,000	$	124,250
Southern Co., Series C, 4.20%		6,000		125,940
				3,006,810
Total Preferred Stocks
(Cost $18,867,722)				14,934,135

	Principal
	Amount
Collateralized Mortgage Obligations 0.07%
CHL Mortgage Pass-Through Trust, Series 2005-21, Class A27, 5.50%, 10/25/2035	$	16,609	10,126
CHL Mortgage Pass-Through Trust, Series 2005-21, Class A7, 5.50%, 10/25/2035		17,955	10,947
Citicorp Mortgage Securities, Inc., Class 1A12, 5.00%, 2/25/2035		36,095	33,781

Total Collateralized Mortgage Obligations
(Cost $52,337)			54,854

Corporate Bonds 10.53%
Bank of New York Mellon Corp. (The), 4.63%, 12/20/2049		500,000	443,750
Bank of New York Mellon Corp. (The), 3.70%, 3/20/2169		100,000	88,650
Entergy Texas, Inc., 5.15%, 6/1/2045		100,000	93,493
Exelon Generation Co. LLC, 5.60%, 6/15/2042^(b)(c)		400,000	348,412
Fifth Third Bancorp, 8.25%, 3/1/2038		250,000	286,749
General Electric Co., 8.88%, 12/29/2049		352,000	353,319
Goldman Sachs Group, Inc. (The), 6.75%, 10/1/2037		850,000	914,528
Goldman Sachs Group, Inc. (The), 6.45%, 5/1/2036		500,000	523,120
Hospitality Properties Trust, 4.50%, 3/15/2025		500,000	473,000
Kinder Morgan Energy Partners LP, 6.50%, 2/1/2037		250,000	257,821
MetLife, Inc., 9.25%, 4/8/2038^(c)		1,500,000	1,741,033
MetLife, Inc., 10.75%, 8/1/2039		1,000,000	1,293,264
PECO Energy Capital Trust IV, 5.75%, 6/15/2033		1,000,000	929,433
Valero Energy Corp., 8.75%, 6/15/2030		224,000	264,876

Total Corporate Bonds
(Cost $8,469,845)			8,011,448

Municipal Bonds 57.83%

Alabama 2.45%
Health Care Authority for Baptist Health (The), Refunding Revenue Bonds, 5.50%, 11/15/2043		2,000,000	1,864,898

Arizona 0.53%
Arizona School Facilities Board, School Improvements, Certificates of Participation, 6.00%, 9/1/2027		225,000	229,970
Phoenix Arizona Civic Improvement Corp. Excise Tax Revenue, Revenue Bonds, Callable 7/1/2030 @ 100, 2.70%, 7/1/2045		250,000	173,587
			403,557
California 4.16%
Alhambra Unified School District, University & College Improvements, General Obligation Unlimited, 6.70%, 2/1/2026		465,000	475,950
California State University, Revenue Bonds Series 2020 B, Callable 5/1/2030 @ 100, 3.07%, 11/1/2042		100,000	75,244

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

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Principal
	Amount		Market Value
California (cont.)
City & County of San Francisco, CA, General Obligation Unlimited, 6.26%, 6/15/2030	$	450,000	$	480,819
County of San Bernardino, CA, Refunding Revenue Bonds, 6.02%, 8/1/2023		45,000		45,000
Peralta Community College District, Refunding Revenue Bonds, 6.91%, 8/1/2025		500,000		507,879
Peralta Community College District, Refunding Revenue Bonds, 7.31%, 8/1/2031		310,000		327,984
San Bernardino City Unified School District, School Improvements, Certificates of Participation, (AGM) (OID), 8.25%, 2/1/2026		500,000		517,537
University of California Revenues, Revenue Bonds, Callable 5/15/2030 @ 100, 6.30%, 5/15/2050		260,000		273,103
University of California Revenues, Revenue Bonds, 4.13%, 5/15/2045		250,000		226,110
University of California, University & College Improvements, Refunding Revenue Bonds, 3.66%, 5/15/2027		250,000		239,106
				3,168,732
Colorado 0.74%
Colorado Mesa University, University & College Improvements, Build America Revenue Bonds, (State Higher Education Intercept Program), 6.75%, 5/15/2042		500,000		560,505

Connecticut 0.39%
State of Connecticut, General Obligation Unlimited, 5.85%, 3/15/2032		280,000		298,065

Florida 4.15%
City of Miami Gardens, FL, Public Improvements, Build America Bonds, Certificates of Participation, 7.17%, 6/1/2026		670,000		691,924
City of Tallahassee, FL, Utility System Revenue, Build America Revenue Bonds, 5.22%, 10/1/2040		300,000		299,660
County of Miami-Dade, FL Transit System, Transit Improvements, Build America Revenue Bonds, 5.53%, 7/1/2032		500,000		516,285
County of Miami-Dade, FL, Port, Airport & Marina Improvements, Build America Revenue Bonds, (AGM)(OID), 7.50%, 4/1/2040		1,000,000		1,208,114
County of Miami-Dade, FL, Recreational Facility Improvements, Revenue Bonds, (AGM), 7.08%, 10/1/2029		250,000		277,611
Town of Miami Lakes, FL, Public Improvements, Build America Revenue Bonds, 7.59%, 12/1/2030		150,000		170,019
				3,163,613
Georgia 3.32%
Cobb Marietta Georgia Coliseum, Revenue Bonds, Callable 1/1/2026 @ 100, 4.50%, 1/1/2047		100,000		92,465
Municipal Electric Authority of Georgia, Electric Lights & Power Improvements, Build America Revenue Bonds, 7.06%, 4/1/2057		1,406,000		1,490,833
State of Georgia, Public Improvements, General Obligation Unlimited, Callable 2/1/2024 @ 100, 3.84%, 2/1/2032		1,000,000		944,253
				2,527,551
Hawaii 0.62%
State of Hawaii, General Obligation Unlimited, Callable 10/1/2025 @ 100, 4.05%, 10/1/2032		495,000		473,518

Idaho 0.52%
Idaho Water Resource Board, Water Utility Improvements, Revenue Bonds, (OID), 5.25%, 9/1/2024		400,000		398,688

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

28	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Principal
	Amount		Market Value
Illinois 2.22%
City of Chicago, IL Waterworks Revenue, Water Utility Improvements, Build America Revenue Bonds, 6.74%, 11/1/2040	$	250,000	$	279,755
Village of Glenwood, IL, Public Improvements, Build America Bonds, General Obligation Unlimited, (AGM), 7.03%, 12/1/2028		1,330,000		1,406,711
				1,686,466
Indiana 2.48%
Anderson School Building Corp., Refunding Bonds, General Obligation Limited, Callable 7/5/2023 @ 100, 3.95%, 7/5/2029		1,000,000		940,885
Anderson School Building Corp., Refunding Bonds, General Obligation Limited, (OID), Callable 7/5/2023 @ 100, 3.75%, 7/5/2028		1,000,000		942,048
				1,882,933
Kansas 0.49%
Wyandotte County Unified School District No. 500 Kansas City, General Obligation Unlimited Series 2020 B, Callable 9/1/2030 @ 100, 3.17%, 9/1/2046		500,000		373,963

Kentucky 0.40%
Kentucky State Property & Building Commission, Economic Improvements, University & College Improvements, Build America Revenue Bonds Series 2010 C, 5.37%, 11/1/2025		305,000		301,818

Louisiana 0.10%
East Baton Rouge Parish, LA Sewerage Commission, Revenue Refunding Bonds Series 2020 B, 2.44%, 2/1/2039		100,000		74,759

Massachusetts 0.52%
City of Worcester, MA, Pension Funding, General Obligation Limited, (AGM)(OID), 6.25%, 1/1/2028		105,000		108,419
Massachusetts Health & Educational Facilities Authority, Refunding Revenue Bonds, 6.43%, 10/1/2035		250,000		275,140

Massachusetts (cont.)
University of Massachusetts Building Authority, University & College Improvements, Build America Revenue Bonds, 6.57%, 5/1/2039		15,000		15,014
				398,573
Michigan 1.13%
Comstock Park Public Schools, School Improvements, General Obligation Unlimited, 6.20%, 5/1/2024		200,000		200,047
Michigan Finance Authority, School Improvements, Revenue Bonds, 6.38%, 11/1/2025		500,000		500,270
Onsted Community Schools, School Improvements, General Obligation Unlimited, 5.90%, 5/1/2027		150,000		151,039
St. Johns Public Schools, General Obligation Unlimited, 6.65%, 5/1/2040		5,000		5,124
				856,480
Mississippi 0.94%
Mississippi Development Bank, Highway Improvements, Build America Revenue Bonds, 6.59%, 1/1/2035		650,000		712,053

Missouri 4.25%
City of Kansas City, MO, Revenue Bonds, 7.83%, 4/1/2040		2,235,000		2,645,983
Missouri Joint Municipal Electric Utility Commission, Electric Lights & Power Improvements, Build America Revenue Bonds, 7.73%, 1/1/2039		475,000		587,640
				3,233,623

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

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Principal
	Amount		Market Value
Nebraska 0.27%
Nebraska Public Power District, Electric Lights & Power Improvements, Build America Revenue Bonds, 5.32%, 1/1/2030	$	200,000	$	203,257

Nevada 1.56%
County of Washoe, NV, Public Improvements, Build America Revenue Bonds, 7.97%, 2/1/2040		690,000		861,382
County of Washoe, NV, Public Improvements, Build America Revenue Bonds, 7.88%, 2/1/2040		250,000		328,900
				1,190,282
New Jersey 0.92%
New Jersey Educational Facilities Authority, University & College Improvements, Build America Revenue Bonds, 6.19%, 7/1/2040		500,000		416,065
Township of Brick, NJ, General Obligation Unlimited, 3.75%, 9/1/2028		280,000		279,180
				695,245
New York 4.55%
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.70%, 3/1/2027		145,000		148,661
City of New York, NY, Public Improvements, Build America Bonds, General Obligation Unlimited, 5.21%, 10/1/2031		100,000		101,477
Long Island Power Authority, Revenue Bonds, (OID), 5.85%, 5/1/2041		195,000		202,676
Metropolitan Transportation Authority, Revenue Bonds, 5.87%, 11/15/2039		200,000		198,308
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.59%, 11/15/2030		145,000		150,498
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 5.99%, 11/15/2030		125,000		131,602
Metropolitan Transportation Authority, Transit Improvements, Build America Revenue Bonds, 6.20%, 11/15/2026		105,000		105,695
New York City Industrial Development Agency, Recreational Facilities Improvements Revenue Bonds, (NATL-RE), 5.90%, 3/1/2046		580,000		579,535
New York City Transitional Finance Authority Building Aid Revenue, School Improvements, Build America Revenue Bonds, (State Aid Withholding), 6.83%, 7/15/2040		500,000		570,367
New York City Transitional Finance Authority Future Tax Secured Revenue, Public Improvements, Build America Revenue Bonds, 5.47%, 5/1/2036		815,000		835,383
Port Authority of New York & New Jersey, Port, Airport & Marina Improvements, Revenue Bonds, 3.92%, 10/15/2028		115,000		111,259
Triborough Bridge & Tunnel Authority, Revenue Bonds, Callable 11/15/2033 @ 100, 5.55%, 11/15/2040		150,000		157,420
Western Nassau County Water Authority, Build America Revenue Bonds, 6.70%, 4/1/2040		150,000		168,656
				3,461,537
North Carolina 0.31%
County of Cabarrus, NC, School Improvements, Revenue Bonds, 5.50%, 4/1/2026		235,000		235,609

Ohio 3.50%
American Municipal Power, Inc., Electric Lights & Power Improvements, Build America Revenue Bonds, 7.50%, 2/15/2050		500,000		622,945
American Municipal Power, Inc., Revenue Bonds, 6.27%, 2/15/2050		465,000		511,098
Cincinnati City School District, Refunding Bonds, Certificates of Participation, (OID), Callable 12/15/2024 @ 100, 4.00%, 12/15/2032		200,000		187,445
County of Cuyahoga, OH, Hospital Improvements, Build America Revenue Bonds, 8.22%, 2/15/2040		1,000,000		1,138,633
Springfield Local School District/Summit County, School Improvements, Build America Bonds, General Obligation Unlimited (School District Credit Program), 5.65%, 9/1/2031		200,000		200,220
				2,660,341

