<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0101</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001039667</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
        <fileNumber>811-08231</fileNumber>
      </filer>
      <flags>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptSeriesClassInfo>
          <seriesId>S000046009</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2018-11-30" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Spirit of America Investment Fund Inc</registrantFullName>
      <investmentCompFileNo>811-08231</investmentCompFileNo>
      <registrantCik>0001039667</registrantCik>
      <registrantLei>549300PJ84G8FJU36634</registrantLei>
      <registrantstreet1>477 Jericho Turnkpike</registrantstreet1>
      <registrantstreet2>P.O. Box 9006</registrantstreet2>
      <registrantcity>Syosset</registrantcity>
      <registrantzipCode>11791-9006</registrantzipCode>
      <registrantstate>US-NY</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>516-390-5555</registrantphoneNumber>
      <websites>
        <website webpage="https://www.soafunds.com/"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>Ultimus Asset Services, LLC</officeName>
          <officeAddress1>225 Pictoria Drive</officeAddress1>
          <officeAddress2>Suite 450</officeAddress2>
          <officeCity>Cincinnati</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-OH"/>
          <officeRecordsZipCode>45246-1615</officeRecordsZipCode>
          <officePhone>800-452-4892</officePhone>
          <booksRecordsDesc>Accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>Y</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <isRegistrantFamilyInvComp>N</isRegistrantFamilyInvComp>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>6</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Richard Weinberger</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Stanley S. Thune</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Daniel Lerner</directorName>
          <crdNumber>001255769</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>David Lerner</directorName>
          <crdNumber>000307120</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Allen Kaufman</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Joseph Pickard</ccoName>
          <crdNumber>N/A</crdNumber>
          <ccoStreet1>477 Jericho Turnpike</ccoStreet1>
          <ccoCity>Syosset</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-NY"/>
          <ccoZipCode>11791</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <isExemptionFromAct>N</isExemptionFromAct>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>David Lerner Associates, Inc.</principalUnderwriterName>
          <principalUnderwriterFileNumber>008-20746</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000005397</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-NY"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>Y</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Tait, Weller and Baker LLP</publicAccountantName>
          <pcaobNumber>445</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-PA"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <paymentDividendSeries isPaymentDividend="Y">
        <seriesInfo seriesName="Spirit of America Energy Fund" seriesId="S000046009"/>
      </paymentDividendSeries>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Spirit of America Energy Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000046009</mgmtInvSeriesId>
        <mgmtInvLei>549300NUK30FC9K5W533</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class C" sharesOutstandingClassId="C000167220" sharesOutstandingTickerSymbol="SACEX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000143747" sharesOutstandingTickerSymbol="SOAEX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Other</paymentToAgentManagerType>
          <otherFeeDesc>N/A</otherFeeDesc>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Spirit of America Management Corp.</investmentAdviserName>
            <investmentAdviserFileNo>801-54782</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000110023</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NY" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
            <transferAgentFileNo>084-05829</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-OH" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>Y</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services Limited</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Huntington National Bank</custodianName>
            <custodianLei>2WHM8VNJH63UN14OL754</custodianLei>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-05829</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC File Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>Y</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Asset Services, LLC</adminName>
            <adminLei>084-00142</adminLei>
            <idNumberDesc>SEC File Number</idNumberDesc>
            <adminStateCountry adminState="US-OH" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>JONES TRADING</brokerName>
            <brokerFileNo>008-26089</brokerFileNo>
            <brokerCrdNo>000006888</brokerCrdNo>
            <brokerLei>2138008JJ5PA8H5UIL69</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>6409.48000000</grossCommission>
          </broker>
          <broker>
            <brokerName>WEEDEN &amp; CO.</brokerName>
            <brokerFileNo>008-37267</brokerFileNo>
            <brokerCrdNo>000016835</brokerCrdNo>
            <brokerLei>549300OYBLKSN8M8EW67</brokerLei>
            <brokerStateCountry brokerState="US-CT" brokerCountry="US"/>
            <grossCommission>1475.27000000</grossCommission>
          </broker>
          <broker>
            <brokerName>JANNEY MONTGOMERY SCOTT LLC</brokerName>
            <brokerFileNo>008-00462</brokerFileNo>
            <brokerCrdNo>000000463</brokerCrdNo>
            <brokerLei>549300QQRY1JCFQHYS08</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>1587.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MUFG Securities Americas Inc.</brokerName>
            <brokerFileNo>008-43026</brokerFileNo>
            <brokerCrdNo>000019685</brokerCrdNo>
            <brokerLei>K5HU16E3LMSVCCJJJ255</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>15273.09000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC CAPITAL MARKETS</brokerName>
            <brokerFileNo>008-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>32299.47000000</grossCommission>
          </broker>
          <broker>
            <brokerName>WELLS FARGO SECURITIES LLC</brokerName>
            <brokerFileNo>008-65876</brokerFileNo>
            <brokerCrdNo>000126292</brokerCrdNo>
            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>29491.93000000</grossCommission>
          </broker>
          <broker>
            <brokerName>DEUTSCHE BANK SECURITIES INC.</brokerName>
            <brokerFileNo>008-17822</brokerFileNo>
            <brokerCrdNo>000002525</brokerCrdNo>
            <brokerLei>9J6MBOOO7BECTDTUZW19</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>264.00000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>86800.24000000</aggregateCommission>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>617128878.51386300</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>3000000.00000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Huntington National Bank"/>
              </lineOfCreditInstitutions>
              <soleCreditType creditType="Sole"/>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="361143.00000000" daysCreditUsed="55"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="Spirit of America Investment Fund Inc" signedDate="2019-02-12" signature="/s/ Joseph Pickard" title="Chief Compliance Officer"/>
  </formData>
</edgarSubmission>
