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.

Spirit of America Income Fund

Class A Shares (SOAIX)

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about Spirit of America Income Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Chart showing performance over last 10 years or since inception

	Spirit of America Income Fund - Class A Shares	Spirit of America Income Fund - Class A Shares - with load	Bloomberg U.S. Aggregate Bond Index
12/31/15	$10,000	$9,526	$10,000
12/31/16	$10,499	$10,002	$10,265
12/31/17	$11,287	$10,753	$10,628
12/31/18	$11,190	$10,660	$10,629
12/31/19	$12,492	$11,900	$11,556
12/31/20	$13,235	$12,608	$12,423
12/31/21	$13,842	$13,186	$12,232
12/31/22	$12,086	$11,513	$10,641
12/31/23	$12,925	$12,312	$11,229
12/31/24	$13,618	$12,973	$11,369
12/31/25	$14,504	$13,816	$12,199

Average Annual Total Returns

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

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets$46,915,132
Number of Portfolio Holdings119
Advisory Fee (net of waivers)$229,370
Portfolio Turnover0%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 123125-SOAIX

Spirit of America Income Fund

Class C Shares (SACTX)

Annual Shareholder Report - December 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Spirit of America Income Fund - Class C Shares	Spirit of America Income Fund - Class C Shares - with load	Bloomberg U.S. Aggregate Bond Index
Mar-2016	$10,000	$10,000	$10,000
Dec-2016	$10,243	$10,243	$10,081
Dec-2017	$10,936	$10,936	$10,438
Dec-2018	$10,751	$10,751	$10,439
Dec-2019	$11,912	$11,912	$11,349
Dec-2020	$12,529	$12,529	$12,201
Dec-2021	$12,995	$12,995	$12,013
Dec-2022	$11,262	$11,262	$10,450
Dec-2023	$11,966	$11,966	$11,028
Dec-2024	$12,502	$12,502	$11,166
Dec-2025	$13,215	$13,215	$11,981

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets$46,915,132
Number of Portfolio Holdings119
Advisory Fee (net of waivers)$229,370
Portfolio Turnover0%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 123125-SACTX

Spirit of America Income Fund

Institutional Shares (SOITX)

Annual Shareholder Report - December 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $100,000 Investment

	Spirit of America Income Fund - Institutional Shares	Bloomberg U.S. Aggregate Bond Index
May-2020	$100,000	$100,000
Dec-2020	$109,894	$102,524
Dec-2021	$115,207	$100,943
Dec-2022	$100,796	$87,810
Dec-2023	$108,150	$92,665
Dec-2024	$114,110	$93,824
Dec-2025	$121,805	$100,674

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets$46,915,132
Number of Portfolio Holdings119
Advisory Fee (net of waivers)$229,370
Portfolio Turnover0%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

Spirit of America Income Fund - Institutional Shares (SOITX)

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 123125-SOITX

Spirit of America Large Cap Value Fund

Class A Shares (SOAVX)

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about Spirit of America Large Cap Value Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

The Fund’s performance in 2025 reflected a mixed market environment, with strategic allocations across sectors navigating ongoing economic shifts and continued enthusiasm in certain growth areas.

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

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Spirit of America Large Cap Value Fund - Class A Shares	Spirit of America Large Cap Value Fund - Class A Shares - with load	S&P 500^® Index
12/31/15	$10,000	$9,476	$10,000
12/31/16	$10,849	$10,281	$11,196
12/31/17	$13,042	$12,359	$13,640
12/31/18	$12,016	$11,386	$13,042
12/31/19	$15,565	$14,750	$17,149
12/31/20	$17,976	$17,034	$20,304
12/31/21	$23,238	$22,020	$26,132
12/31/22	$19,124	$18,122	$21,399
12/31/23	$24,033	$22,774	$27,025
12/31/24	$32,033	$30,355	$33,786
12/31/25	$37,724	$35,748	$39,827

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets$209,342,142
Number of Portfolio Holdings157
Advisory Fee $1,914,477
Portfolio Turnover10%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 123125-SOAVX

Spirit of America Large Cap Value Fund

Class C Shares (SACVX)

Annual Shareholder Report - December 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

The Fund’s performance in 2025 reflected a mixed market environment, with strategic allocations across sectors navigating ongoing economic shifts and continued enthusiasm in certain growth areas.

