Exhibit 23 (a)(ii)

                            ARTICLES SUPPLEMENTARY
                                      TO
                           ARTICLES OF INCORPORATION
                                      OF
                    SPIRIT OF AMERICA INVESTMENT FUND, INC.

FIRST: The Board of Directors ("Board") of Spirit of America Investment Fund,
Inc., a Maryland Corporation ("Corporation") organized on April 18, 1997, has,
by action on January 26, 1998, classified or reclassified, as the case may be,
five hundred million (500,000,000) shares of capital stock of the Corporation,
including all shares previously issued and outstanding, as well as the balance
comprised of authorized, but previously unissued and unclassified shares, as
Class A shares of the Corporation. The Board has classified the remaining five
hundred million (500,000,000) shares of authorized, but previously unissued and
unclassified, capital stock of the Corporation as Class B shares of the
Corporation.

         The par value of the shares of capital stock of the Corporation remains
one tenth of one cent ($0.001) per share. Before the classification and
designation described herein, the aggregate par value of all of the authorized
shares was one million (1,000,000) dollars and so remains.

         The Class A and Class B shares shall represent investment in the same
pool of assets and shall have the same preferences, conversion and other rights,
voting powers, restrictions, limitations as to dividends, qualifications and
terms and conditions of redemption, except as provided in the Corporation's
Articles of Incorporation and as set forth below:

     (1) The net asset values of Class A shares and Class B shares shall be
calculated separately. In calculating the net asset values,

 (a) Each class shall be charged with the Rule 12b-1 fees (or equivalent fees by
 any other name) attributable to that class, and not with the Rule 12b-1 fees
 (or equivalent fees by any other name) attributable to any other class;

 (b) Each class shall be charged separately with such other expenses as may be
 permitted by rule or order of the Securities and Exchange Commission ("SEC")
 and as the Board shall deem appropriate;

 (c) All other fees and expenses shall be charged to both classes, in the
 proportion that the net asset value of that class bears to the net asset value
 of the Corporation, except as the SEC may otherwise require;

(2) Dividends and other distributions shall be paid on Class A shares and Class
B shares at the same time. The amounts of all dividends and other distributions
shall be calculated separately for Class A shares and Class B shares. In
calculating the amount of any dividend or other distribution,


     (a) Each class shall be charged with the Rule 12b-1 fees (or equivalent
     fees by any other name) attributable to that class, and not with the Rule
     12b-1 fees (or equivalent fees by any other name) attributable to any other
     class;

     (b) Each class shall be charged separately with such other expenses as may
     be permitted by SEC rule or order and as the board of directors shall deem
     appropriate;

     (c) All other fees and expenses shall be charged to both classes, in the
     proportion that the net asset value of that class bears to the net asset
     value of the Corporation, except as the Securities and Exchange Commission
     may otherwise require;

(3)  Each class shall vote separately on matters pertaining only to that class,
as the Board shall from time to time determine. On all other matters, all
classes shall vote together, and every share, regardless of class, shall have an
equal vote with every other share.

     SECOND: The Corporation is registered with the SEC as an open-end
investment company under the Investment Company Act of 1940.

     THIRD: The total number of shares of capital stock that the Corporation has
authority to issue remains unchanged.

     FOURTH: The classification described herein was effected by the Board of
the Corporation pursuant to a power contained in Section 7(1)(c) and 7(1)(d) of
the Corporation's Articles of Incorporation.

     IN WITNESS WHEREOF, the undersigned President of Spirit of America
Investment Fund, Inc. hereby executes these Articles Supplementary on behalf of
the Corporation, and hereby acknowledges these Articles Supplementary to be the
act of the Corporation and further states under the penalties for perjury that,
to the best of his knowledge, information and belief, the matters and facts set
forth herein are true in all material respects.


Date:                                       By:
     -----------------------                    ----------------------------
                                                  David Lerner, President

Attest:
       -------------------------------
        Constance Ferreira, Secretary


Syosset, New York  (ss)

Subscribed and sworn to before me this     day of February, 2001.
                                       ---

----------------------------
Notary Public