Spirit of America Municipal T/F Bond A (Spirit of America Municipal Tax) fond

The fund normally invests at least 80% of its assets in municipal bonds that are exempt from federal income tax, including the alternative minimum tax. The advisor intends to invest a substantial portion of its assets in high yield municipal bonds and "private activity" bonds. It may also invest a portion of its total assets in municipal bonds that finance projects such as those relating to utilities, transportation, health care, housing and education, and a portion of its total assets in industrial development bonds.