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

30	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Principal
	Amount		Market Value
Pennsylvania 4.03%
City of Reading, PA, Callable 11/1/2024 @ 100, 5.30%, 11/1/2033	$	500,000	$	498,040
Pennsylvania Turnpike Commission Turnpike Revenue, Revenue Bonds, Callable 12/1/2029 @ 100, 3.58%, 12/1/2043		390,000		307,043
Pennsylvania Turnpike Commission, Build America Revenue Bonds, 6.38%, 12/1/2037		520,000		591,431
Philadelphia Authority for Industrial Development, Pension Funding, Revenue Bonds, (AGM)(OID), 6.35%, 4/15/2028		130,000		135,490
Philadelphia Municipal Authority, Public Improvements, Revenue Bonds, 5.09%, 3/15/2028		500,000		488,089
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Recreational Facilities Improvements, Revenue Bonds, 7.04%, 11/1/2039		1,000,000		1,047,287
				3,067,380
Rhode Island 0.49%
Narragansett Bay Commission, Revenue Bonds Series 2020 A, Callable 9/1/2030 @ 100, 2.92%, 9/1/2043		500,000		372,969

Texas 1.65%
Frisco Economic Development Corp., Public Improvements, Revenue Bonds, 4.20%, 2/15/2034		1,000,000		965,350
Midland County Hospital District, Health, Hospital & Nursing Home Improvements, Build America Bonds, General Obligation Limited, 6.44%, 5/15/2039		260,000		288,899
				1,254,249
Virgin Islands 2.63%
Virgin Islands Water & Power Authority - Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), 6.85%, 7/1/2035		1,000,000		1,128,445
Virgin Islands Water & Power Authority - Electric System, Electric Lights & Power Improvements, Build America Revenue Bonds, (AGM), 6.65%, 7/1/2028		840,000		876,453
				2,004,898
Virginia 6.75%
Tobacco Settlement Financing Corp., Refunding Revenue Bonds, (OID), Callable 6/1/2025 @ 100, 6.71%, 6/1/2046		5,420,000		5,135,517

Washington 1.76%
City of Seattle, WA, Municipal Light & Power Revenue, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), 5.57%, 2/1/2040		250,000		261,627
Douglas County Public Utility District No. 1, Electric Lights & Power Improvements, Revenue Bonds, 5.35%, 9/1/2030		250,000		255,467
Public Utility District No. 1 of Cowlitz County, WA, Electric Lights & Power Improvements, Build America Revenue Bonds, 6.88%, 9/1/2032		500,000		560,128
Snohomish County Public Utility District No. 1, Electric Lights & Power Improvements, Build America Revenue Bonds, (OID), 5.68%, 12/1/2040		250,000		262,412
				1,339,634
Total Municipal Bonds
(Cost $44,405,097)				44,000,713

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

SPIRIT OF AMERICA INCOME FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Shares		Market Value
Money Market Funds 0.27%
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 5.03%^(c)		207,173	$	207,173

Total Money Market Funds
(Cost $207,173)				207,173

Total Investments — 99.28%
(Cost $78,217,917)				75,536,386
Other Assets in Excess of Liabilities — 0.72%				547,166
NET ASSETS — 100.00%			$	76,083,552

(a)

Non-income producing security.

(b)

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

(c)

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

(d)

Rate disclosed is the seven day effective yield as of June 30, 2023.

AGM — Assured Guaranty Municipal Corp.

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

OID — Original Issue Discount

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

32	SPIRIT OF AMERICA

SPIRIT OF AMERICA UTILITIES FUND

SCHEDULE OF INVESTMENTS | JUNE 30, 2023 (UNAUDITED)

	Shares		Market Value
Common Stocks 91.12%

Energy 0.58%
Williams Companies, Inc. (The)		2,000	$	65,260

Industrials 0.23%
Waste Management, Inc.		150		26,013

Utilities 90.31%
AES Corp.		19,000		393,870
Alliant Energy Corp.		2,150		112,832
Ameren Corp.		5,900		481,853
American Electric Power Company, Inc.		6,500		547,300
American Water Works Company, Inc.		300		42,825
Atmos Energy Corp.		2,000		232,680
Brookfield Renewable Corp., Class A		1,150		36,248
CenterPoint Energy, Inc.		11,000		320,650
Clearway Energy, Inc.		4,300		122,808
CMS Energy Corp.		4,800		282,000
Constellation Energy Corp.		3,900		357,045
Dominion Energy, Inc.		2,600		134,654
DTE Energy Co.		4,450		489,589
Duke Energy Corp.		5,750		516,005
Edison International		2,550		177,097
Entergy Corp.		6,150		598,825
Essential Utilities, Inc.		10,250		409,077
Evergy, Inc.		800		46,736
Eversource Energy		6,350		450,342
Exelon Corp.		8,600		350,364
FirstEnergy Corp.		9,100		353,808
National Fuel Gas Co.		600		30,816
NextEra Energy, Inc.		10,150		753,130
Nisource, Inc.		8,900		243,415
Northwest Natural Holdings Co.		1,250		53,813
NorthWestern Corp.		750		42,570
PPL Corp.		13,500		357,210
Public Service Enterprise Group, Inc.		7,100		444,531
Sempra Energy		3,650		531,404
Southern Co.		1,850		129,963
Southwest Gas Corp.		2,150		136,848
Vistra Energy Corp.		6,000		157,500
WEC Energy Group, Inc.		4,850		427,964
Xcel Energy, Inc.		6,200		385,454
				10,151,226
Total Common Stocks
(Cost $10,519,878)				10,242,499

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

SPIRIT OF AMERICA UTILITIES FUND

SCHEDULE OF INVESTMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Shares		Market Value
Preferred Stocks 0.22%

Utilities 0.22%
Southern Co., 5.25%		1,000	$	24,850

Total Preferred Stocks
(Cost $24,150)				24,850

Money Market Funds 9.45%
Morgan Stanley Institutional Liquidity Funds Government Portfolio, Institutional Class, 5.03%^(a)		1,062,867		1,062,867

Total Money Market Funds
(Cost $1,062,867)				1,062,867

Total Investments — 100.79%
(Cost $11,606,895)			$	11,330,216
Liabilities in Excess of Other Assets — (0.79)%				(88,961	)
NET ASSETS — 100.00%			$	11,241,255

(a)

Rate disclosed is the seven day effective yield as of June 30, 2023.

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

34	SPIRIT OF AMERICA

STATEMENTS OF ASSETS AND LIABILITIES

JUNE 30, 2023 (UNAUDITED)

	Spirit of America			Spirit of America			Spirit of America
	Real Estate Income			Large Cap Value			Municipal Tax Free			Spirit of America			Spirit of America
	and Growth Fund			Fund			Bond Fund			Income Fund			Utilities Fund
ASSETS
Investments in securities at fair value (cost $67,580,203, $70,595,992, $37,496,746, $78,217,917 and $11,606,895, respectively)	$	83,017,309		$	139,486,183		$	35,592,948		$	75,536,386		$	11,330,216
Cash		—			—			—			7,207			—
Receivable for investments sold		19,895			—			—			—			—
Receivable for Fund shares sold		17,021			68,417			71			2,612			27,183
Dividends and interest receivable		362,788			80,094			402,099			892,846			13,289
Prepaid expenses		33,390			34,989			29,374			32,738			56,286
TOTAL ASSETS		83,450,403			139,669,683			36,024,492			76,471,789			11,426,974
LIABILITIES
Cash overdraft		—			—			—			—			834
Payable for Fund shares redeemed		61,419			26,168			15,717			116,280			—
Payable for distributions to shareholders		1,074,759			991,309			21,263			177,814			171,931
Payable for investment advisory fees		66,135			107,840			7,671			30,347			—
Payable for distribution (12b-1) fees		20,522			33,607			4,828			16,541			2,071
Payable for accounting and administration fees		6,705			7,779			2,736			5,435			1,287
Payable for Chief Compliance Officer fees		354			391			145			283			76
Payable for transfer agent fees		2,554			2,273			894			2,999			—
Other accrued expenses		33,628			37,208			27,509			38,538			9,520
TOTAL LIABILITIES		1,266,076			1,206,575			80,763			388,237			185,719
NET ASSETS	$	82,184,327		$	138,463,108		$	35,943,729		$	76,083,552		$	11,241,255
SOURCE OF NET ASSETS
As of June 30, 2023, net assets consisted of:
Paid-in capital	$	69,577,068		$	70,743,384		$	46,474,314		$	78,714,185		$	11,963,008
Accumulated earnings (deficits)		12,607,259			67,719,724			(10,530,585	)		(2,630,633	)		(721,753	)
NET ASSETS	$	82,184,327		$	138,463,108		$	35,943,729		$	76,083,552		$	11,241,255
NET ASSETS:
Class A Shares	$	81,996,900		$	138,225,264		$	35,806,396		$	75,652,888		$	11,221,864
Class C Shares	$	175,173		$	221,209		$	128,441		$	419,165		$	9,676
Institutional Shares	$	12,254		$	16,635		$	8,892		$	11,499		$	9,715
SHARES OUTSTANDING ($0.001 par value, 500,000,000 authorized shares):
Class A Shares		9,077,198			5,510,472			4,175,967			7,455,344			604,353
Class C Shares		19,752			8,809			15,021			41,287			521
Institutional Shares		1,392			664			1,039			1,129			523
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
Class A Shares^(a)	$	9.03		$	25.08		$	8.57		$	10.15		$	18.57
Class C Shares^(b)	$	8.87		$	25.11		$	8.55		$	10.15		$	18.57
Institutional Shares	$	8.80		$	25.07	^(c)	$	8.56		$	10.18		$	18.57
OFFERING PRICE PER SHARE (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share:
Class A Shares	$	9.53		$	26.47		$	9.00		$	10.66		$	19.70
MAXIMUM SALES CHARGE:
Class A Shares		5.25	%		5.25	%		4.75	%		4.75	%		5.75	%

(a)

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

(b)

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

(c)

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

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

STATEMENTS OF OPERATIONS

PERIODS ENDED JUNE 30, 2023 (UNAUDITED)

	Spirit of America			Spirit of America			Spirit of America
	Real Estate Income			Large Cap Value			Municipal Tax Free			Spirit of America			Spirit of America
	and Growth Fund			Fund			Bond Fund			Income Fund			Utilities Fund^(a)
INVESTMENT INCOME
Dividends	$	1,863,149		$	1,345,993		$	5,936		$	740,410		$	93,030
Foreign dividend taxes withheld		—			(1,610	)		—			(8,413	)		(855	)
Interest		3,798			—			527,838			1,621,440			—
TOTAL INVESTMENT INCOME		1,866,947			1,344,383			533,774			2,353,437			92,175
EXPENSES
Investment advisory		427,833			619,501			112,399			233,206			24,557
Distribution (12b-1) - Class A Shares		132,029			191,269			27,993			96,637			6,309
Distribution (12b-1) - Class C Shares		908			1,025			669			2,072			40
Accounting and Administration		29,277			42,727			13,009			26,583			2,407
Registration		15,088			14,571			14,168			17,927			834
Interest		12,751			3,563			2,575			11,289			—
Auditing		12,575			12,575			12,575			12,575			12,215
Transfer agent		12,384			13,230			4,110			14,409			313
Sub transfer agent		11,148			11,782			3,581			12,697			203
Insurance		9,817			12,148			4,419			8,830			65
Directors		8,162			11,516			3,562			7,281			626
Printing		7,240			9,367			2,553			6,850			1,796
Legal		6,516			9,478			2,875			5,889			936
Custodian		4,032			5,720			2,380			3,331			2,190
Line of credit		2,187			3,019			873			2,015			137
Chief Compliance Officer		1,840			2,675			813			1,663			148
Pricing		1,032			1,524			13,148			10,245			320
Other		10,627			11,778			8,944			11,460			11,096
TOTAL EXPENSES		705,446			977,468			230,646			484,959			64,192
Fees waived by Adviser		—			—			(58,124	)		(42,430	)		(25,315	)
NET EXPENSES		705,446			977,468			172,522			442,529			38,877
NET INVESTMENT INCOME		1,161,501			366,915			361,252			1,910,908			53,298
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from investment transactions		(56,190	)		1,556,130			(612,313	)		(462,020	)		—
Net realized loss on foreign currency transactions		—			(25	)		—			(79	)		—
Net change in unrealized appreciation (depreciation) of investments		2,179,240			17,892,338			1,247,544			1,377,773			(276,679	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		2,123,050			19,448,443			635,231			915,674			(276,679	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,284,551		$	19,815,358		$	996,483		$	2,826,582		$	(223,381	)

(a)

For the period January 31, 2023 (commencement of operations) to June 30, 2023.

