An independent team. A single goal.

Andrew Reiss

Mr. Reiss joined American Independence in March 2011 as Senior Managing Director of Retirement Services. Andy is responsible for the development of retirement sales, focused on defined contribution plans. Prior to joining AIFS he was an Executive Officer, National Sales Manager for New York Life's distribution of mutual funds/annuities to Banks and Independent Advisors. Mr. Reiss spent more than 13 years at New York Life, was a member of the Rate Watch Committee and was instrumental in raising in excess of $25 billion of assets for the company. Andy has more than three decades of financial services experience, prior experience includes sales manager roles for Cowen & Co. and Advest Inc. Andy earned a B.A. from Alfred University and believes that clients need help with a realistic retirement income strategy.

Eric Schaefer

Mr. Schaefer is the Chief of Investment Products at AIFS. In this capacity, he is responsible for sub-advisor due diligence and monitoring as well as the oversight of the firm's internal investment management talent. Before joining AIFS he was a Senior Vice President and Director of Research for PNC Managed Investments a wholly owned registered investment advisor of the PNC Financial Services Group Investments, Group. As the senior investment officer for the business he was responsible for creating and maintaining a variety of wealth management programs on behalf of other financial institutions with aggregate assets of approximately $5.9 Billion. Prior to joining PNC, he spent more than twenty years with Citigroup (and, Citicorp) in a variety of capacities. From 1995 to 2005 he was affiliated with the company's asset management arm. His last position with the asset management group was as the deputy-chief investment officer (CIO) for the firm's retail and high net worth division. In this capacity, he assisted the CIO in managing his stable of portfolio managers and investment strategies with aggregate assets of approximately $100.0 Billion. He holds an MBA in Finance from New York University's (NYU) Stern School of Graduate Business Administration. He holds a BA in Economics awarded by the NYU Washington Square College of Arts and Sciences. In addition, he has completed a wide range of mathematics, statistics and computer science courses at Hunter College which is part of the City of New York University system and has earned the Chartered Financial Analyst (CFA) designation.

James J. McCluskey

Mr. McCluskey joined AIFS in July 2011 as Chief Operating Officer.  He has more than 25 years’ experience in the financial services industry, most recently as Senior Vice President and CFO for XShares, a registered investment adviser and broker dealer specializing in the development, management and marketing of  exchange traded funds.   Mr. McCluskey’s experience in finance, operations, marketing, product development or rationalization and corporate development has assisted in evaluating and integrating acquisition opportunities and supported the overall strategic direction of both start up and established enterprises. In 2001, Mr. McCluskey joined the sales and marketing unit of Lincoln Financial’s Life and VA products and Delaware Investments’ mutual fund and managed account offerings as Vice President – Finance and Business Strategies, directing the evaluation of expansion and growth opportunities, participating in the Strategic Partner initiative and integration of Jefferson Pilot in 2006. From 1998 until 2001, he headed finance and business development with AMWINS, a then startup operation in New York and the employer benefits unit of GE Capital’s GE Financial Assurance, now Genworth.  Mr. McCluskey spent five years with Coopers & Lybrand in the firm’s financial services practice, and afterwards, mid and senior management positions with Continental Insurance and The Chubb Corporation. He received a Bachelor of Science in Accounting from St. John’s University.

T. Kirkham ‘Kirk’ Barneby

Mr. Barneby joined AIFS in 2008 as Chief Strategist & Portfolio Manager, Taxable Fixed Income. At AIFS he utilizes a proprietary discipline, grounded in the economic theory of interest rate behavior, to manage interest rate exposure or risk. Prior to AIFS Mr. Barneby was a Managing Member of Old Iron Hill Capital Management, LLC employing quantitatively-oriented fixed income and multi-strategy investment approaches. Previously, he headed an investment group at UBS in New York that managed equity and bond portfolios with roughly $7 billion in assets. Earlier, in the 1980s, Mr. Barneby was part of a team at Continental Can that made asset allocation decisions for the company's pension plan. He began his career in the Economics Department at First National City Bank (Citibank).

