An independent team. A single goal.

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.

Richard Catts

Mr. Catts joined AIFS in 2010.  Most recently, a Portfolio Specialist with Alliance Bernstein, he was the communication liaison between the portfolio management teams and the firm’s clients, prospects and internal sales force.  Rick has individually raised over $5 billion in assets from sales positions in his career.  Prior to Alliance Bernstein, Rick was a Regional Director for Palley-Needleman Asset Management and a Portfolio Manager for Wolf, Webb, Burk and Campbell.  He was a Private Bank Officer  with Mellon Bank and a Portfolio Manager with the Bryn Mawr Trust Company.  He holds a BS in Economics from the University of Delaware, a MS in Finance from Temple University and was a member of the Adjunct Faculty for St. Joseph’s University MBA Program where he taught Entrepreneurship .  Mr. Catts has been in the financial services business for over 30 years and is a Chartered Financial Analyst.

Tammy Dalton

Ms. Dalton is Vice President of Research, responsible for research on nonlife insurance, energy, and healthcare sectors. Prior to joining in 2005, Ms. Dalton 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. Dalton 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. Dalton 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 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 Nest Egg Fund family. He also assists Mr. Barnaby with research 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 25 years and is a Chartered Financial Analyst

Thomas F. Eggers

Mr.Eggers joined American Independence in May 2010 as Chairman. Prior to joining AIFS, he was most recently the CEO and President of The Dreyfus Corporation and a member of its Board of Directors. While at Dreyfus, he was a member of the Executive Committee of BNY Mellon Asset Management and served on the Operating Committee of The Bank of New York Mellon. Mr. Eggers was also President and CEO of Scudder Investments. He began his Financial Services career in 1976 at Columbia Savings, moving in 1979 to Paine Webber as a Financial Advisor and later in to the asset management area. In the early ‘90s he was promoted to managing director and principal of Paine Webber’s Mitchell Hutchins Asset Management, with responsibility for the firm’s distribution of mutual funds and institutional investment capabilities. He is a founding member of several industry trade groups including The Forum for Investor Advice, which is now part of the Money Management Institute. He also served on many committees of the Investment Company Institute (ICI) and was elected to its Board of Governors in 2007. Mr.Eggers attended Marquette University as an undergraduate, completed a three year Securities Industry Certification at the Wharton School of Business, and is a frequent guest lecturer at many business and industry forums.

Ariel Fromer

Ms. Fromer is Vice President, Assistant Portfolio Manager responsible for research on the life insurance, asset management, and consumer sectors, having previously worked at the Firm as a trader. Prior to joining the Firm in 2005, Ms. Fromer was a Research Assistant at James River Capital Corporation. Ms. Fromer graduated Cum Laude with dual BA degrees in Economics and Environmental Studies from Tufts University

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 President of AICM and Portfolio Manager of the Financial Services and Stock Funds. 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.

Eric M. 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.

Philip J. Cuthbertson

Mr. Cuthbertson is an Independent Trading Consultant with 27 years of investment experience as a bank research analyst, research salesman and proprietary trader. Prior to 2003, he spent his career at Keefe, Bruyette & Woods, a boutique firm specializing in the financial services sector. Beginning in 1980 as an equity analyst, in 1984 Mr. Cuthbertson opened, staffed and managed a sales office in London for several years. Returning to New York, he ran KBW’s proprietary trading desk., overseeing all sales and trading, market making and proprietary trading, including arbitrage. Mr. Cuthbertson received his BA from Bucknell University and an MBA from the University of Connecticut.

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©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.

Shares of the American Independence Funds are distributed by Foreside Distribution Services, LP, which is not affiliated with American Independence Financial Services, LLC, American Independence Capital Management, LLC, or Miller & Jacobs Capital, LLC.

NOT FDIC INSURED    MAY LOSE VALUE    NO BANK GUARANTEE