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Fund Objective
The Value Fund seeks to provide capital appreciation with a secondary objective of current income.

Investment Strategy
The Value Fund focuses on the large cap value segment of the U.S. equity market. It invests at least 80% of its total assets in large cap equity securities of companies in the value segment of the market. The Value Fund considers a company to be a large cap company if it has a market capitalization of $5 billion or greater at the time of purchase. Using the "value" approach, the Fund's Advisor buys those securities considered to be conservatively valued relative to the securities of comparable companies. To earn current income, the Fund will invest in the equity securities of companies that have a proven history of paying consistent dividends.

The fund owns shares in 111 of America's largest companies:

Performance quoted represents past performance. The calculations take into account the maximum sales charge of 5.25% and any annual expenses. Past performance cannot guarantee future results and current performance may be lower or higher than the performance quoted. The unsubsidized expense ratio is 1.97%.

Over the same time period as quoted above, the S&P 500 Index was: 5 yrs: (0.79)%; 3 yrs: (9.67)%; 1 yr: 14.43%; since inception of SOAVX: 0.36%. The source of Spirit of America Large Cap Value Fund performance information 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.

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