0001398344-13-000234.txt : 20130123 0001398344-13-000234.hdr.sgml : 20130123 20130123110407 ACCESSION NUMBER: 0001398344-13-000234 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130123 DATE AS OF CHANGE: 20130123 EFFECTIVENESS DATE: 20130123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: American Independence Funds Trust CENTRAL INDEX KEY: 0001324443 IRS NUMBER: 113728400 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-124214 FILM NUMBER: 13541911 BUSINESS ADDRESS: STREET 1: 230 PARK AVENUE STREET 2: SUITE 534 CITY: NEW YORK STATE: NY ZIP: 10169 BUSINESS PHONE: 212-488-1331 MAIL ADDRESS: STREET 1: 230 PARK AVENUE STREET 2: SUITE 534 CITY: NEW YORK STATE: NY ZIP: 10169 FORMER COMPANY: FORMER CONFORMED NAME: American Independence Financial Services, LLC DATE OF NAME CHANGE: 20060317 FORMER COMPANY: FORMER CONFORMED NAME: Arrivato Funds Trust DATE OF NAME CHANGE: 20050728 FORMER COMPANY: FORMER CONFORMED NAME: Adventus Funds Trust DATE OF NAME CHANGE: 20050420 0001324443 S000028387 American Independence Dynamic Conservative Plus Fund C000086742 Institutional TBBIX C000086743 Class A AABBX 497 1 fp0006147_497-xbrl.htm fp0006147_497-xbrl.htm
 
AMERICAN INDEPENDENCE FUNDS TRUST
230 Park Avenue, Suite 534
New York, NY  10169
(212) 488-1331
 
January 23, 2013
VIA ELECTRONIC DELIVERY
 
Securities and Exchange Commission
Division of Investment Management
100 F Street, NE
Washington, DC 20549
 
RE:
The American Independence Funds Trust (the “Registrant” or “Trust”)
 
“Sticker” Supplement Pursuant to Rule 497(e) of the Securities Act of 1933, as amended
 
SEC File Numbers: 811-21757; 333-124214
 
Dear Sir/Madam:
 
The interactive data file included as an exhibit to this filing mirrors the risk/return summary information in a supplement, dated January 18, 2013, to the Prospectus, dated February 29, for the American Independence Dynamic Conservative Plus fund, formerly the American Independence Absolute Return Bull Bear Bond Fund, a series of the Trust. Such supplement (accession number: 0001324443-13-000010) is incorporated by reference into this Rule 497 Document.

The purpose of this filing is to submit an exhibit containing interactive data format risk/return summary information for the Dynamic Conservative Plus Fund using the eXtensible Business Reporting Language (XBRL).
 
