Class A Shares

This semi-annual shareholder report contains important information about Spirit of America Income Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026.

(516) 390-5565

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$57	1.14%

1.14%

106

1.00%

Additional Information [Text Block]

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.7%
Electric Transmission & Distribution	2.1%
Institutional Brokerage	2.3%
P&C Insurance	3.1%
Higher Education	3.3%
Econ & Indust Development	3.9%
Miscellaneous Tax	4.4%
Banks	5.5%
Other	5.6%
Electricity And Public Power	5.6%
Integrated Electric Utilities	5.8%
Hospitals	7.5%
Local Authority	7.8%
Tobacco	9.6%
Life Insurance	10.8%
Other Sectors	24.4%

Fund Name

Spirit of America Income Fund

Trading Symbol

SACTX

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.

Additional Information Website

funddocs.filepoint.com/soa/

Expenses Paid, Amount

$ 94

AssetsNet

$ 40,563,438

Advisory Fees Paid, Amount

$ 77,641

Additional Fund Statistics [Text Block]

Fund Statistics

Net Assets$40,563,438
Number of Portfolio Holdings106
Advisory Fee (net of waivers)$77,641
Portfolio Turnover1%

Material Fund Change [Text Block]

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

Institutional Shares

This semi-annual shareholder report contains important information about Spirit of America Income Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026.

(516) 390-5565

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$45	0.89%

0.89%

106

1.00%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.7%
Electric Transmission & Distribution	2.1%
Institutional Brokerage	2.3%
P&C Insurance	3.1%
Higher Education	3.3%
Econ & Indust Development	3.9%
Miscellaneous Tax	4.4%
Banks	5.5%
Other	5.6%
Electricity And Public Power	5.6%
Integrated Electric Utilities	5.8%
Hospitals	7.5%
Local Authority	7.8%
Tobacco	9.6%
Life Insurance	10.8%
Other Sectors	24.4%

Class A Shares

This semi-annual shareholder report contains important information about Spirit of America Large Cap Value Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026.

(516) 390-5565

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$80	1.52%

1.52%

146

4.00%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.5%
Money Market Funds	0.5%
Materials	1.5%
Real Estate Investment Trusts (REITs)	2.3%
Energy	4.4%
Utilities	4.5%
Consumer Staples	4.6%
Consumer Discretionary	5.9%
Health Care	6.4%
Financials	9.1%
Communications	9.7%
Industrials	12.5%
Technology	39.5%

Additional Information [Text Block]

Trading Symbol

SACVX

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.

Additional Information Website

funddocs.filepoint.com/soa/

Expenses Paid, Amount

$ 117

AssetsNet

$ 240,444,108

Advisory Fees Paid, Amount

$ 1,068,497

Additional Fund Statistics [Text Block]

Fund Statistics

Net Assets$240,444,108
Number of Portfolio Holdings146
Advisory Fee $1,068,497
Portfolio Turnover4%

Institutional Shares

This semi-annual shareholder report contains important information about Spirit of America Large Cap Value Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026.

(516) 390-5565

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$65	1.22%

1.22%

146

4.00%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.5%
Money Market Funds	0.5%
Materials	1.5%
Real Estate Investment Trusts (REITs)	2.3%
Energy	4.4%
Utilities	4.5%
Consumer Staples	4.6%
Consumer Discretionary	5.9%
Health Care	6.4%
Financials	9.1%
Communications	9.7%
Industrials	12.5%
Technology	39.5%

Class A Shares

This semi-annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026.

(516) 390-5565

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$46	0.91%

0.91%

102

10.00%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.5%
Local	3.1%
Idr & Pcr	5.1%
Lease	7.7%
Special Tax	9.8%
Transportation	11.4%
Education	12.1%
Utilities	12.9%
Health Care	14.2%
Housing	23.2%

Class C Shares

This semi-annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026.

(516) 390-5565

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C Shares	$88	1.76%

1.76%

102

10.00%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.5%
Local	3.1%
Idr & Pcr	5.1%
Lease	7.7%
Special Tax	9.8%
Transportation	11.4%
Education	12.1%
Utilities	12.9%
Health Care	14.2%
Housing	23.2%

Institutional Shares

This semi-annual shareholder report contains important information about Spirit of America Municipal Tax Free Bond Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026.

(516) 390-5565

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$39	0.76%

0.76%

102

10.00%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.5%
Local	3.1%
Idr & Pcr	5.1%
Lease	7.7%
Special Tax	9.8%
Transportation	11.4%
Education	12.1%
Utilities	12.9%
Health Care	14.2%
Housing	23.2%

Class A Shares

This semi-annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026.

(516) 390-5565

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$87	1.62%

1.62%

93

8.00%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.3%
Technology	0.2%
Financials	0.3%
Energy	0.5%
Communications	0.7%
Consumer Discretionary	1.7%
Industrials	2.1%
Money Market Funds	2.2%
Real Estate	93.6%

Class C Shares

This semi-annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026.

(516) 390-5565

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C Shares	$124	2.32%

2.32%

93

8.00%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.3%
Technology	0.2%
Financials	0.3%
Energy	0.5%
Communications	0.7%
Consumer Discretionary	1.7%
Industrials	2.1%
Money Market Funds	2.2%
Real Estate	93.6%

Institutional Shares

This semi-annual shareholder report contains important information about Spirit of America Real Estate Income and Growth Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026.

(516) 390-5565

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$71	1.32%

1.32%

93

8.00%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.3%
Technology	0.2%
Financials	0.3%
Energy	0.5%
Communications	0.7%
Consumer Discretionary	1.7%
Industrials	2.1%
Money Market Funds	2.2%
Real Estate	93.6%

Class A Shares

This semi-annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026.

(516) 390-5565

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Shares	$79	1.53%

1.53%

55

0.00%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.3%
Industrials	2.3%
Money Market Funds	2.6%
Energy	2.6%
Utilities	93.8%

Class C Shares

This semi-annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026.

(516) 390-5565

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C Shares	$117	2.28%

2.28%

55

0.00%

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.3%
Industrials	2.3%
Money Market Funds	2.6%
Energy	2.6%
Utilities	93.8%

Institutional Shares

This semi-annual shareholder report contains important information about Spirit of America Utilities Fund (the "Fund") for the period of January 1, 2026 through June 30, 2026.

(516) 390-5565

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$66	1.28%

1.28%

55

0.00%