U.S. Fixed Income

Fixed income funds are a good choice for investors seeking current income or who want to diversify a portfolio beyond stocks and money market funds. Investors concerned with taxes or the impact of inflation may benefit from funds specifically designed to manage against these risks.

While bond prices typically do not swing as widely as stock prices, income-oriented investors should balance their return expectations with their tolerance for risk. Income funds have two primary sources of risk: interest rate risk and credit risk.

American Independence Stategic Income Fund

The Fund's goal is to provide investors with as high a level of current income as is consistent with liquidity and safety of principal by investing primarily in investment-grade bonds with maturities of 1-3 years.

American Independence Core Plus Fund

The Fund's goal is to provide investors with a competitive total return. The Fund primarily invests in intermediate-grade bonds. A high level of current income is an important consideration in achieving the Fund's overall goal.

American Independence Kansas Tax-Exempt Bond Fund

The Fund's goal is to preserve capital while producing current income for the investor that is exempt from both federal and Kansas state income taxes. The Fund invests primarily in municipal bonds with maturities ranging from 1 to 20 years. The Adviser intends to maintain a weighted average maturity between 7 and 12 years.

American Independence U.S. Inflation-Indexed Fund

The Fund's goal is to attain a high level of total return in excess of inflation as may be consistent with the preservation of capital. The Fund invests primarily in securities that are denominated in U.S. dollars and that have a coupon rate and/or principal amount linked to the inflation rate.

Active Interest Rate Management Fund

The Fund seeks to maximize investors’ total return through capital appreciation and current income by actively managing interest rate risk and to make bonds part of the wealth accumulation process.The Fund Invests primarily in U.S. Treasury securities. Duration – interest rate sensitivity – of the Fund is actively managed to reflect outlook for interest rates.

©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