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

36	SPIRIT OF AMERICA

[THIS PAGE INTENTIONALLY LEFT BLANK]

STATEMENTS OF CHANGES IN NET ASSETS

	Spirit of America						Spirit of America
	Real Estate Income and Growth Fund						Large Cap Value Fund
	For the Six Months						For the Six Months
	Ended			For the Year			Ended			For the Year
	June 30, 2023			Ended			June 30, 2023			Ended
	(Unaudited)			December 31, 2022			(Unaudited)			December 31, 2022
OPERATIONS
Net investment income	$	1,161,501		$	1,410,625		$	366,915		$	638,366
Net realized gain (loss) from investment and foreign currency transactions		(56,190	)		4,961,989			1,556,105			8,515,870
Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions		2,179,240			(45,181,077	)		17,892,338			(36,714,039	)
Net increase (decrease) in net assets resulting from operations		3,284,551			(38,808,463	)		19,815,358			(27,559,803	)
DISTRIBUTIONS TO SHAREHOLDERS FROM
Earnings:
Class A Shares		(3,734,538	)		(7,062,689	)		(3,778,256	)		(10,882,304	)
Class C Shares		(7,588	)		(13,086	)		(5,403	)		(16,573	)
Institutional Shares		(584	)		(917	)		(474	)		(1,261	)
Return of capital:
Class A Shares		—			(1,300,482	)		—			(506,944	)
Class C Shares		—			(1,910	)		—			—
Institutional Shares		—			(176	)		—			(79	)
Total distributions to shareholders		(3,742,710	)		(8,379,260	)		(3,784,133	)		(11,407,161	)
CAPITAL TRANSACTIONS
Class A Shares:
Shares sold		4,108,018			20,865,037			10,729,296			18,948,198
Shares issued from reinvestment of distributions		2,663,558			6,060,405			2,790,857			8,405,915
Shares redeemed		(14,885,058	)		(22,631,957	)		(13,631,174	)		(23,604,134	)
Total Class A Shares		(8,113,482	)		4,293,485			(111,021	)		3,749,979
Class C Shares:
Shares sold		—			63,049			—			27,500
Shares issued from reinvestment of distributions		3,808			10,284			1,493			4,125
Shares redeemed		(5,000	)		(27,504	)		(110	)		(78,928	)
Total Class C Shares		(1,192	)		45,829			1,383			(47,303	)
Institutional Shares:
Shares sold		—			—			—			—
Shares issued from reinvestment of distributions		584			1,093			474			1,341
Total Institutional Shares		584			1,093			474			1,341
Increase (decrease) in net assets derived from capital share transactions		(8,114,090	)		4,340,407			(109,164	)		3,704,017
Total increase (decrease) in Net Assets		(8,572,249	)		(42,847,316	)		15,922,061			(35,262,947	)
NET ASSETS
Beginning of period		90,756,576			133,603,892			122,541,047			157,803,994
End of period	$	82,184,327		$	90,756,576		$	138,463,108		$	122,541,047
SHARE TRANSACTIONS
Class A Shares:
Shares sold		435,005			1,808,804			452,681			752,673
Shares issued from reinvestment of distributions		294,968			629,407			111,278			376,184
Shares redeemed		(1,581,037	)		(2,104,320	)		(579,160	)		(928,882	)
Total Class A Shares		(851,064	)		333,891			(15,201	)		199,975
Class C Shares:
Shares sold		—			5,300			—			1,077
Shares issued from reinvestment of distributions		429			1,089			60			185
Shares redeemed		(554	)		(2,319	)		(5	)		(2,945	)
Total Class C Shares		(125	)		4,070			55			(1,683	)
Institutional Shares:
Shares sold		—			—			—			—
Shares issued from reinvestment of distributions		66			117			19			60
Total Institutional Shares		66			117			19			60

(a)

For the period January 31, 2023 (commencement of operations) to June 30, 2023.

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

38	SPIRIT OF AMERICA

STATEMENTS OF CHANGES IN NET ASSETS (CONT.)

Spirit of America Municipal Tax Free Bond Fund						Spirit of America Income Fund						Spirit of America Utilities Fund
For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022			For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022			For the Period Ended June 30, 2023^(a) (Unaudited)
$	361,252		$	919,762		$	1,910,908		$	3,684,285		$	53,298
	(612,313	)		(383,502	)		(462,099	)		2,655,104			—
	1,247,544			(5,677,383	)		1,377,773			(20,187,224	)		(276,679	)

	996,483			(5,141,123	)		2,826,582			(13,847,835	)		(223,381	)


	(360,431	)		(918,075	)		(1,800,460	)		(6,535,212	)		(497,551	)
	(729	)		(1,505	)		(8,172	)		(27,950	)		(391	)
	(91	)		(182	)		(280	)		(877	)		(430	)

	—			—			—			—			—
	—			—			—			—			—
	—			—			—			—			—
	(361,251	)		(919,762	)		(1,808,912	)		(6,564,039	)		(498,372	)


	771,460			1,435,637			6,003,930			8,958,538			11,666,294
	227,812			574,461			1,029,717			3,825,124			325,621
	(5,134,331	)		(19,054,427	)		(10,160,408	)		(33,834,470	)		(49,728	)
	(4,135,059	)		(17,044,329	)		(3,126,761	)		(21,050,808	)		11,942,187

	300			600			10,000			73,860			10,000
	571			1,122			6,661			21,814			391
	(13,323	)		(150	)		(354	)		(44,568	)		—
	(12,452	)		1,572			16,307			51,106			10,391

	—			—			—			—			10,000
	91			182			280			877			430
	91			182			280			877			10,430

	(4,147,420	)		(17,042,575	)		(3,110,174	)		(20,998,825	)		11,963,008
	(3,512,188	)		(23,103,460	)		(2,092,504	)		(41,410,699	)		11,241,255

	39,455,917			62,559,377			78,176,056			119,586,755			—
$	35,943,729		$	39,455,917		$	76,083,552		$	78,176,056		$	11,241,255


	90,153			162,031			582,712			794,665			589,297
	26,552			66,259			100,351			359,736			17,535
	(598,187	)		(2,179,580	)		(984,262	)		(3,016,715	)		(2,479	)
	(481,482	)		(1,951,290	)		(301,199	)		(1,862,314	)		604,353

	35			70			951			6,419			500
	67			130			649			2,078			21
	(1,543	)		(16	)		(34	)		(4,057	)		—
	(1,441	)		184			1,566			4,440			521

	—			—			—			—			500
	10			22			27			82			23
	10			22			27			82			523

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

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

CLASS A SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Six Months
	Ended
	June 30, 2023			For the Year Ended December 31
	(Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.12		$	13.90		$	10.45		$	11.96		$	10.03		$	11.65

From Investment Operations:
Net investment income		0.15	¹		0.14	¹		0.08	¹		0.15	¹		0.09			0.15	¹
Net realized and unrealized gain (loss) on investments		0.19			(4.07	)		4.22			(0.81	)		2.69			(0.92	)
Total from investment operations		0.34			(3.93	)		4.30			(0.66	)		2.78			(0.77	)

Less Distributions:
Distributions from net investment income		(0.43	)		(0.17	)		(0.14	)		(0.11	)		(0.09	)		(0.40	)
Distributions from net capital gains		—			(0.55	)		(0.71	)		(0.04	)		(0.76	)		(0.45	)
Distributions from return of capital		—			(0.13	)		—			(0.70	)		—			—
Total distributions		(0.43	)		(0.85	)		(0.85	)		(0.85	)		(0.85	)		(0.85	)

Net Asset Value, End of Period	$	9.03		$	9.12		$	13.90		$	10.45		$	11.96		$	10.03
Total Return²		3.67	% ³		(28.46	)%		42.03	%		(5.13	)%		28.06	%		(6.85	)%

Ratios and Supplemental Data:
Net assets, end of year (000)	$	81,997		$	90,567		$	133,371		$	82,609		$	90,679		$	80,761
Ratio of net expenses to average net assets		1.60	% ^4,5		1.54	%		1.52	%		1.59	%		1.54	%		1.54	%
Ratio of net investment income to average net assets		2.64	% ^4,5		1.28	%		0.68	%		1.05	%		0.74	%		1.35	%
Portfolio turnover rate		1	% ³		16	%		17	%		18	%		4	%		4	%

Calculated based on the average number of shares outstanding during the period.

Calculation does not reflect sales load.

Not annualized.

⁴

Annualized.

⁵

Includes interest expense of 0.03%.

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

40	SPIRIT OF AMERICA

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

CLASS C SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Six Months
	Ended
	June 30, 2023			For the Year Ended December 31
	(Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	8.96		$	13.68		$	10.26		$	11.77		$	9.90		$	11.56

From Investment Operations:
Net investment income		0.10 ¹			0.07	¹		0.01	¹		0.08	¹		0.08			0.11	¹
Net realized and unrealized gain (loss) on investments		0.20			(4.01	)		4.14			(0.81	)		2.57			(0.94	)
Total from investment operations		0.30			(3.94	)		4.15			(0.73	)		2.65			(0.83	)

Less Distributions:
Distributions from net investment income		(0.39	)		(0.13	)		(0.02	)		(0.10	)		(0.08	)		(0.38	)
Distributions from net capital gains		—			(0.55	)		(0.71	)		(0.04	)		(0.70	)		(0.45	)
Distributions from return of capital		—			(0.10	)		—			(0.64	)		—			—
Total distributions		(0.39	)		(0.78	)		(0.73	)		(0.78	)		(0.78	)		(0.83	)

Net Asset Value, End of Period	$	8.87		$	8.96		$	13.68		$	10.26		$	11.77		$	9.90
Total Return²		3.38	% ³		(28.98	)%		41.07	%		(5.85	)%		27.15	%		(7.44	)%

Ratios and Supplemental Data:
Net assets, end of year (000)	$	175		$	178		$	216		$	222		$	211		$	118
Ratio of net expenses to average net assets		2.30	% ^4,5		2.25	%		2.22	%		2.29	%		2.24	%		2.24	%
Ratio of net investment income to average net assets		1.98	% ^4,5		0.62	%		0.06	%		0.41	%		0.16	%		0.97	%
Portfolio turnover rate		1	% ³		16	%		17	%		18	%		4	%		4	%

Calculated based on the average number of shares outstanding during the period.

Calculation does not reflect contingent deferred sales charge.

Not annualized.

⁴

Annualized.

⁵

Includes interest expense of 0.03%.

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

SPIRIT OF AMERICA REAL ESTATE INCOME AND GROWTH FUND

INSTITUTIONAL SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Six Months			For the Year						For the
	Ended			Ended						Period Ended
	June 30, 2023			December 31						December 31,
	(Unaudited)			2022			2021			2020¹
Net Asset Value, Beginning of Period	$	8.90		$	13.60		$	10.24		$	9.67

From Investment Operations:
Net investment income		0.15	²		0.17	²		0.11	²		0.14	²
Net realized and unrealized gain (loss) on investments		0.19			(3.99	)		4.14			1.31
Total from investment operations		0.34			(3.82	)		4.25			1.45

Less Distributions:
Distributions from net investment income		(0.44	)		(0.19	)		(0.18	)		(0.12	)
Distributions from net capital gains		—			(0.55	)		(0.71	)		(0.04	)
Distributions from return of capital		—			(0.14	)		—			(0.72	)
Total distributions		(0.44	)		(0.88	)		(0.89	)		(0.88	)

Net Asset Value, End of Period	$	8.80		$	8.90		$	13.60		$	10.24
Total Return		3.82	% ³		(28.26	)%		42.39	%		15.52	% ³

Ratios and Supplemental Data:
Net assets, end of year (000)	$	12		$	12		$	16		$	14
Ratio of net expenses to average net assets		1.30	% ^4,5		1.24	%		1.22	%		1.29	% ⁴
Ratio of net investment income to average net assets		3.00	% ^4,5		1.59	%		0.89	%		1.53	% ⁴
Portfolio turnover rate		1	% ³		16	%		17	%		18	% ³

For the period May 1, 2020 (commencement of operations) to December 31, 2020.

