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Fund Objective
Spirit of America Real Estate Income and Growth Fund seeks current income and growth
of capital.

Investment Strategy
The Fund primarily invests in companies in the real estate market, primarily publicly traded equity real estate investment trusts (REITs), but may also invest in mortgage-backed securities, investment grade taxable municipal obligations and short-term investments. The fund looks for undervalued REITs, which are paying a disproportionately high dividend for its market sector.

At David Lerner Associates, we feel REIT funds can play an important role in the individual’s portfolio.

As of 6/30/2010 the Fund owned 63 equity REITs in the following categories:

The calculations take into account past performance, the maximum sales charge of 5.25% and any annual expenses. The unsubsidized expense ratio of the fund is 1.81%. Past performance cannot guarantee future results and current performance may be lower or higher than the performance quoted.

Over the same time period, the MSCI US REIT Index was: 10 yr: 9.66%; 5 yrs: 0.11%; 1 yr: 55.23%. Source of data is Bank of New York, Mellon.

The prospectus contains 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, 1-877-367-5960. Read the prospectus carefully before you invest or send money.

The best way to find out about what we do is to make an appointment with one of our investment counselors.

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