Principal Risks of Investing in the Utilities Fund: An investment in the Utilities Fund could lose money over short or long periods of time. You should expect and be able to bear the risk that the Utilities Fund’s share price may fluctuate within a wide range. There is no assurance that the Utilities Fund will achieve its investment objective. The Utilities Fund’s performance could be adversely affected by the following principal risks:

• Equity Securities Risk — Equity securities are susceptible to general market fluctuations and volatile increases and decreases in value as market confidence in and perceptions of their issuers change.  

• Utility Industry Risk — The Fund’s investments in utility companies may be more susceptible to various factors, including government regulation, increases in operating expenses, high interest costs, higher inflation, industry overcapacity, or reduced demand for services or price volatility, including as a result of Russia’s invasion of Ukraine. 

• Market Risk — The market value of the Utilities Fund’s investments in equities, including MLP common units, and fixed income securities will fluctuate as the respective markets fluctuate.  Market risk may affect a single issuer, industry or sector of the economy or it may affect the market as a whole.  

• Concentration Risk — The Fund invests primarily in utility companies.  This means the Fund is concentrated in the utility industry.  A fund that concentrates its investments in one particular industry is subject to greater risk of loss than a fund that has a more diversified portfolio of investments.

• Dividend Payment Risk — The risk that a portfolio holding will be unable to maintain dividend payments at historical levels.

• Foreign Securities Risk — The Fund may invest in foreign securities, including direct investments in securities of foreign issuers and investments in depositary receipts (such as ADRs) that represent indirect interests in securities of foreign issuers.  Investments in foreign securities involve certain risks not generally associated with investments in securities of U.S. issuers.  

• Inflation Risk — Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money.  Recently, inflation rates have risen to the highest levels seen in many decades.  As inflation increases, the real value of the Fund’s shares and distributions therefore may decline.  Inflation may result in losses to Fund shareholders.

• Interest Rate Risk — Investments in dividend paying securities involve interest rate risk.  When interest rates decline, the value of such securities generally rises.  Conversely, when interest rates rise, the value of such securities generally declines.  The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates and recent inflationary price movements.

• Issuer Risk — The value of a security may decline for a number of reasons that directly relate to an issuer, such as management performance, financial leverage, and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception. 

• Mid Cap Company Risk — Middle-cap companies may have greater potential for losses and be more vulnerable to adverse business or economic events than larger, more established companies and their securities may be riskier than those issued by large-cap companies and harder to sell at a favorable time and price.  

• MLP Risk — Investing in MLPs involve risks that differ from investments in common stock including 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.  

• New Fund Risk — The Fund is recently formed.  Investors bear the risk that the Fund may not grow to or maintain economically viable size, not be successful in implementing its investment strategy, and may not employ a successful investment strategy, any of which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for certain shareholders.  Such a liquidation could have negative tax consequences for shareholders.  

• Portfolio Management Risk — The Utilities Fund’s ability to achieve its investment objective is dependent on the Adviser’s ability to identify profitable investment opportunities for the Fund.  The securities purchased by the Adviser may not perform as anticipated.

• Regulatory Risk — The Fund’s investments in utility companies may lose value because of changes in the amounts and types of governmental and environmental regulation. 

• “Return of Capital” Risk — The Fund’s distributions may represent a non-taxable return of capital.  A return of capital distribution is a distribution in excess of current and accumulated earnings and profits.  A return of capital distribution is tax free to the extent of a shareholder’s basis in its Fund shares and reduces the shareholder’s basis to that extent.  A distribution consisting of return of capital should not be considered as the dividend yield or total return of an investment.  Shareholders who receive the payment of a distribution consisting of a return of capital may be under the impression that they are receiving net profits when they are not.

• Small Cap Company Risk — Smaller companies may present greater opportunities for capital appreciation but may involve greater risk than larger, more mature issuers.  Such smaller companies may have limited product lines, markets or financial resources, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies.  As a result, the prices of their securities may fluctuate more than those of larger issuers.

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.