Sincerely,
 
   
/s/ Theresa Donovan
 
   
Theresa Donovan
 
Secretary
 









EX-101.INS 2 aibullbear-20120229.xml XBRL INSTANCE DOCUMENT 0001324443 2012-02-29 2012-02-29 0001324443 aibullbear:S000028387Member 2012-02-29 2012-02-29 0001324443 aibullbear:S000028387Member aibullbear:C000086742Member 2012-02-29 2012-02-29 0001324443 aibullbear:S000028387Member aibullbear:C000086742Member rr:AfterTaxesOnDistributionsMember 2012-02-29 2012-02-29 0001324443 aibullbear:S000028387Member aibullbear:C000086742Member rr:AfterTaxesOnDistributionsAndSalesMember 2012-02-29 2012-02-29 0001324443 aibullbear:S000028387Member aibullbear:C000086743Member 2012-02-29 2012-02-29 0001324443 aibullbear:S000028387Member aibullbear:bcustiMember 2012-02-29 2012-02-29 iso4217:USD pure shares iso4217:USD shares 0001324443 American Independence Funds Trust Other false <p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0">FUND SUMMARY &ndash; Dynamic Conservative Plus Fund</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Investment Objectives/Goals</i></b>.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's goal is long term capital appreciation.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Fees and Expenses of the Fund</i></b>.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <font style="color: black">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in &ldquo;Investing With The Fund&rdquo; starting on page 10 of the Fund&rsquo;s Prospectus. </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Shareholder Fees</b> (fees paid directly from your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact aibullbear_S000028387Member ~ </div> 0 0 0.00 0.0425 0 0.00 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact aibullbear_S000028387Member ~ </div> 0.005 0 0.0056 0.0002 0.0108 -0.0011 0.0097 0.005 0.0035 0.0056 0.0002 0.0143 -0.0011 0.0132 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Example</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact aibullbear_S000028387Member ~ </div> 99 333 585 1307 554 848 1163 2056 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &quot;turns over&quot; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 839% of the average value of its portfolio.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Principal Investment Strategies, Risks and Performance. </i></b></p> <p style="text-align: justify; margin: 0; font-family: Times New Roman, Times, Serif"><font style="font-size: 11pt"><b>Principal Strategies</b>. The Fund intends to invest at least 80% of its net assets in a universe of approximately eighteen (18) exchange-traded funds (&ldquo;ETFs&rdquo;) in four major asset classes: Equity, Fixed Income, Alternatives and Commodities. Each asset class will have the following characteristics:</font></p> <p style="text-align: justify; margin: 0; font-family: Times New Roman, Times, Serif"><font style="font-size: 11pt">&nbsp;</font></p> <table cellpadding="0" cellspacing="0" width="100%" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><font style="font: 11pt Symbol">&middot;</font></td><td style="text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">Equity: will include stock securities in the following regions: U.S., Europe, Emerging Markets, and Japan, and Convertible Bonds</font></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><font style="font: 11pt Symbol">&middot;</font></td><td style="text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">Fixed Income: will include U.S. Treasury debt with maturities ranging from 1 to 20+ years and Global Corporate Investment Grade debt, High Yield debt and Mortgage-Backed Securities, in both developed and emerging markets, with maturities ranging from 5 to 20+ years</font></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><font style="font: 11pt Symbol">&middot;</font></td><td style="text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">Alternatives: will include emerging markets&rsquo; local currency money markets and U.S. real estate</font></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><font style="font: 11pt Symbol">&middot;</font></td><td style="text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif">Commodities: will include gold, energy related companies and agricultural related companies</font></td></tr></table> <p style="text-align: justify; margin: 0; font-family: Times New Roman, Times, Serif"><font style="font-size: 11pt">&nbsp;</font></p> <p style="text-align: justify; margin: 0; font-family: Times New Roman, Times, Serif"><font style="font-size: 11pt">The Dynamic Conservative Plus Fund is a &ldquo;fund of funds.&rdquo; The term &ldquo;fund of funds&rdquo; is typically used to describe mutual funds, such as the Dynamic Conservative Plus Fund, whose primary investment strategy involves investing in other investment companies, such as ETFs and other mutual funds. The Fund is best suited for long-term investors.</font></p> <p style="text-align: justify; margin: 0; font-family: Times New Roman, Times, Serif"><font style="font-size: 11pt">&nbsp;</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 11pt">In addition to investing primarily in ETFs, the Fund may also invest in short-term money market securities, cash, money market mutual funds and Treasury Bills for temporary purposes. The portfolio manager may, when consistent with the Fund&rsquo;s investment objective, buy or sell options or futures (commonly known as derivatives). The Fund typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk.