Principal Risks of Investing in the Value Fund: Any investment involves risk. The risks associated with an investment in the Value Fund include:

 

• Market Risk—The market value of the Value Fund’s investments fluctuates as the equity market fluctuates. Market risk may affect a single issuer, industry or sector of the economy or it may affect the market as a whole.

 

• Large Capitlalization Company Risk—The Value Fund invests primarily in large cap companies. Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Large cap companies are also sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

 

• Volatility—The performance of the Value Fund can be affected by unexpected events (e.g., significant earnings shortfalls or gains, war, or political events) that cause major price changes in individual securities or market sectors.

 

• Investing in MLPs involves risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks and risks related to the general partner’s limited call right, as described in more detail in the prospectus. Energy infrastructure companies are subject to risks specific to the industry they serve, including fluctuations in commodity prices, reduced volumes of oil or natural gas, reduced demand for the product, depletion of natural gas or oil reserves, changes in regulations, extreme weather and changes in interest rates. Potential investors should consult the prospectus for further information.

 

• The stocks purchased by the Value Fund, while believed by the Adviser to be undervalued, may not appreciate in value as the Adviser anticipates.

 

• The potential loss of your investment in the Value Fund if the Value Fund depreciates in value.

 

• The risk that a portfolio holding is unable to maintain dividend payments at historical levels.

 

There are risks inherent in investing. Past performance is no guarantee of future results.

Offering by prospectus only. Investors are advised to consider the Fund’s investment objectives, risks, charges and expenses before investing.

The prospectus contains this and other information about the investment company. 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. 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, P.O. Box 9006, Syosset, New York 11791-9006, 1-800-367-3000. Member FINRA & SIPC.