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Fund Objective
The Spirit of America High Yield Tax-Free Bond Fund seeks high current income that is exempt from federal income tax including alternative minimum tax. (Income may be subject to state and local taxes.)

Investment Strategy:
The Spirit of America High Yield Tax-Free Bond Fund seeks to achieve its investment objectives by investing, under usual circumstances, at least 80% of its assets in municipal bonds. The portfolio managers seek out municipal bonds with the potential to offer high current income, generally focusing on municipal bonds that can provide consistently attractive current yields.

Investor Profile: This fund may be suitable for intermediate to long-term investors who seek high current income exempt from federal income taxes.

Credit Ratings
As of 3/28/13. [Data excludes cash which does not carry a rating.]

Top Holdings by Percentage
The fund holds 452 positions.

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The Fund began on 3/3/08.
The High Yield Fund seeks high current income that is exempt from federal income tax including alternative minimum tax. The High Yield Fund seeks to achieve its investment objectives by investing, under usual circumstances, at least 80% of its assets in municipal bonds that are exempt from federal income tax, and local governments and their agencies, authorities and/or other instrumentalities. The portfolio managers seek out municipal bonds with the potential to offer high current income, generally focusing on municipal bonds that can provide consistently attractive current yields.

While the Fund intends to seek a varied portfolio of municipal bonds, the Fund may have a relatively high portion of its portfolio holdings in particular segments of the municipal securities market such as tobacco bonds. The Fund may, therefore, be vulnerable to economic and other factors as well as legislative events that affect issuers in particular segments of the securities market.

Income potentially subject to the Alternative Minimum Tax. Portions of distributions may be subject to federal tax.

Investing in municipal bonds 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 municipal bonds 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.

The prospectus contains this 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, 1-800-367-3000. 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.

1. The portfolio is rated by Moody’s Investor Services and Standard & Poor's. 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.