Intermediate Bond Fund

Objectives & Strategy

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.

Investor Profile

This Fund is intended for investors seeking a fixed income fund primarily invested in intermediate term investment-grade bonds. The sub-adviser intends to limit the Fundʼs average duration to 5 years or less. The Fund is appropriate for investors with a time horizon of at least twelve months. The Fund pays dividends monthly.

Portfolio Management

American Independence Financial Services, LLC is the investment adviser to the fund. The Fund is co-managed by Mr. Robert A. Campbell and Mr. Eric M. Rubin. The fund is sub-advised by Fischer Francis Trees & Watts, Inc., and three of it affiliates. Fischer Francis Trees & Watts, Inc. is a fixed income specialist that, with its affiliated companies (collectively “FFTW”), currently manages approximately $31.1 billion in assets.

Founded in 1972, FFTW has offices in New York, London, Singapore and Tokyo. Clients include pension funds, universities, foundations, corporations, commercial banks, insurance companies, government agencies and central banks.

David Marmon is responsible for the day to day management of the Fund.

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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