</font></p> <p style="text-align: justify; margin: 0; font-family: Times New Roman, Times, Serif"><font style="font-size: 11pt">&nbsp;</font></p> <p style="margin: 0; font-family: Times New Roman, Times, Serif"><font style="font-size: 11pt"><b><i>Main types of securities the Fund may hold:</i></b></font></p> <p style="margin: 0; font-family: Times New Roman, Times, Serif"><font style="font-size: 11pt">&nbsp;</font></p> <table cellpadding="0" cellspacing="0" width="100%" style="margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><font style="font: 11pt Symbol">&middot;</font></td><td><font style="font: 11pt Times New Roman, Times, Serif">ETFs</font></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" style="margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><font style="font: 11pt Symbol">&middot;</font></td><td><font style="font: 11pt Times New Roman, Times, Serif">Short term money market securities, including cash, money market mutual funds and Treasury Bills </font></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><font style="font: 11pt Symbol">&middot;</font></td><td style="text-align: justify"><font style="font: 11pt Times New Roman, Times, Serif; color: black">Derivative Instruments, including futures and options for bona fide hedging purposes</font></td></tr></table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Risks</b>. Before investing in the Fund, you should carefully consider your own investment goals, the amount of time you are willing to leave your money invested and the amount of risk you are willing to take. The Fund is subject to management risk and may not achieve its objective if the Adviser&rsquo;s expectations regarding particular securities or markets are not met. A summary of the principal risks of investing in the Fund can be found below and include risks that the Fund is exposed to by investing in the ETFs within the four asset classes:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>ETF Risks</u></i>. The following are various types of risks to which the Fund is subject based on the certain types of ETFs in which the Fund will be investing:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>General ETF Risk</u></i>. The cost to a shareholder of investing in the Fund may be higher than the cost of investing directly in ETF shares and may be higher than other mutual funds that invest directly in equities. You will indirectly bear fees and expenses charged by the ETFs in addition to the Fund&rsquo;s direct fees and expenses.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Tracking Error Risk</u></i>. There is no assurance the ETFs the Fund may utilize will achieve their objectives. Additionally, since many ETFs are managed to reflect daily price change objectives, there will be a compounding effect if the ETFs are held for longer than one day.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Fund of Funds Structure</u></i>. Investments in securities of other investment companies, including ETFs, are subject to statutory limitations prescribed by the 1940 Act. Absent an available exemption, the Fund may not: (i) acquire more than 3% of the voting securities of any other investment company; (ii) invest more than 5% of its total assets in securities of any one investment company; or (iii) invest more than 10% of its total assets in securities of all investment companies.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Many ETFs have obtained exemptive relief from the SEC to permit unaffiliated funds to invest in the ETF&rsquo;s shares beyond the above statutory limitations, subject to certain conditions and pursuant to a contractual arrangement between the particular ETF and the investing fund. The Fund may rely on these exemptive orders to invest in unaffiliated ETFs. If the Fund is unable to rely on an exemptive order, the limitations discussed above may prevent the Fund from allocating its investments in the manner the Advisor considers optimal, or cause the Advisor to select an investment other than that which the Advisor considers optimal.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>High Yield Securities</u></i>. Lower rated securities are subject to greater risk of loss of income and principal than higher rated securities and may have a higher incidence of default than higher-rated securities. The prices of lower rated securities are likely to be more sensitive to adverse economic changes or individual corporate developments than higher rated securities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Foreign Investing Risk</u></i>. The risk that the prices of foreign securities may be more volatile than those of their domestic counterparts.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Emerging Markets Risk</u></i>. The Fund may invest in foreign securities that may include securities of companies located in developing or emerging markets, which entail additional risks, including: less social, political and economic stability; smaller securities markets and lower trading volume, which may result in less liquidity and greater price volatility; national policies that may restrict securities investment opportunities, including restrictions on investments in issuers or industries, or expropriation or confiscation of assets or property; and less developed legal structures governing private or foreign investment.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Foreign currency risk</u></i>. Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Commodity Risk</u></i>. Investments in commodities, such as gold, or in commodity-linked instruments, will subject the Fund&rsquo;s portfolio to volatility that may also deviate from price movements in equity and fixed income securities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Real Estate Investment Risk</u></i>. The risk that the value of the Fund&rsquo;s shares will be negatively affected by factors specific to the real estate market, including interest rate risk, leverage risk, property risk and management risk.