AMENDMENT NO. 5 TO
MASTER SERVICES AGREEMENT

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

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

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

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

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

Fund Accounting and Fund Administration Fee Letter
for
the Funds listed on Schedule A
each a series of

Spirit of America Investment Fund, Inc.

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

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

Annual Basis Point Fees:

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

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

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

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

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

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

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

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

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

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

Signatures are located on the next page.

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