The fund invests primarily in real estate investment trusts ("REITs") with successful track records. REITs are pooled investment vehicles which invest primarily in income-producing real estate or real estate-related loans or interests. The advisor intends to invest at least 80% of its total assets in equity REITs and the equity securities of real estate industry companies. It may also invest in mortgage-backed securities, investment-grade taxable municipal obligations, master limited partnerships ("MLPs") and short-term investments.

Nasdaq

SOAAX

The fund seeks to achieve its investment objective by investing at least 80% of its net assets plus any borrowings in a combination of securities and other assets of energy and energy related companies. It seeks to achieve its investment objective through diversified exposure to U.S. and non-U.S. securities of energy companies and energy related companies which are companies that are principally engaged in activities in the energy industry.

SOAEX

The fund invests 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, and CMOs. It may also invest in U.S. government agency securities issued or guaranteed by U.S. government-sponsored enterprises and federal agencies, including securities issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association. The fund may also invest in MLPs, equity securities of dividend paying companies and private placements.

SOAIX

The fund normally invests at least 80% of its assets in municipal bonds that are exempt from federal income tax, including the alternative minimum tax. The advisor intends to invest a substantial portion of its assets in high yield municipal bonds and "private activity" bonds. It may also invest a portion of its total assets in municipal bonds that finance projects such as those relating to utilities, transportation, health care, housing and education, and a portion of its total assets in industrial development bonds.

SOAMX

The fund's advisor focuses on the large cap value segment of the U.S. equity market. It invests at least 80% of its total assets in large cap equity securities of companies in the value segment of the market. The advisor considers a company to be a large cap company if it has a market capitalization of $5 billion or greater at the time of purchase. To earn current income, the fund will invest in the equity securities of companies that have a proven history of paying consistent dividends. It may also invest in MLPs.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield	Risk / Return Rank
SOAAX	Spirit of America Real Estate Income & Growth Fund	REIT	Jan 9, 1998	1.52%	2.88%	4.27%	10.34%	10
SOAEX	Spirit of America Energy Fund	Energy Equities	Jul 9, 2014	1.50%	28.66%	21.48%	10.81%	68
SOAIX	Spirit of America Income Fund	Long-Term Bond	Dec 30, 2008	1.12%	0.17%	3.50%	6.10%	53
SOAMX	Spirit of America Municipal Tax Free Bond Fund	Municipal Bonds	Feb 28, 2008	0.92%	-0.58%	1.23%	3.05%	52
SOAVX	Spirit of America Large Cap Value Fund	Large Cap Blend Equities	Aug 1, 2002	1.50%	-5.44%	13.50%	9.83%	58

Spirit of America Mutual Funds List

Risk vs. Return Scatterplot