Fusion Fund | American Independence

Fusion Fund

Investment Objectives and Strategies

The Fund’s investment objective is long-term capital appreciation across a wide variety of market conditions, with the goal of providing longer term investors better returns with less volatility than the broad equity market averages across a full market cycle.

To achieve its investment objective, the Fund applies proprietary quantitative and trading methodologies to invest in equities and exchange-traded funds (“ETFs”) representing: both U.S. and overseas debt and equity securities. The Fund will also invest in debt securities of U.S. and foreign Government and Government secured bonds of any maturity or quality. ETFs typically are open-end investment companies which track securities indices or baskets of securities.

Under normal market conditions, the Fund will allocate its assets among securities of various regions and countries, including the United States. The Fund’s portfolio may include securities in both developed and emerging markets in Europe, the Far East, the Middle East, Africa, Australia, North and South America. The Fund will hold long positions with an aggregate value of up to 100% of its net assets and establish short positions with a market value of approximately 45% of its net assets. The Fund may use put options on indices to alter exposure as overall insurance when volatility is low and rising number of cyclical short ideas. The Fund may also invest up to 30% of its net assets in U.S. Government zero-coupon bonds.

Portfolio Management

The American Independence Fusion Fund is managed by American Independence Financial Services, LLC ("AIFS"). Eric Schaefer, CFA is responsible for the day to day oversight of the sub-advisory relationship pertaining to the fund. Equity portfolio managers and analysts operate as a team for the purposes of generating and researching ideas. Eddystone Capital, LLC (“Eddystone”) serves as the Sub-Advisor to the Fund. Under AIFS' supervision, Eddystone is responsible for making the specific decisions about buying, selling and holding securities; selecting and negotiating with brokers and brokerage firms; and maintaining accurate records for the Fund. Eddystone is located at 335 Madison Avenue, Mezzanine, New York,10017. The Fund will be co-managed by Mr. Francis J. Ledwidge and Mr. Timothy Voake of Eddystone

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