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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.

The average coupon, duration, market yield and acquisition yield pertain to the portfolio’s underlying securities.

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 (3/3/08), 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 .90%.

Over the same time period, the Barclay Municipal Bond Index for 1 year it was 9.61%. Since the inception of Spirit of America High Yield Bond Fund, the Index returned 7.25%.

Source: Bank of New York, Mellon 6/30/10.

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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.