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

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Spirit of America Large Cap Value Fund - Class C Shares	Spirit of America Large Cap Value Fund - Class C Shares - with load	S&P 500^® Index
Mar-2016	$10,000	$10,000	$10,000
Dec-2016	$10,965	$10,965	$11,293
Dec-2017	$13,089	$13,089	$13,759
Dec-2018	$11,976	$11,976	$13,156
Dec-2019	$15,401	$15,401	$17,298
Dec-2020	$17,665	$17,665	$20,481
Dec-2021	$22,676	$22,676	$26,360
Dec-2022	$18,529	$18,529	$21,586
Dec-2023	$23,125	$23,125	$27,260
Dec-2024	$30,610	$30,610	$34,081
Dec-2025	$35,800	$35,800	$40,174

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets$209,342,142
Number of Portfolio Holdings157
Advisory Fee $1,914,477
Portfolio Turnover10%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 123125-SACVX

Spirit of America Large Cap Value Fund

Institutional Shares (SOIVX)

Annual Shareholder Report - December 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

The Fund’s performance in 2025 reflected a mixed market environment, with strategic allocations across sectors navigating ongoing economic shifts and continued enthusiasm in certain growth areas.

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

How has the Fund performed since inception?

Total Return Based on $100,000 Investment

	Spirit of America Large Cap Value Fund - Institutional Shares	S&P 500^® Index
May-2020	$100,000	$100,000
Dec-2020	$133,282	$134,279
Dec-2021	$172,792	$172,824
Dec-2022	$142,587	$141,524
Dec-2023	$179,733	$178,728
Dec-2024	$240,355	$223,445
Dec-2025	$283,941	$263,397

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets$209,342,142
Number of Portfolio Holdings157
Advisory Fee $1,914,477
Portfolio Turnover10%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 123125-SOIVX

Spirit of America Municipal Tax Free Bond Fund

Class A Shares (SOAMX)

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

The Fund’s performance in 2025 was supported by allocations to higher-yielding revenue bonds and essential service sectors, such as healthcare and utilities, which provided stability and consistent income during a year of heightened bond market volatility.

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Spirit of America Municipal Tax Free Bond Fund - Class A Shares	Spirit of America Municipal Tax Free Bond Fund - Class A Shares - with load	Bloomberg Municipal Bond Index
12/31/15	$10,000	$9,522	$10,000
12/31/16	$10,064	$9,583	$10,025
12/31/17	$10,542	$10,039	$10,571
12/31/18	$10,644	$10,135	$10,707
12/31/19	$11,183	$10,649	$11,513
12/31/20	$11,581	$11,028	$12,113
12/31/21	$11,683	$11,125	$12,297
12/31/22	$10,647	$10,139	$11,249
12/31/23	$11,124	$10,592	$11,969
12/31/24	$11,313	$10,773	$12,095
12/31/25	$11,756	$11,194	$12,608

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets$23,902,426
Number of Portfolio Holdings109
Advisory Fee (net of waivers)$27,128
Portfolio Turnover26%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 123125-SOAMX

Spirit of America Municipal Tax Free Bond Fund

Class C Shares (SACFX)

Annual Shareholder Report - December 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Spirit of America Municipal Tax Free Bond Fund - Class C Shares	Spirit of America Municipal Tax Free Bond Fund - Class C Shares - with load	Bloomberg Municipal Bond Index
Mar-2016	$10,000	$10,000	$10,000
Dec-2016	$9,881	$9,881	$9,929
Dec-2017	$10,263	$10,263	$10,470
Dec-2018	$10,263	$10,263	$10,604
Dec-2019	$10,704	$10,704	$11,403
Dec-2020	$10,993	$10,993	$11,997
Dec-2021	$10,996	$10,996	$12,179
Dec-2022	$9,934	$9,934	$11,141
Dec-2023	$10,281	$10,281	$11,854
Dec-2024	$10,380	$10,380	$11,979
Dec-2025	$10,697	$10,697	$12,487