Calculated based on the average number of shares outstanding during the period.

Not annualized.

⁴

Annualized.

⁵

Includes interest expense of 0.03%.

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

42	SPIRIT OF AMERICA

SPIRIT OF AMERICA LARGE CAP VALUE FUND

CLASS A SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Six Months
	Ended
	June 30, 2023			For the Year Ended December 31
	(Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	22.14		$	29.57		$	24.47		$	22.53		$	18.53		$	21.59

From Investment Operations:
Net investment income		0.08	¹		0.12	¹		0.02	¹		1.08	¹		0.13	¹		0.15	¹
Net realized and unrealized gain (loss) on investments		3.56			(5.38	)		7.05			2.26			5.27			(1.81	)
Total from investment operations		3.64			(5.26	)		7.07			3.34			5.40			(1.66	)

Less Distributions:
Distributions from net investment income		(0.70	)		(0.10	)		(0.01	)		(0.17	)		(0.13	)		(0.15	)
Distributions from net capital gains		—			(1.97	)		(1.79	)		(0.90	)		(0.80	)		(0.78	)
Distributions from return of capital		—			(0.10	)		(0.17	)		(0.33	)		(0.47	)		(0.47	)
Total distributions		(0.70	)		(2.17	)		(1.97	)		(1.40	)		(1.40	)		(1.40	)

Net Asset Value, End of Period	$	25.08		$	22.14		$	29.57		$	24.47		$	22.53		$	18.53
Total Return²		16.44	% ³		(17.70	)%		29.27	%		15.49	%		29.54	%		(7.87	)%

Ratios and Supplemental Data:
Net assets, end of year (000)	$	138,225		$	122,333		$	157,478		$	128,680		$	113,819		$	88,939
Ratio of net expenses to average net assets		1.53	% ⁴		1.51	%		1.50	%		1.53	%		1.52	%		1.52	%
Ratio of net investment income to average net assets		0.58	% ⁴		0.48	%		0.06	%		0.82	%		0.60	%		0.70	%
Portfolio turnover rate		1	% ³		10	%		11	%		15	%		8	%		13	%

Calculated based on the average number of shares outstanding during the period.

Calculation does not reflect sales load.

Not annualized.

⁴

Annualized.

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

SPIRIT OF AMERICA LARGE CAP VALUE FUND

CLASS C SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Six Months
	Ended
	June 30, 2023			For the Year Ended December 31
	(Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	22.17		$	29.56		$	24.48		$	22.59		$	18.52		$	21.62

From Investment Operations:
Net investment (loss) income		—	¹		(0.06	) ¹		(0.18	) ¹		0.88	¹		(0.02	) ¹		—	^1,2
Net realized and unrealized gain (loss) on investments		3.56			(5.36	)		7.05			2.30			5.26			(1.80	)
Total from investment operations		3.56			(5.42	)		6.87			3.18			5.24			(1.80	)

Less Distributions:
Distributions from net investment income		(0.62	)		—			—			(0.13	)		(0.08	)		(0.12	)
Distributions from net capital gains		—			(1.97	)		(1.79	)		(0.90	)		(0.80	)		(0.78	)
Distributions from return of capital		—			—			—			(0.26	)		(0.29	)		(0.40	)
Total distributions		(0.62	)		(1.97	)		(1.79	)		(1.29	)		(1.17	)		(1.30	)

Net Asset Value, End of Period	$	25.11		$	22.17		$	29.56		$	24.48		$	22.59		$	18.52
Total Return³		16.05	% ⁴		(18.29	)%		28.37	%		14.70	%		28.59	%		(8.50	)%

Ratios and Supplemental Data:
Net assets, end of year (000)	$	221		$	194		$	308		$	263		$	40		$	83
Ratio of net expenses to average net assets		2.23	% ⁵		2.21	%		2.20	%		2.23	%		2.22	%		2.22	%
Ratio of net investment (loss) income to average net assets		(0.12	)% ⁵		(0.24	)%		(0.64	)%		(0.09	)%		(0.10	)%		0.01	%
Portfolio turnover rate		1	% ⁴		10	%		11	%		15	%		8	%		13	%

Calculated based on the average number of shares outstanding during the period.

Rounds to less than $0.005 per share.

Calculation does not reflect contingent deferred sales charge.

⁴

Not annualized.

⁵

Annualized.

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

44	SPIRIT OF AMERICA

SPIRIT OF AMERICA LARGE CAP VALUE FUND

INSTITUTIONAL SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Six Months			For the Year						For the
	Ended			Ended						Period Ended
	June 30, 2023			December 31						December 31,
	(Unaudited)			2022			2021			2020¹
Net Asset Value, Beginning of Period	$	22.12		$	29.56		$	24.46		$	19.57

From Investment Operations:
Net investment income		0.15	²		0.20	²		0.10	²		1.02	²
Net realized and unrealized gain (loss) on investments		3.54			(5.39	)		7.06			5.34
Total from investment operations		3.69			(5.19	)		7.16			6.36

Less Distributions:
Distributions from net investment income		(0.74	)		(0.15	)		(0.02	)		(0.19	)
Distributions from net capital gains		—			(1.97	)		(1.79	)		(0.90	)
Distributions from return of capital		—			(0.13	)		(0.25	)		(0.38	)
Total distributions		(0.74	)		(2.25	)		(2.06	)		(1.47	)

Net Asset Value, End of Period	$	25.07		$	22.12		$	29.56		$	24.46
Total Return		16.66	% ³		(17.48	)%		29.64	%		33.28	% ³

Ratios and Supplemental Data:
Net assets, end of year (000)	$	17		$	14		$	17		$	13
Ratio of net expenses to average net assets		1.23	% ⁴		1.21	%		1.20	%		1.23	% ⁴
Ratio of net investment income to average net assets		0.88	% ⁴		0.78	%		0.36	%		0.80	% ⁴
Portfolio turnover rate		1	% ³		10	%		11	%		15	% ³

For the period May 1, 2020 (commencement of operations) to December 31, 2020.

Calculated based on the average number of shares outstanding during the period.

Not annualized.

⁴

Annualized.

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

CLASS A SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Six Months
	Ended
	June 30, 2023			For the Year Ended December 31
	(Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	8.44		$	9.44		$	9.54		$	9.45		$	9.26		$	9.47

From Investment Operations:
Net investment income		0.08			0.17			0.18			0.24			0.27			0.30
Net realized and unrealized gain (loss) on investments		0.13			(1.00	)		(0.10	)		0.09			0.19			(0.21	)
Total from investment operations		0.21			(0.83	)		0.08			0.33			0.46			0.09

Less Distributions:
Distributions from net investment income		(0.08	)		(0.17	)		(0.18	)		(0.24	)		(0.27	)		(0.30	)
Total distributions		(0.08	)		(0.17	)		(0.18	)		(0.24	)		(0.27	)		(0.30	)

Net Asset Value, End of Period	$	8.57		$	8.44		$	9.44		$	9.54		$	9.45		$	9.26
Total Return¹		2.52	% ²		(8.87	)%		0.88	%		3.56	%		5.06	%		0.96	%

Ratios and Supplemental Data:
Net assets, end of year (000)	$	35,806		$	39,309		$	62,397		$	70,947		$	69,002		$	72,818
Ratio of expenses to average net assets:
Before expense waiver or recoupment		1.23	% ³		1.19	%		1.10	%		1.11	%		1.13	% ⁴		1.11	% ⁴
After expense waiver or recoupment		0.92	% ³		0.92	%		0.90	%		0.90	%		0.92	% ⁴		0.92	% ⁴
Ratio of net investment income to average net assets		1.93	% ³		1.90	%		1.94	%		2.55	%		2.92	%		3.21	%
Portfolio turnover rate		—	% ²		—%			11	%		18	%		6	%		—%

Calculation does not reflect sales load.

Not annualized.

Annualized.

⁴

Includes interest expense of 0.02%.

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

46	SPIRIT OF AMERICA

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

CLASS C SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Six Months
	Ended
	June 30, 2023			For the Year Ended December 31
	(Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	8.42		$	9.42		$	9.52		$	9.43		$	9.23		$	9.45

From Investment Operations:
Net investment income		0.05			0.09			0.10			0.16			0.19			0.22
Net realized and unrealized gain (loss) on investments		0.13			(1.00	)		(0.10	)		0.09			0.20			(0.22	)
Total from investment operations		0.18			(0.91	)		—			0.25			0.39			—

Less Distributions:
Distributions from net investment income		(0.05	)		(0.09	)		(0.10	)		(0.16	)		(0.19	)		(0.22	)
Total distributions		(0.05	)		(0.09	)		(0.10	)		(0.16	)		(0.19	)		(0.22	)

Net Asset Value, End of Period	$	8.55		$	8.42		$	9.42		$	9.52		$	9.43		$	9.23
Total Return¹		2.09	% ²		(9.66	)%		0.03	%		2.70	%		4.30	%		0.00	%

Ratios and Supplemental Data:
Net assets, end of year (000)	$	128		$	139		$	153		$	333		$	335		$	155
Ratio of expenses to average net assets:
Before expense waiver or recoupment		2.08	% ³		2.04	%		1.95	%		1.96	%		1.98	% ⁴		1.96	% ⁴
After expense waiver or recoupment		1.77	% ³		1.77	%		1.75	%		1.75	%		1.77	% ⁴		1.77	% ⁴
Ratio of net investment income to average net assets		1.09	% ³		1.06	%		1.11	%		1.71	%		2.03	%		2.27	%
Portfolio turnover rate		—	% ²		—%			11	%		18	%		6	%		—%

Calculation does not reflect contingent deferred sales charge.

Not annualized.

Annualized.

⁴

Includes interest expense of 0.02%.

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

SPIRIT OF AMERICA MUNICIPAL TAX FREE BOND FUND

INSTITUTIONAL SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Six Months			For the Year						For the
	Ended			Ended						Period Ended
	June 30, 2023			December 31						December 31,
	(Unaudited)			2022			2021			2020¹
Net Asset Value, Beginning of Period	$	8.42		$	9.42		$	9.52		$	9.28

From Investment Operations:
Net investment income		0.09			0.18			0.20			0.16
Net realized and unrealized gain (loss) on investments		0.14			(1.00	)		(0.10	)		0.24
Total from investment operations		0.23			(0.82	)		0.10			0.40

Less Distributions:
Distributions from net investment income		(0.09	)		(0.18	)		(0.20	)		(0.16	)
Total distributions		(0.09	)		(0.18	)		(0.20	)		(0.16	)

Net Asset Value, End of Period	$	8.56		$	8.42		$	9.42		$	9.52
Total Return		2.72	% ²		(8.75	)%		1.03	%		4.37	% ²

Ratios and Supplemental Data:
Net assets, end of year (000)	$	9		$	9		$	9		$	9
Ratio of expenses to average net assets:
Before expense waiver or recoupment		1.09	% ³		1.04	%		0.95	%		0.96	% ³
After expense waiver or recoupment		0.78	% ³		0.77	%		0.75	%		0.75	% ³
Ratio of net investment income to average net assets		2.08	% ³		2.06	%		2.08	%		2.60	% ³
Portfolio turnover rate		—	% ²		—%			11	%		18	% ²

For the period May 1, 2020 (commencement of operations) to December 31, 2020.

Not annualized.

Annualized.

