International Alpha Strategies Fund

Objectives & Strategy

The Fund's goal is to provide long-term capital appreciation. The Fund normally invests at least 80% of its net assets in foreign securities, which may include emerging markets.

Investor Profile

This Fund is intended for investors seeking long-term growth of capital while invested in a Fund that primarily invests in equity securities of issuers based outside of the United States.

Portfolio Management

The American Independence International Alpha Stategies is managed by American Independence Financial Services, LLC. 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. Securities Global Investors, LLC ("SGI") serves as the Sub-Advisor to the Fund. Under AIFS' supervision, SGI 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. SGI is located at 801 Montgomery Street, 2nd Floor, San Francisco, California 94133. The SGI investment team of Nardin Baker and Jakob Wold are jointly and primarily responsible for the day-to-day management of the Fund.

 

©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