UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08231

Spirit of America Investment Fund, Inc
(Exact name of registrant as specified in charter)

477 Jericho Turnpike

P.O. Box 9006

Syosset, NY 11791-9006
(Address of principal executive offices) (Zip code)

SSH Securities, Inc.

477 Jericho Turnpike

P.O. Box 9006

Syosset, NY 11791-9006
(Name and address of agent for service)

Registrant’s telephone number, including area code: (516) 390-5565

Date of fiscal year end: October 31

Date of reporting period: July 1, 2003- June 30, 2004

Form N-PX is to be used by a registered management investment company, other than a small business investment company registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than August 31 of each year, containing the registrant’s proxy voting record for the most recent twelve-month period ended June 30, pursuant to section 30 of the Investment Company Act of 1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-PX in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-PX, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-PX unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

PROXY VOTING RECORD

FOR PERIOD JULY 1, 2003 TO JUNE 30, 2004

FORM N-PX SPREADSHEET*

REGISTRANT NAME: Spirit of America Investment Fund, Inc

INVESTMENT COMPANY ACT FILE NUMBER: 811-08231

REPORTING PERIOD: 07/01/2003 - 06/30/2004

REGISTRANT ADDRESS: 477 Jericho Turnpike, P.O. Box 9006, Syosset, NY 11791-9006

NAME OF SERIES (AS APPLICABLE): Spirit of America Value Fund

Issuer of Portfolio Security

Exchange
Ticker
Symbol

CUSIP #

Shareholder
Meeting Date

Summary of Matter Voted On

Who Proposed
Matter: Issuer
/ Shareholder

Whether
Fund Cast
Vote on
Matter

Fund's Vote For
or Against
Proposal, or
Abstain; For or
Withhold
Regarding
Election of
Directors

Whether Vote
Was For or
Against
Management

Capital One Financial Corp

COF

14040H105

4/29/2004

Directors & Stock Incentive

Issuer

Yes

For

For Mgmt.

Colgate-Palmolive Co

194162103

5/7/2004

Executive Plan & Golden Parachute

Issuer & Shareholder

Yes

For 1; For 2

For Mgmt.; For Shareholders

Keycorp

KEY

493267108

5/13/2004

Comp. Plan & Performance Plan

Issuer

Yes

For

For Mgmt

Consolidated Edison Inc

209115104

5/17/2004

Directors & Auditors

Issuer

Yes

For

For Mgmt.

BANK ONE CORP

ONE

06423A103

5/25/2004

Merger w/ JP Morgan Chase

Issuer

Yes

For

For Mgmt.

Bank of America Corp

BAC

060505104

5/26/2004

Directors & Charitable Contrib.

Issuer & Shareholder

Yes

For

For Mgmt.

*Complete for each series of the Registrant, as applicable.

SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant		Spirit of America Investment Fund, Inc

By (Signature and Title)*			/s/ David Lerner

				David Lerner, Principal Executive Officer
				(Principal Executive Officer)

Date	August 9, 2004

*Print the name and title of each signing officer under his or her signature.