Robert A Campbell

Mr. Campbell is president of American Independence Financial Counselors and is responsible for management of certain of the fixed income portfolios of the American Independence mutual funds. He joined American Independence upon its inception in March 2006. Mr. Campbell has been a fixed income portfolio manager for over 30 years. He has managed a variety of bond portfolios during this time period and has managed both taxable and tax-exempt portfolios. Mr. Campbell has managed bond portfolios for a variety of mutual fund complexes, insurance companies, banks and private clients. At different points in his career he has managed portfolios with different maturity orientations from money markets to long maturity bonds.

Tammy Miller

Ms. Miller is Vice President of Research, responsible for research on nonlife insurance, energy, and healthcare sectors. Prior to joining in 2005, Ms. Miller was a Vice President of Mizuho Corporate Bank. Employed by the bank for 10 years, she served as a Portfolio Manager for Mountain Capital Advisors, an asset management group which managed assets exceeding $1.5 billion. Previously, Ms. Miller was Vice President & Team Leader of Mizuho's Asset Recovery Group, with prior experience in Fuji Bank's Leveraged Finance Group and the Americas Division overseeing credit and risk management functions of Heller Financial. Ms. Miller received a BA in International Politics and Economics from Middlebury College and an MBA from Cornell University in 1994.

Theresa Donovan

Ms. Donovan joined AIFS in May 2005 as head of Corporate Secretary and Compliance. Prior to joining AIFS, Ms. Donovan was the Senior Corporate Paralegal at Paul, Weiss, Rifkind, Wharton & Garrison, LLP working in both the private equity and public fund divisions, where she was responsible for all investment advisor registration filings with the SEC for the firm. She also prepared and/or reviewed all SEC filings for the firm's mutual fund clients and blue sky filings for all private equity funds. Ms. Donovan was responsible for supervising and assigning work to all paralegals in the private fund division. Prior to that, she was director in the compliance department of the mutual fund division of Furman Selz LLC.

Glenn Dorsey

Mr. Dorsey joined AIFS in January 2009 as Portfolio Manager and is responsible for the day-to-day management and trading of the Active Treasury Management and Active Treasury Management Long/Short strategies, as well as the fixed income portion of the AIFS NestEgg Fund family. He co-manages, along with Mr. Barneby, the Tactical Fixed Income discipline and the Interest Rate Scorecard. Prior to joining AIFS, Mr. Dorsey was the founder of Reveille Asset Mgt. Prior to starting Reveille, Mr. Dorsey was a portfolio manager with Jamison Prince Asset Mgt, Lyon Stubbs & Tompkins, Mitchell Hutchins and Bankers Trust Company. Mr. Dorsey has been in the financial services industry for 26 years and is a Chartered Financial Analyst.

Ariel Fromer

Ms. Fromer is Vice President, Assistant Portfolio Manager responsible for research on the life insurance, asset management, chemical, and consumer sectors. Previously, Ms. Fromer held the same positions at Miller & Jacobs Capital (MJC), where she began her career as a trader before moving on to be the analyst for the life insurance and asset management sectors. Before joining MJC in 2005, Ms. Fromer was a Research Assistant at James River Capital Corporation, a fund of funds company. Ms. Fromer graduated Cum Laude with a BA in Economics and Environmental Studies from Tufts University and is a Chartered Financial Analyst. She was formerly the Treasurer and member of the Board of Directors of the St. Croix Environmental Association.

Joseph M. Fuschillo

Mr. Fuschillo joined American Independence in May 2010 as Chief Distribution Officer responsible for sales and marketing in the Retail and the Institutional marketplace. Prior to joining AIFS he was Executive Vice President, a member of the Executive Committee and responsible for third party distribution at Prudential Annuities. Mr. Fuschillo also spent 22 years at UBS Financial Services as Managing Director responsible for the distribution of retail products in North America. He led PaineWebber's move into the managed account business in 1985 and worked closely with high net worth investors and institutions in delivering investment policy, asset allocation, manager selection, and performance evaluation. Mr. Fuschillo earned a BS degree in Finance from St. Johns University an MBA from Adelphi University and the Certified Investment Management Analyst designation.

