AMENDMENT TO INVESTMENT COMPANY SERVICES AGREEMENT This Amendment dated as of June 12, 2002, is entered into by SPIRIT OF AMERICA INVESTMENT FUND, INC. (the "Fund") and PFPC INC. ("PFPC") (formerly known as First Data Investor Services Group, Inc.),...

                                                                 Exhibit (h)(ii)

                                  AMENDMENT TO
                      INVESTMENT COMPANY SERVICES AGREEMENT

     This Amendment dated as of June 12, 2002, is entered into by SPIRIT OF
AMERICA INVESTMENT FUND, INC. (the "Fund") and PFPC INC. ("PFPC") (formerly
known as First Data Investor Services Group, Inc.), the successor in interest to
FPS SERVICES, INC. ("FPS").

     WHEREAS, the Fund and FPS entered into an Investment Company Services
Agreement dated as of December 16, 1997 (as amended and supplemented, the
"Agreement");

     WHEREAS, the Fund and PFPC wish to amend the Agreement to revise Schedule C
to the Agreement;

     NOW, THEREFORE, the parties hereto, intending to be legally bound hereby,
hereby agree as follows:

     I.  Schedule C to the Agreement is hereby deleted in its entirety and
replaced with the attached Schedule C.

     II. Except to the extent amended hereby, the Agreement shall remain
unchanged and in full force and effect and is hereby ratified and confirmed in
all respects as amended hereby.




IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date
and year first written above.

                           SPIRIT OF AMERICA INVESTMENT FUND, INC.


                           By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇
                               --------------------------


                           PFPC INC.


                           By: __________________________





                                  SCHEDULE "C"

   Identification Of Separate Series Of Shares To Which This Agreement Applies

                     1. Spirit of America Real Estate Fund
                     2. Spirit of America Value Fund