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

48	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME FUND

CLASS A SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Six Months
	Ended
	June 30, 2023			For the Year Ended December 31
	(Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.03		$	12.39		$	12.44		$	12.21		$	11.42		$	12.06

From Investment Operations:
Net investment income		0.24			0.44			0.50			0.44			0.44			0.44
Net realized and unrealized gain (loss) on investments		0.12			(1.99	)		0.06			0.26			0.87			(0.54	)
Total from investment operations		0.36			(1.55	)		0.56			0.70			1.31			(0.10	)

Less Distributions:
Distributions from net investment income		(0.24	)		(0.43	)		(0.46	)		(0.43	)		(0.39	)		(0.48	)
Distributions from net capital gains		—			(0.38	)		(0.15	)		(0.04	)		(0.07	)		—
Distributions from return of capital		—			—			—			—			(0.06	)		(0.06	)
Total distributions		(0.24	)		(0.81	)		(0.61	)		(0.47	)		(0.52	)		(0.54	)

Net Asset Value, End of Period	$	10.15		$	10.03		$	12.39		$	12.44		$	12.21		$	11.42
Total Return¹		3.57	% ²		(12.69	)%		4.59	%		5.95	%		11.64	%		(0.87	)%

Ratios and Supplemental Data:
Net assets, end of year (000)	$	75,653		$	77,767		$	119,137		$	135,162		$	132,166		$	136,223
Ratio of expenses to average net assets:
Before expense waiver or recoupment		1.24	% ^3,4		1.18	%		1.14	% ⁵		1.15	%		1.14	% ⁵		1.13	% ⁶
After expense waiver or recoupment		1.13	% ^3,4		1.12	%		1.11	% ⁵		1.10	%		1.11	% ⁵		1.12	% ⁶
Ratio of net investment income to average net assets		4.92	% ³		3.83	%		3.98	%		3.70	%		3.74	%		3.87	%
Portfolio turnover rate		2	% ²		1	%		4	%		20	%		3	%		1	%

Calculation does not reflect sales load.

Not annualized.

Annualized.

⁴

Includes interest expense of 0.03%.

⁵

Includes interest expense of 0.01%.

⁶

Includes interest expense of 0.02%.

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

SPIRIT OF AMERICA INCOME FUND

CLASS C SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Six Months
	Ended
	June 30, 2023			For the Year Ended December 31
	(Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	10.03		$	12.39		$	12.45		$	12.22		$	11.43		$	12.08

From Investment Operations:
Net investment income		0.22			0.35			0.40			0.36			0.38			0.38
Net realized and unrealized gain (loss) on investments		0.10			(1.98	)		0.06			0.25			0.84			(0.58	)
Total from investment operations		0.32			(1.63	)		0.46			0.61			1.22			(0.20	)

Less Distributions:
Distributions from net investment income		(0.20	)		(0.35	)		(0.37	)		(0.34	)		(0.32	)		(0.40	)
Distributions from net capital gains		—			(0.38	)		(0.15	)		(0.04	)		(0.07	)		—
Distributions from return of capital		—			—			—			—			(0.04	)		(0.05	)
Total distributions		(0.20	)		(0.73	)		(0.52	)		(0.38	)		(0.43	)		(0.45	)

Net Asset Value, End of Period	$	10.15		$	10.03		$	12.39		$	12.45		$	12.22		$	11.43
Total Return¹		3.19	% ²		(13.34	)%		3.72	%		5.18	%		10.79	%		(1.69	)%

Ratios and Supplemental Data:
Net assets, end of year (000)	$	419		$	398		$	437		$	465		$	422		$	293
Ratio of expenses to average net assets:
Before expense waiver or recoupment		1.99	% ^3,4		1.93	%		1.89	% ⁵		1.90	%		1.89	% ⁵		1.88	% ⁶
After expense waiver or recoupment		1.88	% ^3,4		1.87	%		1.86	% ⁵		1.85	%		1.86	%⁵		1.87	% ⁶
Ratio of net investment income to average net assets		4.19	% ³		3.12	%		3.23	%		2.92	%		2.97	%		3.12	%
Portfolio turnover rate		2	% ²		1	%		4	%		20	%		3	%		1	%

Calculation does not reflect contingent deferred sales charge.

Not annualized.

Annualized.

⁴

Includes interest expense of 0.03%.

⁵

Includes interest expense of 0.01%.

⁶

Includes interest expense of 0.02%.

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

50	SPIRIT OF AMERICA

SPIRIT OF AMERICA INCOME FUND

INSTITUTIONAL SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Six Months			For the Year						For the
	Ended			Ended						Period Ended
	June 30, 2023			December 31						December 31,
	(Unaudited)			2022			2021			2020¹
Net Asset Value, Beginning of Period	$	10.06		$	12.43		$	12.48		$	11.66

From Investment Operations:
Net investment income		0.27			0.46			0.53			0.31
Net realized and unrealized gain (loss) on investments		0.10			(1.99	)		0.07			0.83
Total from investment operations		0.37			(1.53	)		0.59			1.14

Less Distributions:
Distributions from net investment income		(0.25	)		(0.46	)		(0.50	)		(0.28	)
Distributions from net capital gains		—			(0.38	)		(0.15	)		(0.04	)
Total distributions		(0.25	)		(0.84	)		(0.65	)		(0.32	)

Net Asset Value, End of Period	$	10.18		$	10.06		$	12.43		$	12.48
Total Return		3.69	% ²		(12.51	)%		4.83	%		9.89	% ²

Ratios and Supplemental Data:
Net assets, end of year (000)	$	11		$	11		$	13		$	12
Ratio of expenses to average net assets:
Before expense waiver or recoupment		0.99	% ^3,4		0.93	%		0.89	% ⁵		0.90	% ³
After expense waiver or recoupment		0.88	% ^3,4		0.87	%		0.86	% ⁵		0.85	% ³
Ratio of net investment income to average net assets		5.16	% ³		4.10	%		4.21	%		3.80	% ³
Portfolio turnover rate		2	% ²		1	%		4	%		20	% ²

For the period May 1, 2020 (commencement of operations) to December 31, 2020.

Not annualized.

Annualized.

⁴

Includes interest expense of 0.03%.

⁵

Includes interest expense of 0.01%.

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

SPIRIT OF AMERICA UTILITIES FUND

CLASS A SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Period Ended
	June 30,
	2023¹
Net Asset Value, Beginning of Period	$	20.00

From Investment Operations:
Net investment income		0.11
Net realized and unrealized (loss) on investments		(0.69	)
Total from investment operations		(0.58	)

Less Distributions:
Distributions from net investment income		(0.85	)
Total distributions		(0.85	)

Net Asset Value, End of Period	$	18.57
Total Return²		(2.90	)% ³

Ratios and Supplemental Data:
Net assets, end of year (000)	$	11,222
Ratio of expenses to average net assets:
Before expense waiver or recoupment		2.53	% ⁴
After expense waiver or recoupment		1.53	% ⁴
Ratio of net investment income to average net assets		2.11	% ⁴
Portfolio turnover rate		—	% ³

For the period January 31, 2023 (commencement of operations) to June 30, 2023.

Calculation does not reflect sales load.

Not annualized.

⁴

Annualized.

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

52	SPIRIT OF AMERICA

SPIRIT OF AMERICA UTILITIES FUND

CLASS C SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Period Ended
	June 30,
	2023¹
Net Asset Value, Beginning of Period	$	20.00

From Investment Operations:
Net investment income		0.18
Net realized and unrealized (loss) on investments		(0.83	)
Total from investment operations		(0.65	)

Less Distributions:
Distributions from net investment income		(0.78	)
Total distributions		(0.78	)

Net Asset Value, End of Period	$	18.57
Total Return²		(3.24	)% ³

Ratios and Supplemental Data:
Net assets, end of year (000)	$	10
Ratio of expenses to average net assets:
Before expense waiver or recoupment		6.75	% ⁴
After expense waiver or recoupment		2.28	% ⁴
Ratio of net investment income to average net assets		1.86	% ⁴
Portfolio turnover rate		—	% ³

For the period January 31, 2023 (commencement of operations) to June 30, 2023.

Calculation does not reflect contingent deferred sales charge.

Not annualized.

⁴

Annualized.

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

SPIRIT OF AMERICA UTILITIES FUND

INSTITUTIONAL SHARES

FINANCIAL HIGHLIGHTS

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

	For the
	Period Ended
	June 30,
	2023¹
Net Asset Value, Beginning of Period	$	20.00

From Investment Operations:
Net investment income		0.26
Net realized and unrealized (loss) on investments		(0.83	)
Total from investment operations		(0.57	)

Less Distributions:
Distributions from net investment income		(0.86	)
Total distributions		(0.86	)

Net Asset Value, End of Period	$	18.57
Total Return		(2.85	)% ²

Ratios and Supplemental Data:
Net assets, end of year (000)	$	10
Ratio of expenses to average net assets:
Before expense waiver or recoupment		5.75	% ³
After expense waiver or recoupment		1.28	% ³
Ratio of net investment income to average net assets		2.85	% ³
Portfolio turnover rate		—	% ²

For the period January 31, 2023 (commencement of operations) to June 30, 2023.

Not annualized.

Annualized.

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

54	SPIRIT OF AMERICA

NOTES TO FINANCIAL STATEMENTS | JUNE 30, 2023 (UNAUDITED)

Note 1 – Organization

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

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

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

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

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

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

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

Note 2 – Significant Accounting Policies

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

A. Security Valuation: The offering price and NAV per share for the Funds are calculated as of the close of regular trading on the New York Stock Exchange (“NYSE”), currently 4:00 p.m., Eastern Time on each day the NYSE is open for trading. Each Fund’s securities are valued at the official close or the last reported sales price on the principal exchange on which the security trades, or if no sales price is reported, the mean of the latest bid and ask prices is used. Securities traded over-the-counter are priced at the mean of the latest bid and ask prices. Unlisted securities traded in the over-the-counter market are valued using an evaluated quote provided by the independent pricing service, or, if an evaluated quote is unavailable, such securities are valued using prices received from dealers, provided that if the dealer supplies both bid and ask prices, the price to be used is the mean of the bid and ask prices. The independent pricing service derives an evaluated quote by obtaining dealer quotes,

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

analyzing the listed markets, reviewing trade execution data and employing sensitivity analysis. Evaluated quotes may also reflect appropriate factors such as individual characteristics of the issue, communications with broker-dealers, and other market data. Pursuant to Rule 2a-5 under the 1940 Act, the Company’s Board of Directors (the “Board”) has designated Spirit of America Management Corp., the Company’s investment adviser, as the Company’s Valuation Designee, to perform any fair value determinations for securities and other assets held by the Funds for which market quotations are not readily available in accordance with the Company’s Valuation Procedures.

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

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

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

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

The summary of inputs used to value each Fund’s net assets as of June 30, 2023 is as follows:

	Value Inputs
	Level 1		Level 2		Level 3		Total
Real Estate Income and Growth Fund
Assets:	$	79,764,681	$	—	$	—	$	79,764,681
Common Stocks¹
Preferred Stocks¹		1,997,659		149,220		—		2,146,879
Money Market Funds		1,105,749		—		—		1,105,749
Total	$	82,868,089	$	149,220	$	—	$	83,017,309

Large Cap Value Fund
Assets:	$	137,067,477	$	—	$	—	$	137,067,477
Common Stocks¹
Preferred Stocks¹		1,047,291		—		—		1,047,291
Money Market Funds		1,371,415		—		—		1,371,415
Total	$	139,486,183	$	—	$	—	$	139,486,183

Municipal Tax Free Bond Fund
Assets:
Municipal Bonds	$	—	$	35,288,711	$	—	$	35,288,711
Money Market Funds		304,237		—		—		304,237
Total	$	304,237	$	35,288,711	$	—	$	35,592,948

56	SPIRIT OF AMERICA

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

	Value Inputs
	Level 1		Level 2		Level 3		Total
Income Fund
Assets:
Common Stocks¹	$	8,328,063	$	—	$	—	$	8,328,063
Preferred Stocks¹		14,934,135		—		—		14,934,135
Collateralized Mortgage Obligations		—		54,854		—		54,854
Corporate Bonds		—		7,663,036		348,412		8,011,448
Municipal Bonds		—		44,000,713		—		44,000,713
Money Market Funds		207,173		—		—		207,173
Total	$	23,469,371	$	51,718,603	$	348,412	$	75,536,386

Utilities Fund
Assets:
Common Stocks¹	$	10,242,499	$	—	$	—	$	10,242,499
Preferred Stocks¹		24,850		—		—		24,850
Money Market Funds		1,062,867		—		—		1,062,867
Total	$	11,330,216	$	—	$	—	$	11,330,216

Refer to Schedule of Investments for sector/industry classification.