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Derivatives Risk</u></i>. Derivatives are subject to the risk of changes in the market price of the security, credit risk with respect to the counterparty to the derivative instrument, and the risk of loss due to changes in interest rates. The use of certain derivatives, including futures contracts, may also have a leveraging effect, which may increase the volatility of the Fund. The use of derivatives may reduce returns for the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Fixed Income Risk</u></i>. There are risks associated with the potential investment of the Fund&rsquo;s assets in fixed income investments, which include credit risk, interest rate risk, and maturity risk. These risks could affect the value of investments of the Fund, possibly causing the Fund&rsquo;s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Interest Rate Risk</u></i>. The Fund's share price and total return will vary in response to changes in interest rates. If rates increase, the value of the Fund's investments generally will decline, as will the value of your investment in the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Credit Risk</u></i>. The issuer of a fixed income security may not be able to make interest and principal payments when due. Generally, the lower the credit rating of a security, the greater the risk that the issuer will default on its obligation, which could result in a loss to the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Prepayment Risk</u></i>. Prepayment occurs when the issuer of a security can repay principal prior to the security&rsquo;s maturity. Securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a debt security can be difficult to predict and result in greater volatility. This risk could affect the total return of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Duration Risk.<b> </b></u></i>Duration is a measure of the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. Similarly, a fund with longer average fund duration will be more sensitive to changes in interest rates than a fund with a shorter average fund duration.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>U.S. Government Obligations Risk</u></i><b>.&nbsp;&nbsp;</b>The U.S. government&rsquo;s guarantee of ultimate payment of principal and timely payment of interest on certain U.S. government securities owned by the Fund does not imply that the Fund&rsquo;s shares are guaranteed or that the price of the Fund&rsquo;s shares will not fluctuate. Debt securities are subject to the risk that fixed income prices in general may lose value because of declines in the bond market. The prices of fixed income securities respond to a variety of economic factors, particularly interest rate changes, as well as to perceptions about the credit worthiness of both corporate and government issuers. Generally fixed income securities will decrease in value if interest rates rise and will increase in value if interest rates decline.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&nbsp;</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Management Style Risk</u></i>. The ability of the Fund to meet its investment objective is directly related to the Adviser&rsquo;s investment strategies for the Fund. The value of your investment in the Fund may vary with the effectiveness of the Adviser&rsquo;s research, analysis and asset allocation among portfolio securities. If the Adviser&rsquo;s investment strategies do not produce the expected results, your investment could be diminished or even lost.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>High Portfolio Turnover Rate Risk</u></i>. High portfolio turnover rates could generate capital gains that must be distributed to shareholders as short-term capital gains taxed at ordinary income rates (currently as high as 35%) and could increase brokerage commission costs.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You could lose money by investing in the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Past Performance. </b>The bar chart and the table listed below give some indication of the risks of an investment in the Fund by showing changes in the Fund&rsquo;s performance from year to year and by showing how the Fund&rsquo;s average annual returns for the 1 year and since inception period compare with those of the Fund&rsquo;s benchmark, the Barclays Capital U.S. Treasury Index. The Fund has been in existence since July 8, 2010.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Of course, past performance (before and after taxes) does not indicate how a Fund will perform in the future.</i></b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The returns in the bar chart below are for the Institutional Class and do not include s<font style="color: black">ales loads or account fees; if such amounts were reflected, returns would be less than those shown. Returns for Class A Shares </font>will differ because of differences in the expenses of each class.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Updated performance figures are available on the Fund&rsquo;s website at <i>www.aifunds.com </i> or by calling the Fund at 1-888-266-8787. The Fund&rsquo;s 30-day yield may be obtained by calling 1-888-266-8787.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&rsquo;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Class A Shares reflect deduction of sales charges. After-tax returns for Class A, which are not shown, will vary from those shown for Institutional Class Shares.