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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.

1. The portfolio is rated by Moody’s Investor Services and S&P. In determining the percentage breakdown of credit ratings of the bonds in the portfolio, the higher of the two ratings is taken thus improving the overall evaluation of the portfolio.
The Moody’s ratings in the following ratings explanations are in parenthesis.
AAA (Aaa) - The highest rating assigned by Moody’s and S&P. Capacity to pay interest and repay principal is extremely strong.
AA (Aa) - Debt has a very strong capacity to pay interest and repay principal and differs from the highest rated issues only in a small degree.
A - Debt rated “A” has a strong capacity to pay interest and repay principal, although it is somewhat more susceptible to the adverse affects of changes in circumstances and economic conditions than debt in higher-rated categories.
BBB (Baa) - Debt is regarded as having an adequate capacity to pay interest and repay principal. These ratings by Moody’s and S&P are the “cut-off” for a bond to be considered investment grade. Whereas debt normally exhibits adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal in this category than in higher-rated categories.
BB (Bb), B, CCC (Ccc), CC (Cc), C - Debt rated in these categories is regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal. “BB” indicates the least degree of speculation and “C” the highest. While such debt will likely have some quality and protective characteristics, these are outweighed by large uncertainties or market exposure to adverse conditions and are not considered to be investment grade.
D - Debt rated “D” is in payment default. This rating category is used when interest payments or principal payments are not made on the date due, even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period.
Ratings are subject to change.
Ratings apply to the bonds in the portfolio. They do not remove market risk associated with the fund.