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Investor Profile
This fund may be suitable for intermediate to long-term investors who seek high current income. It might be very appropriate for tax-deferred investments i.e. IRA, 401k, etc., and those seeking higher yielding taxable income.

The chart above measures the average annual total return from the Fund since inception and for one year period ending 6/30/2010.
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and that current performance may be lower or higher than the performance data quoted. The Fund’s standardized performance since inception (12/31/08), could potentially be misleading due to the Fund’s short operating history and may not be indicative of the Fund’s longer-term performance. The unsubsidized expense ratio is 1.10%

Over the same time period, the Barclay U.S. Aggregate Index was 9.50% for the same one year period. Since the inception of Spirit of America Income Fund, the Index returned 7.58%.

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The Income Fund seeks high current income. The Income Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets in a portfolio of taxable municipal bonds, income producing convertible securities, preferred stocks, high yield U.S. corporate bonds, and collateralized mortgage obligations (CMOs).

The Fund began on 12/31/08 and has no operating history. Investing in taxable securities involves various risks, including interest rate risk and credit risk. If interest rates rise, bond prices will fall. In addition, because the Fund intends to invest in lower rated securities which may be considered speculative, the credit risk is heightened for the Fund. As with any mutual fund, loss of principal is a risk of investing.

Offering by prospectus only which contains the information above and other information about the investment company. Investors are advised to consider the Fund's investment objectives, risks, and charges and expenses before investing. For complete information regarding performance data current to the most recent month end and to obtain a prospectus, contact David Lerner Associates, Inc., 477 Jericho Turnpike, Syosset, New York 11791-9006, 1-800-367-5960.
Read the prospectus carefully before you invest or send money. Neither the information nor any statement expressed or implied herein, constitutes solicitation by David Lerner Associates, Inc. for the purchase or sale of any securities.

**The market value of CMOs is subject to change based on mortgage rates and changes in current interest rates. Yields and anticipated lives will fluctuate depending on the actual rate at which mortgage holders prepay the mortgages underlying the CMO and changes in current interest rates. Yield and duration uncertainty may be increased to the extent underlying mortgages may include sub-prime mortgages.