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Dynamic Conservative Plus Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>PERFORMANCE BAR CHART AND TABLE</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>YEAR-BY-YEAR TOTAL RETURNS AS OF DECEMBER 31,</b></p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact aibullbear_S000028387Member ~ </div> -0.0894 <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif"> <tr> <td style="width: 50%; vertical-align: bottom; font-weight: bold">Best quarter:</td> <td style="width: 25%; vertical-align: top; font-weight: bold; text-align: right">3.24%</td> <td style="width: 25%; vertical-align: top; font-weight: bold; text-align: right">4Q 2010</td></tr> <tr> <td style="vertical-align: bottom; font-weight: bold">Worst quarter:</td> <td style="vertical-align: top; font-weight: bold; text-align: right">(3.30)%</td> <td style="vertical-align: top; font-weight: bold; text-align: right">3Q 2011</td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>AVERAGE ANNUAL TOTAL RETURNS</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>For the Period Ended December 31, 2011</b></p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact aibullbear_S000028387Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> -0.0894 -0.0196 2010-07-08 -0.0895 -0.0211 2010-07-08 -0.0581 -0.0174 2010-07-08 -0.1311 -0.0506 2010-07-08 0.0981 0.0669 2010-07-08 TBBIX AABBX You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 2014-03-01 8.39 You could lose money by investing in the Fund. Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. The bar chart and the table listed below give some indication of the risks of an investment in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the 1 year and since inception period compare with those of the Fund's benchmark, the Barclays Capital U.S. Treasury Index. Other Fees have been updated to reflect the fees as of the most recent fiscal year end, October 31, 2012 and differ from those stated in the Prospectus dated February 29, 2012. 1-888-266-8787 www.aifunds.com Of course, past performance (before and after taxes) does not indicate how a Fund will perform in the future. The returns in the bar chart below are for the Institutional Class and do not include sales loads or account fees; if such amounts were reflected, returns would be less than those shown. Best quarter: 2010-12-31 0.0324 Worst quarter: 2011-09-30 -0.033 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns for Class A, which are not shown, will vary from those shown for Institutional Class Shares. 2012-02-29 2013-01-18 2013-01-18 2011-10-31 The Board has approved a Rule 12b-1 plan with a 0.25% distribution fee for Class A Shares. In addition, the Board has approved a Shareholder Services Plan for Class A Shares which would provide for a fee paid monthly at an annual rate of up to 0.25%. At the present time, the Fund is assessing only 0.10% of the distribution fee and is assessing the full 0.25% shareholder servicing fee. Other Fees have been updated to reflect the fees as of the most recent fiscal year end, October 31, 2012 and differ from those stated in the Prospectus dated February 29, 2012. American Independence Financial Services, LLC ("AIFS" or the "Adviser") has contractually agreed to reduce the management fee and reimburse expenses until March 1, 2014 in order to keep the Total Annual Fund Operating Expenses at 0.95% and 1.30% of the Fund's average net assets for the Institutional Class Shares and Class A Shares, respectively. The contractual expense limitation does not apply to "Acquired Fund Fees and Expenses." The Adviser is permitted to seek reimbursement from the Fund, subject to limitations, for fees it waived and Fund expenses it paid in any fiscal year of the Fund over the following three fiscal years, as long as the reimbursement does not cause the Fund's operating expenses to exceed the expense limitation. The expense limitation may be terminated only by approval of the Board of Trustees. 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Extraordinary Expenses Been Included Expenses Restated to Reflect Current Expenses Not Correlated to Ratio Due to Acquired Fund Fees Example, heading Expense Example, with Redemption, heading Expense Example, Narrative Expense Example, with Redemption, Caption Expense Example, with Redemption, table Expense Example, Column Name Expense Example, No Redemption, Narrative Expense Example, No Redemption, Caption Expense Example, No Redemption, table Expense Example, No Redemption, Column Name Expense Example Footnotes Expense Example Closing Strategy, Heading Strategy, Narrative Portfolio Concentration Risk, Heading Risk, Narrative Risk Footnotes Risk Closing May Lose Money Date Of Termination Nondiversified Money Market Fund Not Insured Depository Institution Risk Caption Risk Column Name Risk Bar Chart and Performance Table, Heading Performance, Narrative Performance, Information Illustrates Variability of Returns Performance, One Year or Less Performance, Additional Market Index Performance, Availability by Phone Performance, Availability at Web Site Address Performance, Past Does Not Indicate Future Bar Chart, Heading Bar Chart, Narrative Bar Chart, Does Not Reflect Sales Loads Bar Chart Annual Return, Caption Annual Return, Inception Date 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bar Chart, Footnotes Bar Chart, Closing Bar Chart, Reason Selected Class Different from Immediately Preceding Period Bar Chart, Returns for Class Not Offered in Prospectus Year to Date Return, Label Year to Date Return, Date Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return Date Lowest Quarterly Return Performance Table: Performance Table Narrative Average Annual Return Caption Performance Table 1 Year 5 Years 10 Years Since Inception Inception Date Before taxes - Return After Taxes on 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XML 10 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
Period End Date dei_DocumentPeriodEndDate Oct. 31, 2011
Registrant Name dei_EntityRegistrantName American Independence Funds Trust
CIK dei_EntityCentralIndexKey 0001324443
Amendment dei_AmendmentFlag false
Creation Date dei_DocumentCreationDate Jan. 18, 2013
Effective Date dei_DocumentEffectiveDate Jan. 18, 2013
Prospectus Date rr_ProspectusDate Feb. 29, 2012
American Independence Dynamic Conservative Plus Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