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

●

Last sales price

●

Price given by pricing service

●

Last quoted bid & asked price

●

Third party bid & asked price

●

Indicated opening range

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

The following provides quantitative information about the Real Estate Income and Growth Fund’s significant Level 3 fair value measurements as of June 30, 2023:

Quantitative Information about Significant Level 3 Fair Value Measurements
	Fair Value
Asset Category	June 30, 2023		Valuation Techniques	Unobservable Input(s)	Range
Common Stocks	$	—	Asset Liquidation Analysis	Liquidation Proceeds	N/A

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

The following provides quantitative information about the Income Fund’s significant Level 3 fair value measurements as of June 30, 2023:

Quantitative Information about Significant Level 3 Fair Value Measurements
	Fair Value At
Asset Category	June 30, 2023		Valuation Techniques	Unobservable Input(s)	Range
Common Stocks	$	—	Asset Liquidation Analysis	Liquidation Proceeds	N/A
Corporate Bonds		348,412	Comparable Security Analysis	Discount for Lack of Marketability	1%-20%¹

Significant changes in this range would result in a significantly higher or lower fair value measurement.

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for the Real Estate Income and Growth Fund:

					Change in
	Balance as of				unrealized
	December 31,		Amortization/		appreciation		Balance as of
	2022		Accretion		(depreciation)		June 30, 2023
Common Stocks	$	—	$	—	$	—	$	—

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

						Change in
	Balance as of					unrealized
	December 31,		Amortization/			appreciation			Balance as of
	2022		Accretion			(depreciation)			June 30, 2023
Common Stocks	$	—	$	—		$	—		$	—
Corporate Bonds		348,896		(290	)		(194	)		348,412

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

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

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

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

58	SPIRIT OF AMERICA

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

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

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

Note 3 – Derivative Transactions

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

The Funds did not use derivatives for the periods ended June 30, 2023.

Note 4 – Purchases and Sales of Securities

Purchases and proceeds from the sales of securities for the periods ended June 30, 2023, excluding short-term investments and U.S. government obligations, were as follows:

Fund	Purchases		Sales
Real Estate Income and Growth Fund	$	656,204	$	11,209,764
Large Cap Value Fund		711,890		5,322,729
Municipal Tax Free Bond Fund		—		4,726,414
Income Fund		1,550,669		5,906,908
Utilities Fund		10,544,028		—

There were no purchases or sales of Long Term U.S. Government Obligations during the periods ended June 30, 2023.

Note 5 – Investment Management Fee and Other Transactions with Affiliates

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

		Advisory
Fund	Fee Rate	Fees Earned
Real Estate Income and Growth Fund	0.97%	$	427,833
Large Cap Value Fund	0.97%		619,501
Municipal Tax Free Bond Fund	0.60%		112,399
Income Fund	0.60%		233,206
Utilities Fund	0.97%		24,557

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses for the following Funds (based on average daily net assets) through April 30, 2024 so that the total operating expenses will not exceed the amounts presented in the table below. The waiver does not include front end or contingent deferred loads, taxes, interest, dividend expenses, brokerage commissions or expenses incurred in connection with any merger, reorganization, or extraordinary expenses such as litigation. Additionally, for the periods ended June 30, 2023, the Adviser waived advisory fees, as indicated:

			Institutional	Fees Recouped
Fund	Class A Shares	Class C Shares	Shares	(Waived)
Municipal Tax Free Bond Fund	0.90%	1.75%	0.75%	$	(58,124	)
Income Fund	1.10%	1.85%	0.85%		(42,430	)
Utilities Fund	1.53%	2.28%	1.28%		(25,315	)

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

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

	Municipal
	Tax Free		Income		Utilities
Recoverable through	Bond Fund		Fund		Fund
December 31, 2023	$	74,476	$	36,030	$	—
December 31, 2024		133,559		41,389		—
December 31, 2025		128,720		57,831		—
June 30, 2026		58,124		42,430		25,315

The Funds’ Class A Shares and Class C Shares have adopted a plan of distribution pursuant to Rule 12b-1 (the “Plan”). The Plan permits each Fund’s Class A Shares and Class C Shares to pay David Lerner Associates, Inc. (the “Distributor”) an annual fee, accrued daily and paid monthly based on each Class of each Fund’s average daily net assets for the Distributor’s services and expenses in distributing shares of each Fund and providing personal services and/or maintaining shareholder accounts. For the periods ended June 30, 2023, the annual fee rate and the fees paid to the Distributor under the Plan were as follows:

	Class A Shares			Class C Shares
Fund	Annual Rate	Fees Paid		Annual Rate	Fees Paid
Real Estate Income and Growth Fund	0.30%	$	132,029	1.00%	$	908
Large Cap Value Fund	0.30%		191,269	1.00%		1,025
Municipal Tax Free Bond Fund	0.15%		27,993	1.00%		669
Income Fund	0.25%		96,637	1.00%		2,072
Utilities Fund	0.25%		6,309	1.00%		40

60	SPIRIT OF AMERICA

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

Each Fund’s Class A Shares are subject to an initial sales charge imposed at the time of purchase, in accordance with the Fund’s current prospectus. A CDSC of 1.00% may be imposed on redemptions of $1 million or more of Class A Shares that were purchased within one year of the redemption date where an indirect commission was paid. CDSC on Class C Shares applies to shares sold within 13 months of purchase. For the periods ended June 30, 2023, sales charges received by the Distributor from each of the Funds were as follows:

	Front-End Sales		CDSC Fees
	Charges Received		Received by
Fund	by Distributor		Distributor
Real Estate Income and Growth Fund	$	193,675	$	82
Large Cap Value Fund		482,068		—
Municipal Tax Free Bond Fund		32,532		—
Income Fund		243,955		—
Utilities Fund		506,536		—

Certain Officers and Directors of the Company are “affiliated persons”, as that term is defined in the 1940 Act, of the Adviser or the Distributor. Each Director of the Company, who is not an affiliated person of the Adviser or Distributor, receives a quarterly retainer of $6,000, $1,500 for each Board meeting attended, $500 for each special meeting attended, and $500 for each committee meeting attended plus reimbursement for certain travel and other out-of-pocket expenses incurred in connection with attending Board meetings. The Company does not compensate the Officers for the services they provide. There are no Directors’ fees paid to Interested Directors of the Company. For the periods ended June 30, 2023, the Funds were allocated $7,139 of the Chief Compliance Officer’s salary.

Note 6 – Concentration and Other Risks

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

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

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

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

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

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

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

Note 7 – Restricted Securities

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Funds will not incur any registration costs upon such resale. The Funds’ restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined by the Board. At June 30, 2023, the Income Fund held illiquid restricted securities representing 3% of net assets, as listed below:

Issuer Description	Acquisition	Principal
Corporate Bonds	Date	Amount		Cost		Value
Exelon Generation Co. LLC, 5.60%, 6/15/2042	7/12/2012	$	400,000	$	418,163	$	348,412
MetLife Inc., 9.25%, 4/8/2038	6/4/2013		1,500,000		2,099,623		1,741,033

Note 8 – Federal Income Taxes

The adjusted cost basis of investment and gross unrealized appreciation and depreciation of investments for federal income tax purposes for each of the Funds as of June 30, 2023, were as follows:

						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation/			Cost Basis of
Fund	Appreciation		Depreciation			(Depreciation)¹			Investments
Real Estate Income and Growth Fund	$	21,399,051	$	(6,154,392	)	$	15,244,659		$	67,626,730
Large Cap Value Fund		70,367,993		(1,332,315	)		69,035,678			70,450,505
Municipal Tax Free Bond Fund		44,026		(1,950,100	)		(1,906,074	)		37,499,022
Income Fund		3,693,562		(9,735,072	)		(6,041,510	)		94,364,129
Utilities Fund		116,717		(393,396	)		(276,679	)		11,606,895

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

The tax character of distributions paid by each of the Funds for the fiscal year ended December 31, 2022, was as follows:

	Ordinary		Tax Exempt		Net Long-Term		Return of		Total
Fund	Income		Income		Capital Gains		Capital		Distributions
Real Estate Income and Growth Fund	$	1,723,097	$	—	$	5,353,595	$	1,302,568	$	8,379,260
Large Cap Value Fund		558,225		—		10,341,913		507,023		11,407,161
Municipal Tax Free Bond Fund		2,510		917,252		—		—		919,762
Income Fund		3,660,432		—		2,903,607		—		6,564,039

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

62	SPIRIT OF AMERICA

NOTES TO FINANCIAL STATEMENTS (CONT.) | JUNE 30, 2023 (UNAUDITED)

At December 31, 2022, the components of accumulated distributable earnings for each Fund on a tax basis were as follows:

											Total
	Undistributed		Undistributed		Accumulated			Unrealized			Accumulated
	Tax Exempt		Long-Term		Capital and			Appreciation			Earnings
Fund	Income		Capital Gains		Other Losses			(Depreciation)			(Losses)
Real Estate Income and Growth Fund	$	—	$	—	$	—		$	13,065,418		$	13,065,418
Large Cap Value Fund		—		545,158		—			51,143,341			51,688,499
Municipal Tax Free Bond Fund		2		—		(8,012,201	)		(3,153,618	)		(11,165,817	)
Income Fund		—		942,029		—			(4,590,333	)		(3,648,304	)

At December 31, 2022, for federal income tax purposes and the treatment of distributions payable, the following Fund had capital loss carryforwards available to offset future gains, if any, to the extent provided by the Treasury regulations:

	No Expiration
Fund	Short-Term		Long-Term		Total
Municipal Tax Free Bond Fund	$	2,781,584	$	5,230,617	$	8,012,201

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

Note 9 – Line of Credit

The Company participates in a short-term credit agreement (“Line of Credit) with The Huntington National Bank, the custodian of the Funds’ investments expiring on May 17, 2024. Borrowings under this agreement bear interest at the 1-Month Secured Overnight Financing Rate plus 1.625%. Maximum borrowings for the Company is the lesser of $5,000,000 or 10% of the Spirit of America Funds’ daily market value. During the periods ended June 30, 2023, each Fund’s borrowing activity was as follows:

	Real Estate
	Income and			Large Cap			Municipal Tax
	Growth Fund			Value Fund			Free Bond Fund			Income Fund			Utilities Fund
Total bank line of credit as of June 30, 2023	$	5,000,000		$	5,000,000		$	5,000,000		$	5,000,000		$	3,372,377
Average borrowings during period	$	112,544		$	80,528		$	58,537		$	89,474		$	—
Number of days outstanding¹		52			33			39			46			—
Average interest rate during period		6.361	%		6.271	%		6.160	%		6.292	%		—
Highest balance drawn during period	$	504,048		$	235,139		$	293,121		$	494,518		$	—
Highest balance interest rate		6.716	%		6.716	%		6.716	%		6.716	%		6.716	%
Interest expense incurred	$	12,751		$	3,563		$	2,575		$	11,289		$	—
Interest rate at June 30, 2023		6.716	%		6.716	%		6.716	%		6.716	%		6.716	%

Number of days outstanding represents the total days during the periods ended June 30, 2023 that each Fund utilized the line of credit.

Note 11 – Commitments and Contingencies

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

Note 12 – Subsequent Events

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

LIQUIDITY RISK MANAGEMENT PROGRAM | JUNE 30, 2023 (UNAUDITED)

The Funds have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940. The Program is reasonably designed to assess and manage the Funds’ liquidity risk, taking into consideration, among other factors, the Funds’ investment strategies and the liquidity of their portfolio investments during normal and reasonably foreseeable stressed conditions; their short and long-term cash flow projections; and their cash holdings and access to other funding sources. The Funds’ Board of Directors approved the appointment of an Administrator, who is responsible for the Program’s administration in conjunction with the Adviser’s Liquidity Risk Committee. The Administrator maintains Program oversight and reports to the Board on at least an annual basis regarding the Program’s operational effectiveness through a written report (the “Report”). The Report outlined the operation of the Program and the adequacy and effectiveness of the Program’s implementation and was presented to the Board of Directors for consideration at its meeting held on May 11, 2023. During the review period, the Funds did not experience unusual stress or disruption to their operations related to purchase and redemption activity. Also, during the review period the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. The Report concluded that (i) the Program was adequately designed and (ii) the Program has been effectively implemented.