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets$23,902,426
Number of Portfolio Holdings109
Advisory Fee (net of waivers)$27,128
Portfolio Turnover26%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 123125-SACFX

Spirit of America Municipal Tax Free Bond Fund

Institutional Shares (SOIMX)

Annual Shareholder Report - December 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $100,000 Investment

	Spirit of America Municipal Tax Free Bond Fund - Institutional Shares	Bloomberg Municipal Bond Index
May-2020	$100,000	$100,000
Dec-2020	$104,367	$106,869
Dec-2021	$105,446	$108,491
Dec-2022	$96,224	$99,240
Dec-2023	$100,693	$105,593
Dec-2024	$102,574	$106,706
Dec-2025	$106,756	$111,236

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets$23,902,426
Number of Portfolio Holdings109
Advisory Fee (net of waivers)$27,128
Portfolio Turnover26%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 123125-SOIMX

Spirit of America Real Estate Income and Growth Fund

Class A Shares (SOAAX)

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

The Fund’s performance in 2025 reflected broader challenges across several REIT sectors amid mixed market conditions and sector-specific dynamics.

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

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	Spirit of America Real Estate Income and Growth Fund - Class A Shares	Spirit of America Real Estate Income and Growth Fund - Class A Shares - with load	MSCI US REIT Index	S&P 500^® Index
12/31/15	$10,000	$9,478	$10,000	$10,000
12/31/16	$10,566	$10,015	$10,860	$11,196
12/31/17	$11,284	$10,695	$11,411	$13,640
12/31/18	$10,511	$9,963	$10,889	$13,042
12/31/19	$13,461	$12,758	$13,703	$17,149
12/31/20	$12,770	$12,104	$12,665	$20,304
12/31/21	$18,137	$17,191	$18,119	$26,132
12/31/22	$12,975	$12,298	$13,678	$21,399
12/31/23	$14,212	$13,471	$15,557	$27,025
12/31/24	$15,285	$14,488	$16,919	$33,786
12/31/25	$15,142	$14,352	$17,418	$39,827

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets$65,079,432
Number of Portfolio Holdings94
Advisory Fee $692,931
Portfolio Turnover8%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Spirit of America Real Estate Income and Growth Fund

Class C Shares (SACRX)

Annual Shareholder Report - December 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

The Fund’s performance in 2025 reflected broader challenges across several REIT sectors amid mixed market conditions and sector-specific dynamics.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Spirit of America Real Estate Income and Growth Fund - Class C Shares	Spirit of America Real Estate Income and Growth Fund - Class C Shares - with load	MSCI US REIT Index	S&P 500^® Index
Mar-2016	$10,000	$10,000	$10,000	$10,000
Dec-2016	$10,569	$10,569	$10,658	$11,293
Dec-2017	$11,214	$11,214	$11,199	$13,759
Dec-2018	$10,380	$10,380	$10,687	$13,156
Dec-2019	$13,198	$13,198	$13,448	$17,298
Dec-2020	$12,426	$12,426	$12,429	$20,481
Dec-2021	$17,529	$17,529	$17,782	$26,360
Dec-2022	$12,448	$12,448	$13,423	$21,586
Dec-2023	$13,538	$13,538	$15,268	$27,260
Dec-2024	$14,459	$14,459	$16,604	$34,081
Dec-2025	$14,219	$14,219	$17,094	$40,174

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets$65,079,432
Number of Portfolio Holdings94
Advisory Fee $692,931
Portfolio Turnover8%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Spirit of America Real Estate Income and Growth Fund

Institutional Shares (SOIAX)

Annual Shareholder Report - December 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

The Fund’s performance in 2025 reflected broader challenges across several REIT sectors amid mixed market conditions and sector-specific dynamics.

