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Revised as of August 10, 1999
June 22, 1999
Dear Shareholder:
It is a pleasure to provide you with the Semi-Annual Report for Spirit of
America Investment Fund, Inc. ("Spirit") dated April 30, 1999.
Spirit continues to diversify its portfolio and is now fully invested in 76
separate REITs. In terms of its diversification, as of April 30, 1999, Spirit
is approximately 20% invested in Apartment REITs, 14% invested in Shopping Cen-
ter REITs, 12% invested in Regional Mall REITs, 10% invested in each of the
categories of Diversified, Industrial, and Office Space REITs, 7% each in
Healthcare and Net Lease REITs and 4% in Storage REITs.
Some of the factors Spirit management regards as important in evaluating its
portfolio investments are: dividend return, coverage of the dividend, price-
earnings multiple, and possible future growth of the individual REIT and its
market sector. Future dividends and share value should not be implied from past
performance. The value of REITs can rise and fall due to environmental, eco-
nomic and interest rate changes.
It is our aim to attempt to take advantage of our research and market evalua-
tions to provide our investors with the best possible total return.
Sincerely,
/s/ David Lerner
David Lerner
President