Jeff Miller

Mr. Miller is Portfolio Manager of the Stock Fund. He was the co-Founder of and co-Chief Investment Officer at Miller & Jacobs Capital, LLC. Previously Mr. Miller was Vice President of Equity Research at Keefe, Bruyette & Woods, Inc. Mr. Miller was instrumental in developing valuation models for KBW's recommended list, and was also a key proponent of focusing on capital management for banks and thrifts as a primary driver of shareholder value creation.

John J. Pileggi

Mr. Pileggi is Managing Partner of AIFS. Previously Mr. Pileggi was President and CEO of Mercantile Investment & Wealth Management and President of Mercantile Capital Advisors and Mercantile Securities until March 2004. In 2001, Mr. Pileggi was President and CEO of PlusFunds. From 1997 to 2000, he was Chairman and CEO of ING Funds and CEO of ING Investment Products Distribution, overseeing the launch of a mutual fund operation in January 1999 that grew to $1.5 billion in assets and 18 funds in its first year. Prior to 1997, he was Senior Managing Director and Member of the Board of Furman Selz LLC. Mr. Pileggi began his career at Lehman Brothers Kuhn Loeb.

Emil Polito

Mr. Polito joined AIFS in 2008 and is responsible for business development and operations. Prior to joining AIFS, Emil was Director of Citibank's Investment Advisory Services and was responsible for front, middle and back office operations for money managers in retail and institutional outsourcing. Mr. Polito started his career with PaineWebber in 1978 and rose to the position of Executive Director at successor firm UBS Global Asset Management, where he was a member of the firm's operating committee and a Vice President and Board Member of the firm's mutual funds. Mr. Polito was nominated to attend the SIA's Future Business Leaders at the University of Pennsylvania Wharton School of Business where he completed a 3 year program in 1997.

Eric Rubin

Mr. Rubin is President of the AIFS. Before joining AIFS, Mr. Rubin was with ING Financial Partners as a sales executive. At ING he played an integral role in ING's successful launch of ING Funds, a start-up mutual funds effort for ING in the United States. Prior to that, he was a Senior Vice President of Mercantile Capital Advisors, an affiliate of Mercantile Bankshares and a registered investment adviser, where he managed and coordinated the sales of Mercantile's investment products to independent financial advisors, consultants and institutional investors. Before joining Mercantile, Mr. Rubin was an executive of DST Systems International, a software provider to the investment management community. Mr. Rubin has also held various senior sales and sales management positions with ING Mutual Funds, Furman Selz LLC (Institutional Brokerage, Investment Banking and Asset Management firm) and Banc One Investment Advisors.

Mark Thoma

Mr. Thoma joined AIFS as Senior Managing Director of Business Development in 2010. Prior to joining AIFS, he spent four years with AFBA 5Star Funds as Vice President of National Accounts and Officer of the Investment Management Company. Under his direction, AFBA was recognized in 2007 as one of the fastest growing fund families in the industry. Previously, Mr. Thoma was Vice President of National Accounts and Director of 529 programs for Strong Capital Management. Before joining Strong, he was the President of Obstructed Views, an indoor advertising company he founded. Mr. Thoma began his career as a Financial Consultant at Merrill Lynch in 1991.

©2005 American Independence Financial Services, LLC

Important Disclosures

Investing in the Funds involves risk. Equity securities are more volatile and carry more risk than other forms of investments. The Funds may invest in small and mid cap securities which are more volatile than large cap stocks. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. Investments in fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rises when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates.

Investing in a single-sector mutual fund involves greater risk and potential reward than investing in a more diversified fund. By concentrating on a small number of holdings, the fund carries greater risk because each investment has a greater effect on the fund's overall performance.

For more complete information, you can obtain a prospectus containing complete information on the funds by calling 866-410-2006, or by downloading them from this web site. You should read and consider the fund’s investment objectives, risks, charges and expenses carefully before you invest or send money. Information about these and other important subjects is in the Funds’ prospectus.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia.For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and is rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

Shares of the American Independence Funds are distributed by Matrix Capital Group, Inc., which is not affiliated with American Independence Financial Services, LLC.

NOT FDIC INSURED    MAY LOSE VALUE    NO BANK GUARANTEE