Strategic Income Fund

Objectives & Strategy

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.

Investor Profile

This Fund is intended for investors seeking a fixed income fund primarily invested in short- term investment-grade bonds. The sub-adviser intends to limit the Fund's average duration to 2 years or less. The Fund is appropriate for investors with a time horizon of at least six months. The Fund pays dividends monthly.

Portfolio Managers

HighMark Capital Management, Inc. is a subsidiary of Union Bank, N.A., which is a subsidiary of UnionBanCal Corporation. UnionBanCal Corporation is wholly-owned by The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU). BTMU is in turn a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc. As of June 30, 2011, HighMark Capital Management, Inc. had approximately $17.5 billion in assets under management. HighMark Capital Management, Inc. (and its predecessors) has been providing investment management services to individuals, institutions and large corporations since 1919.

E. Jack Montgomery, CFA, Vice President and Director of Fixed Income, joined HighMark in 1994. As the Director of Fixed Income, he is responsible managing the taxable fixed income strategies for all client types. He is also a member of HighMark’s Investment Policy Committee and Asset Allocation Committee. Mr. Montgomery began his career in the investment industry in 1979 with the First Interstate Bank of Oregon. Prior to joining HighMark, Mr. Montgomery was the Portfolio Manager of the San Francisco Employees' Retirement Systems fixed income portfolio. Mr. Montgomery earned a Bachelor of Business Administration from the University of Oklahoma, and a Master of Business Administration in Finance from the University of Oregon at Eugene. In addition, he is a CFA charterholder and a member of the San Francisco Society of Financial Analysts.

Jeffrey Klein, CFA, Vice President and Senior Portfolio Manager, joined HighMark in 2010. As a Senior Portfolio Manager, he is primarily responsible for managing the taxable fixed income strategies for all client types. Mr. Klein joined the investment industry in 1992 with Dodge & Cox, where he spent 12 years as a portfolio manager and a member of the firm’s fixed income policy making committees. More recently, Mr. Klein was a Managing Director at Halbis Capital Management before joining Bishop Street Capital Management as a Senior Portfolio Manager. Mr. Klein earned a Bachelor of Arts degree in Political Science with a minor in English Literature from Columbia University. He is a CFA charterholder and member of the CFA Institute, the CFA Society of San Francisco and the New York Society of Security Analysts.

Gregory B. Lugosi, Vice President and Portfolio Manager, joined HighMark in 1991. As a Portfolio Manager, he is responsible for managing taxable fixed income strategies as well as executing fixed income trades on behalf of regional portfolio managers. Mr. Lugosi has been in the investment industry since 1989 with firms that include Planned Asset Management and Petra Financial Group. Prior to joining HighMark, Mr. Lugosi worked at MERUS Capital Management and Union Capital Advisors. Mr. Lugosi earned a Bachelor of Arts degree in Business Administration from Woodbury University.

©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