64	SPIRIT OF AMERICA

DISCLOSURE OF FUND EXPENSES (UNAUDITED)

We believe it is important for you to understand the impact of fees regarding your investment. All mutual funds have operating expenses. As a shareholder of a Fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from the Fund’s gross income, directly reduce the investment return of the Fund.

Each Fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The Real Estate Income and Growth Fund, Large Cap Value Fund, Municipal Tax Free Bond Fund and Income Fund examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six month period from January 1, 2023 through June 30, 2023. The Utilities Fund example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from February 1, 2023 through June 30, 2023.

Actual Fund Return: This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, the third column shows the period’s annualized expense ratio, and the last column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund at the beginning of the period. You may use the information here, together with your account value, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

Hypothetical 5% Return: This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), or redemption fees.

		Beginning	Ending		Expenses
		Account Value	Account Value	Annualized	Paid During
		January 1, 2023	June 30, 2023	Expense Ratio	the Period
Real Estate Income and Growth Fund
Class A Shares	Actual	$1,000.00	$1,036.70	1.60%	$ 8.08¹
	Hypothetical²	$1,000.00	$1,016.86	1.60%	$ 8.00¹
Class C Shares	Actual	$1,000.00	$1,033.80	2.30%	$11.60¹
	Hypothetical²	$1,000.00	$1,013.39	2.30%	$11.48¹
Institutional Shares	Actual	$1,000.00	$1,038.20	1.30%	$ 6.57¹
	Hypothetical²	$1,000.00	$1,018.35	1.30%	$ 6.51¹
Large Cap Value Fund
Class A Shares	Actual	$1,000.00	$1,164.40	1.53%	$ 8.21¹
	Hypothetical²	$1,000.00	$1,017.21	1.53%	$ 7.65¹
Class C Shares	Actual	$1,000.00	$1,160.50	2.23%	$11.95¹
	Hypothetical²	$1,000.00	$1,013.74	2.23%	$11.13¹
Institutional Shares	Actual	$1,000.00	$1,166.60	1.23%	$ 6.61¹
	Hypothetical²	$1,000.00	$1,018.70	1.23%	$ 6.16¹

DISCLOSURE OF FUND EXPENSES (UNAUDITED) (CONT.)

		Beginning	Ending		Expenses
		Account Value	Account Value	Annualized	Paid During
		January 1, 2023	June 30, 2023	Expense Ratio	the Period
Municipal Tax Free Bond Fund
Class A Shares	Actual	$1,000.00	$1,025.20	0.92%	$4.62¹
	Hypothetical²	$1,000.00	$1,020.23	0.92%	$4.61¹
Class C Shares	Actual	$1,000.00	$1,020.90	1.77%	$8.87¹
	Hypothetical²	$1,000.00	$1,016.02	1.77%	$8.85¹
Institutional Shares	Actual	$1,000.00	$1,027.20	0.78%	$3.92¹
	Hypothetical²	$1,000.00	$1,020.93	0.78%	$3.91¹
Income Fund
Class A Shares	Actual	$1,000.00	$1,035.70	1.13%	$5.70¹
	Hypothetical²	$1,000.00	$1,019.19	1.13%	$5.66¹
Class C Shares	Actual	$1,000.00	$1,031.90	1.88%	$9.47¹
	Hypothetical²	$1,000.00	$1,015.47	1.88%	$9.39¹
Institutional Shares	Actual	$1,000.00	$1,036.90	0.88%	$4.44¹
	Hypothetical²	$1,000.00	$1,020.43	0.88%	$4.41¹
Utilities Fund
Class A Shares	Actual	$1,000.00	$971.00	1.53%	$6.20³
	Hypothetical²	$1,000.00	$1,014.26	1.53%	$6.33³
Class C Shares	Actual	$1,000.00	$967.60	2.28%	$9.22³
	Hypothetical²	$1,000.00	$1,011.18	2.28%	$9.42³
Institutional Shares	Actual	$1,000.00	$971.50	1.28%	$5.19³
	Hypothetical²	$1,000.00	$1,015.29	1.28%	$5.30³

Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The annualized expense ratios reflect reimbursement/recoupment of expenses by the Funds’ Adviser for the period beginning January 1, 2023 to June 30, 2023. The Financial Highlights tables in the Funds’ financial statements, included in this report, also show the gross expense ratios, without such reimbursements.

Assumes a 5% annual return before expenses.

Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 150/365 (to reflect the period since commencement of operations on January 31, 2023). The annualized expense ratios reflect reimbursement/recoupment of expenses by the Fund’s Adviser for the period beginning February 1, 2023 to June 30, 2023. The Financial Highlights tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such reimbursements.

66	SPIRIT OF AMERICA

APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT (UNAUDITED)

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the continuance of a registered management investment company’s investment advisory agreement be approved annually by both the board of directors and also by a majority of its directors who are not parties to the investment advisory agreement or “interested persons” (as defined by the 1940 Act) of any such party (the “Independent Directors”). At a meeting held on May 11, 2023, the Board of Directors (the “Board” or “Directors”) of Spirit of America Investment Fund, Inc. (the “Company”) met in person (the “Meeting”) to, among other things, consider the approval of the Investment Advisory Agreement (the “Advisory Agreement”) by and between Spirit of America Management Corp. (the “Adviser”) and the Company, on behalf of the Spirit of America Municipal Tax Free Bond Fund (the “Municipal Fund”), Spirit of America Income Fund (the “Income Fund”), Spirit of America Real Estate Income and Growth Fund (the “Real Estate Fund”), and Spirit of America Large Cap Value Fund (the “Value Fund”) (each a “Fund”; collectively, the “Funds”). At the Meeting, after determining that the Adviser’s compensation continues to be not unreasonable pursuant to the terms of the Advisory Agreement, the Board concluded that the approval of the Advisory Agreement would be in the best interest of each Fund’s shareholders, and the Board, including the Independent Directors voting separately, approved the Advisory Agreement. The Board’s approval was based on consideration and evaluation of the information and materials provided to the Board and a variety of specific factors discussed at the Meeting and at prior meetings of the Board, including the factors described below.

As part of the approval process and oversight of the advisory relationship, counsel to the Independent Directors (“Independent Counsel”) sent an information request letter to the Adviser seeking certain relevant information and the Directors received, for their review in advance of the Meeting, the Adviser’s responses. In addition, the Directors were provided with the opportunity to request additional materials. In advance of the Meeting, the Board including the Independent Directors, requested and received materials provided by the Adviser and Independent Counsel, including, among other things, the following: (i) Independent Counsel’s 15(c) questionnaire and the responses provided by the Adviser; (ii) comparative information on the investment performance of each Fund, relevant indices and Morningstar category peer funds in the form of reports generated by the Funds’ administrator; (iii) graphs of fee comparisons for the minimum fee, maximum fee, average fee and median fee in the form of reports provided by the Funds’ administrator; (iv) graphs of performance comparisons for the minimum performing fund, maximum performing fund, average performing fund and median performing fund for various time periods in the form of reports provided by the Funds’ administrator; (v) the allocation of each Fund’s brokerage commissions, (vi) the record of compliance with the Funds’ investment policies and restrictions and with the Funds’ Code of Ethics, in addition to the structure and responsibilities of the Adviser’s compliance department; (vii) the profitability of each Fund’s investment advisory business to the Adviser taking into account both advisory fees and any other potential direct or indirect benefits; (viii) the Adviser’s Form ADV; and (ix) a memorandum from Independent Counsel with respect to the responsibilities of the Independent Directors regarding the approval of the Advisory Agreement.

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

●

The investment performance of each Fund over various time periods both by itself and in relation to relevant indices;

●

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

●

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

●

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

●

The investment management staffing and the experience of the Adviser, as well as the Adviser’s administrative and other personnel providing services to the Funds and the historical quality of the services provided by the Adviser; and

APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT (UNAUDITED) (CONT.)

●

The profitability to the Adviser of managing, and to its affiliate of distributing, each Fund, and the methodology in allocating expenses to each Fund’s management.

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

1. Nature, Extent, and Quality of Services.

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

2. Investment Performance of the Funds and the Adviser.

The Board, including the Independent Directors, reviewed each Fund’s short-term and long-term investment performance over various periods of time as compared to both relevant indices and the performance of each Fund’s peer group. The Municipal Fund’s performance for the 1-year period ended March 31, 2023 was -1.38% as compared to the median of its peer group of -0.70%. The Income Fund’s performance for the 1-year period ended March 31, 2023 was -6.14% as compared to the median of its peer group of -13.27%. The Real Estate Fund’s performance for the 1-year period ended March 31, 2023 was 20.33% as compared to the median of its peer group of -21.08%. The Value Fund’s performance for the 1-year period ended March 31, 2023 was -8.40% as compared to the median of its peer group of -7.39%. The Board then determined that each Fund was delivering reasonable performance results, especially over the long-term, and that each Fund’s results were consistent with the investment strategies followed by each Fund.

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

a. Fund Fees and Performance. The Board, including the Independent Directors, reviewed the information (as of March 31, 2023) provided by the Funds’ administrator, including the comparative graphs, regarding each Fund’s management fee and overall expense ratio relative to industry averages for the respective Fund’s peer group category. The Municipal Fund had a management fee of 0.60% as compared to the median in its peer group of 0.40%. The Income Fund had a management fee of 0.60% as compared to the median in its peer group of 0.58%. The Real Estate Fund had a management fee of 0.97% as compared to the median in its peer group of 0.80%. The Value Fund had a management fee of 0.97% as compared to the median in its peer group of 0.65%. The Directors considered favorably the current and historic willingness of the Adviser to limit the overall expense ratios of the Funds, as appropriate. Noting that the fees paid by the Funds were higher than certain of the comparable funds and higher than the medians in the Funds’ peer groups, the Board nevertheless stated that the fees were still close enough to the medians in each case. The Board indicated that, although higher than the fees of certain other funds in their respective groups, in light of the investment advisory services provided by the Adviser to each of the Funds, the fees were not unreasonable.

b. Profitability and Costs of Services to the Adviser. The Board, including the Independent Directors, considered estimates of the Adviser’s profitability and costs attributable to the Funds through 2022. The Board observed that, in recent years, increased fixed costs and, of particular note, legal and audit fees to address increasing regulations, have had a greater impact on small fund families, such as the Funds, than on larger fund complexes, and overall expenses of the Funds may compare unfavorably to the overall expenses of some funds identified as peers. Further, the Board considered whether the amount of the Adviser’s profit is a fair profit for managing the Funds and determined that the Adviser has devoted a large amount of its resources to the Funds throughout the years. The Adviser’s management observed that the fund-by-fund expense analysis does not reflect all of the overhead costs paid by David Lerner Associates, Inc. (“DLA”), some of which may be attributed to the Adviser. The Board, including the Independent Directors, then concluded that the Adviser’s profitability was not excessive and was at a fair and acceptable level, particularly given the quality of the services being provided to the Funds, and that it bore a reasonable relationship to the services rendered.

68	SPIRIT OF AMERICA

APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT (UNAUDITED) (CONT.)

4. Extent of Economies of Scale as each Fund Grows.

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

5. Whether Fee Levels Reflect Economies of Scale.

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

6. Other Relevant Considerations.

a. Personnel and Methods. The Board, including the Independent Directors, reviewed the Adviser’s Form ADV, with the Adviser responding to the Board’s questions regarding the size, experience and education of the Adviser’s staff, its fundamental research capabilities, and its approach to recruiting, training and retaining portfolio managers and other research and management personnel. The Board then concluded that such factors permit the Adviser to provide a high level of service to the Funds. In addition, the Board members considered the history, reputation, qualifications and background of the Adviser as well as the qualifications of the Adviser’s personnel.