How has the Fund performed since inception?

Total Return Based on $100,000 Investment

	Spirit of America Real Estate Income and Growth Fund - Institutional Shares	MSCI US REIT Index	S&P 500^® Index
May-2020	$100,000	$100,000	$100,000
Dec-2020	$115,516	$121,275	$134,279
Dec-2021	$164,485	$173,501	$172,824
Dec-2022	$118,004	$130,973	$141,524
Dec-2023	$129,535	$148,973	$178,728
Dec-2024	$139,889	$162,010	$223,445
Dec-2025	$138,796	$166,787	$263,397

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

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

Fund Statistics

Net Assets$65,079,432
Number of Portfolio Holdings94
Advisory Fee $692,931
Portfolio Turnover8%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Spirit of America Utilities Fund

Class A Shares (SOAUX)

Annual Shareholder Report - December 31, 2025

Fund Overview

This annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2025 through December 31, 2025. You can find additional information about the Fund at funddocs.filepoint.com/soa/. You can also request this information by contacting us at (516) 390-5565.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

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

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

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Spirit of America Utilities Fund - Class A Shares	Spirit of America Utilities Fund - Class A Shares - with load	S&P 500^® Index	S&P Utilities Select Sector Index
Jan-2023	$10,000	$9,425	$10,000	$10,000
Dec-2023	$9,584	$9,033	$11,882	$9,481
Dec-2024	$11,762	$11,086	$14,855	$11,703
Dec-2025	$13,474	$12,700	$17,511	$13,580

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Money Market Funds	1.8%
Energy	2.2%
Industrials	2.5%
Utilities	93.5%

Fund Statistics

Net Assets$50,428,941
Number of Portfolio Holdings52
Advisory Fee (net of waivers)$313,064
Portfolio Turnover1%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 123125-SOAUX

Spirit of America Utilities Fund

Class C Shares (SOCUX)

Annual Shareholder Report - December 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	Spirit of America Utilities Fund - Class C Shares	Spirit of America Utilities Fund - Class C Shares - with load	S&P 500^® Index	S&P Utilities Select Sector Index
Jan-2023	$10,000	$10,000	$10,000	$10,000
Dec-2023	$9,515	$9,515	$11,882	$9,481
Dec-2024	$11,587	$11,587	$14,855	$11,703
Dec-2025	$13,176	$13,176	$17,511	$13,580

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Money Market Funds	1.8%
Energy	2.2%
Industrials	2.5%
Utilities	93.5%

Fund Statistics

Net Assets$50,428,941
Number of Portfolio Holdings52
Advisory Fee (net of waivers)$313,064
Portfolio Turnover1%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

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

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 123125-SOCUX

Spirit of America Utilities Fund

Institutional Shares (SOIUX)

Annual Shareholder Report - December 31, 2025

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $100,000 Investment

	Spirit of America Utilities Fund - Institutional Shares	S&P 500^® Index	S&P Utilities Select Sector Index
Jan-2023	$100,000	$100,000	$100,000
Dec-2023	$96,001	$118,822	$94,814
Dec-2024	$118,126	$148,550	$117,028
Dec-2025	$135,664	$175,111	$135,804

Average Annual Total Returns

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

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Money Market Funds	1.8%
Energy	2.2%
Industrials	2.5%
Utilities	93.5%

Fund Statistics

Net Assets$50,428,941
Number of Portfolio Holdings52
Advisory Fee (net of waivers)$313,064
Portfolio Turnover1%

Material Fund Changes

No material changes occurred during the year ended December 31, 2025.

Spirit of America Utilities Fund - Institutional Shares (SOIUX)

Annual Shareholder Report - December 31, 2025

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (funddocs.filepoint.com/soa/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 123125-SOIUX

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

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

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

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

Pre-Approval of Audit and Permitted Non-Audit Services Provided to the Company

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

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

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

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

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