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

Conclusions. The Board, including the Independent Directors, did not view any one factor as all-important or all-controlling, instead they viewed the aforementioned factors and other factors collectively in light of each Fund’s surrounding circumstances. Each Independent Director gave the weight to each factor that he deemed appropriate in his own judgment. The Independent Directors considered the renewal of the Advisory Agreement on a Fund-by-Fund basis and concluded that the renewal of the Advisory Agreement was in the best interests of each Fund and its shareholders. In addition, the Independent Directors concluded that the fees charged to each Fund for the services provided were not unreasonable. Therefore, the Board, including the Independent Directors, determined that continuation of the Advisory Agreement was in the best interests of each Fund and its shareholders.

APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT UTILITIES FUND (UNAUDITED)

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that a registered management investment company’s investment advisory agreement be initially approved by both the board of directors, including by a majority of its directors who are not parties to the investment advisory agreement or “interested persons” (as defined by the 1940 Act) of any such party (the “Independent Directors”) and by the vote of a majority of the outstanding voting securities of such registered management investment company. At a meeting held on January 24, 2023, the Board of Directors (the “Board” or “Directors”) of Spirit of America Investment Fund, Inc. (the “Company”) met telephonically (the “Meeting”) to, among other things, consider the approval of the amendment to the Investment Advisory Agreement (the “Advisory Agreement”) by and between Spirit of America Management Corp. (the “Adviser”) and the Company, on behalf of the Spirit of America Utilities Fund (the “Fund”). The Directors noted that the Meeting was held telephonically in accordance with relief granted by the U.S. Securities and Exchange Commission (the “SEC”) to ease certain governance obligations in light of travel concerns related to the COVID-19 pandemic and acknowledged that all actions that required a vote of the Directors at an in-person meeting, including the approval of the Advisory Agreement, would be ratified at the Board’s next in-person meeting, as required by the SEC’s relief. At the Meeting, the Board, including the Independent Directors voting separately, approved the amendment to the Advisory Agreement after determining that the Adviser’s compensation, pursuant to the terms of the Advisory Agreement, would be not unreasonable and concluded that the approval of the amendment to the Advisory Agreement would be in the best interest of the Fund’s shareholders. The Board’s approval was based on consideration and evaluation of the information and materials provided to the Board and a variety of specific factors discussed at the Meeting and at prior meetings of the Board, including the factors described below.

In evaluating the amendment to the Advisory Agreement, the Board, including the Independent Directors, requested, reviewed and considered materials furnished by the Adviser and questioned personnel of the Adviser, including the Fund’s proposed portfolio manager, with respect to, among other things, the personnel, operations and financial condition of the Adviser. Among other information, the Board, including the Independent Directors, requested and was provided information regarding:

●

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

●

The proposed expense cap amounts under the Operating Expenses Agreement;

●

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

●

The Adviser’s investment management staffing and their experience level in addition to the Adviser’s administrative and other personnel that will provide services to the Fund and the historical quality of the services provided by the Adviser to the other series of the Company managed by the Adviser (the “Current Funds”); and

●

The anticipated profitability to the Adviser of managing, and to its affiliate of distributing, the Fund, and the methodology in allocating expenses to the Fund’s management.

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

70	SPIRIT OF AMERICA

APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT UTILITIES FUND (UNAUDITED) (CONT.)

1. Nature, Extent, and Quality of Services.

The Board, including the Independent Directors, considered the nature, quality and extent of advisory, administrative and shareholder services to be provided by the Adviser with respect to the Fund, which included the following considerations: determination and execution of investment decisions; regulatory filings and disclosure to shareholders, general oversight of service providers, coordination of marketing initiatives, review of any other legal issues and other services. The Board, including the Independent Directors, noted the ever-increasing responsibilities of the Adviser given the addition of the Fund and in response to increasing regulations within the mutual fund industry. Additionally, the Board, including the Independent Directors, noted that there had been no significant disruption or impact to services provided to the Current Funds by the Adviser as a result of the COVID-19 pandemic as the Adviser had been able to operate effectively under its business continuity plan. The Board, including the Independent Directors, concluded that the services are extensive in nature, that the Adviser has delivered a high level of service to each of the Current Funds and that the Adviser is positioned to continue providing such quality of service to the Fund in the future.

2. Anticipated Investment Performance of the Fund and the Adviser.

The Board, including the Independent Directors, reviewed the short-term and long-term investment performance for (i) mutual funds with similar objectives and strategies to those of the Fund and (ii) the other Current Funds advised by the proposed portfolio manager of the Fund. The Board compared the performance of the other Current Funds to relevant indices and the performance of funds in the same peer group. The Board agreed that the other Current Funds were delivering reasonable performance results, especially over the long-term, consistent with the conservative investment strategies that each of the Current Funds pursue. Based on the Board’s analysis, the Board concluded that the Fund is positioned to provide reasonable performance results over the long-term, consistent with its investment strategies.

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

a. Fund Fees and Performance. The Board, including the Independent Directors, reviewed the information (as of November 30, 2022) provided by the Company’s administrator, including the comparative graphs, regarding the Fund’s proposed management fee rate and overall potential expense ratio relative to industry averages for the Fund’s peer group category and the proposed advisory fees to be charged by the Adviser. The Board viewed favorably the willingness of the Adviser to limit the overall expense ratios of the Fund. The Board noted that, in light of the investment advisory services to be provided to the Fund, the fees were not unreasonable.

b. Profitability and Costs of Services to the Adviser. The Board, including the Independent Directors, considered estimates of the Adviser’s profitability and costs attributable to the Fund. The Board recognized that increased fixed costs, particularly legal and audit fees in response to the formation of the Fund and increasing regulations. The Board also considered whether the amount of the Adviser’s predicted profit is a fair profit for the management of the Fund. The Board, including the Independent Directors, concluded that the Adviser’s predicted profitability was not excessive and was at a fair and acceptable level, particularly in light of the quality of the services expected to be provided to the Fund, and that it bore a reasonable relationship to the services proposed to be rendered.

4. Extent of Economies of Scale as the Fund Grows.

The Board, including the Independent Directors, considered whether there will be any economies of scale with respect to the management of the Fund and whether the Fund and its shareholders will appropriately benefit from any such economies of scale. Given the expected initial size of the Fund, the Board did not believe that significant (if any) economies of scale will be achieved in the near-term.

5. Whether Fee Levels Reflect Economies of Scale.

The Board took into consideration that the Adviser does not currently offer breakpoints in its fees that would otherwise allow shareholders to benefit directly from economies of scale in the form of lower fees as Fund assets grow. The Board further noted, however, that the Adviser had provided enhancements in personnel and services to the Current Funds, without any increase in fees. The Board confirmed that it would continue to review the concept of breakpoints in future years as the Fund’s assets increase.

APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT UTILITIES FUND (UNAUDITED) (CONT.)

6. Other Relevant Considerations.

a. Personnel and Methods. The Board, including the Independent Directors, reviewed the Adviser’s Form ADV, with the Adviser addressing the Board’s questions with respect to the size, experience and education of the Adviser’s staff, its fundamental research capabilities, and its approach to recruiting, training and retaining portfolio managers and other research and management personnel. The Board then determined that such factors would permit the Adviser to provide a high level of service to the Fund. The Board also considered the history, reputation, qualifications and background of the Adviser as well as the qualifications of the Adviser’s personnel.

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

Conclusions. The Board, including the Independent Directors, having met with their Independent Counsel in executive session, considered the approval of the proposed amendment to the Investment Advisory Agreement to add the Fund. The Board, including the Independent Directors, did not identify any one factor as all-important or all-controlling; instead, they viewed such factors and other factors collectively in light of the Fund’s surrounding circumstances. Each Independent Director gave the weight to each factor that he deemed appropriate in his own judgment. The Independent Directors considered the proposed amendment to the Investment Advisory Agreement to add the Fund and determined that the approval of the proposed amendment to the Investment Advisory Agreement was in the best interests of the Fund as well as its future shareholders. Further, the Independent Directors concluded that the fees to be charged by the Adviser to the Fund for the services to be provided were not unreasonable.

72	SPIRIT OF AMERICA

The following notice does not constitute part of and is not
incorporated into the prospectus of the Funds.

PRIVACY NOTICE

Rev. 5/2018

FACTS	WHAT DO THE 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 AND SPIRIT OF AMERICA UTILITIES FUND (THE “FUNDS”) DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:

	● Social Security number

	● account balances

	● account transactions

	● transaction history

	● wire transfer instructions

	● checking account information

	When you are no longer our customer, we continue to share your information as described in this notice.

How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Spirit of America Investment Fund, Inc. chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Do the Funds share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For our affiliates to market to you	No	We don’t share
For non-affiliates to market to you	No	We don’t share

Questions?

Call (516) 390-5565

What we do
Who is providing this notice?	Funds advised by Spirit of America Management Corp. A complete list is included below.
How do the Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How do the Funds collect my personal information?	We collect your personal information, typically through David Lerner Associates, Inc., (“DLA”) for example, when you ● open an account ● provide account information ● give DLA your contact information ● make a wire transfer ● tell DLA where to send the money DLA may collect your information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ● sharing for affiliates’ everyday business purposes – information about your creditworthiness ● affiliates from using your information to market to you ● sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ● Our affiliates include: Spirit of America Management Corp; David Lerner Associates, Inc.; The Great Art Fund, LLC; and SRLA, Inc.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ● The Funds do not share with non-affiliates so they can market to you.
Joint Marketing	● The Funds do not jointly market.
Funds providing this notice
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 Utilities Fund

74	SPIRIT OF AMERICA

[THIS PAGE INTENTIONALLY LEFT BLANK]

76	SPIRIT OF AMERICA

[THIS PAGE INTENTIONALLY LEFT BLANK]






Proxy Voting Information The Funds’ Statement of Additional Information containing a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, along with the Funds’ proxy voting record relating to portfolio securities held during the 12-month period ended June 30 are available (i) without charge, upon request, by calling (516) 390-5565; and (ii) on the SEC’s website at www.sec.gov. Portfolio Disclosure The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov and on the Funds’ website at www.soafunds.com.	Investment Adviser Spirit of America Management Corp. 477 Jericho Turnpike P.O. Box 9006 Syosset, NY 11791-9006 Distributor David Lerner Associates, Inc. 477 Jericho Turnpike P.O. Box 9006 Syosset, NY 11791-9006 Shareholder Services Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246 Custodian The Huntington National Bank 7 Easton Oval Columbus, OH 43219 Independent Registered Public Accounting Firm Tait, Weller & Baker LLP Two Liberty Place 50 South 16th Street, Suite 2900 Philadelphia, PA 19102-2529 Counsel Blank Rome LLP 1271 Avenue of the Americas New York, NY 10020

(SPIRIT OF AMERICA LOGO)

For additional information about the Funds, call (800) 452-4892 or (610) 382-7819.

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

SOAFunds-SAR-23

(b)

Not applicable.

Item 2. Code of Ethics. NOT APPLICABLE – disclosed with annual report

Item 3. Audit Committee Financial Expert. NOT APPLICABLE – disclosed with annual report

Item 4. Principle Accountant Fees and Services. NOT APPLICABLE – disclosed with annual report

Item 5. Audit Committee of Listed Companies. NOT APPLICABLE – applies to listed companies only

Item 6. Schedule of Investments. Schedule filed with Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. NOT APPLICABLE – applies to closed-end funds only

Item 8. Portfolio Managers of Closed-End Investment Companies. NOT APPLICABLE – applies to closed-end funds only

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. NOT APPLICABLE – applies to closed-end funds only

Item 10. Submission of Matters to a Vote of Security Holders.

NOT APPLICABLE

Item 11. Controls and Procedures.

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Investment Companies.

Not Applicable.

Item 13. Exhibits.

(a)(1) Not Applicable – filed with annual report

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

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

(Registrant) Spirit of America Investment Fund, Inc.

By (Signature and Title) /s/ David Lerner__________ ___ __________

David Lerner, Principal Executive Officer

Date 9/5/2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ David Lerner______ __________________

David Lerner, Principal Executive Officer

Date 9/5/2023

By (Signature and Title /s/ Alan P. Chodosh____ _________________

Alan P. Chodosh, Principal Financial Officer

Date 9/5/2023

Spirit Of America Investment Fund N-CSRSCertified semi-annual shareholder report (management investment company)