FUND SUMMARY – Dynamic Conservative Plus Fund

Investment objective: rr_ObjectiveHeading

Investment Objectives/Goals.

Investment objective rr_ObjectivePrimaryTextBlock

The Fund's goal is long term capital appreciation.

Fees and expenses of the fund: rr_ExpenseHeading

Fees and Expenses of the Fund.

Fees and expenses of the fund, narrative rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in “Investing With The Fund” starting on page 10 of the Fund’s Prospectus.

Shareholder fees, caption rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Annual fund operating expenses, heading rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Date Of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-03-01
Portfolio turnover, heading rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio turnover, narrative rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 839% of the average value of its portfolio.

Portfolio Turnover Rate rr_PortfolioTurnoverRate 839.00%
Expense Breakpoint Discounts rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.
Expense Breakpoint, Minimum Investment Required rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expenses Restated to Reflect Current rr_ExpensesRestatedToReflectCurrent Other Fees have been updated to reflect the fees as of the most recent fiscal year end, October 31, 2012 and differ from those stated in the Prospectus dated February 29, 2012.
Example, heading rr_ExpenseExampleHeading

Example

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

 

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy, Heading rr_StrategyHeading

Principal Investment Strategies, Risks and Performance.

Strategy, Narrative rr_StrategyNarrativeTextBlock

Principal Strategies. The Fund intends to invest at least 80% of its net assets in a universe of approximately eighteen (18) exchange-traded funds (“ETFs”) in four major asset classes: Equity, Fixed Income, Alternatives and Commodities. Each asset class will have the following characteristics:

 

·Equity: will include stock securities in the following regions: U.S., Europe, Emerging Markets, and Japan, and Convertible Bonds
·Fixed Income: will include U.S. Treasury debt with maturities ranging from 1 to 20+ years and Global Corporate Investment Grade debt, High Yield debt and Mortgage-Backed Securities, in both developed and emerging markets, with maturities ranging from 5 to 20+ years
·Alternatives: will include emerging markets’ local currency money markets and U.S. real estate
·Commodities: will include gold, energy related companies and agricultural related companies

 

The Dynamic Conservative Plus Fund is a “fund of funds.” The term “fund of funds” is typically used to describe mutual funds, such as the Dynamic Conservative Plus Fund, whose primary investment strategy involves investing in other investment companies, such as ETFs and other mutual funds. The Fund is best suited for long-term investors.

 

In addition to investing primarily in ETFs, the Fund may also invest in short-term money market securities, cash, money market mutual funds and Treasury Bills for temporary purposes. The portfolio manager may, when consistent with the Fund’s investment objective, buy or sell options or futures (commonly known as derivatives). The Fund typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk.

 

Main types of securities the Fund may hold:

 

·ETFs
·Short term money market securities, including cash, money market mutual funds and Treasury Bills
·Derivative Instruments, including futures and options for bona fide hedging purposes
Risk, Narrative rr_RiskNarrativeTextBlock

Principal Risks. Before investing in the Fund, you should carefully consider your own investment goals, the amount of time you are willing to leave your money invested and the amount of risk you are willing to take. The Fund is subject to management risk and may not achieve its objective if the Adviser’s expectations regarding particular securities or markets are not met. A summary of the principal risks of investing in the Fund can be found below and include risks that the Fund is exposed to by investing in the ETFs within the four asset classes:

 

ETF Risks. The following are various types of risks to which the Fund is subject based on the certain types of ETFs in which the Fund will be investing:

 

General ETF Risk. The cost to a shareholder of investing in the Fund may be higher than the cost of investing directly in ETF shares and may be higher than other mutual funds that invest directly in equities. You will indirectly bear fees and expenses charged by the ETFs in addition to the Fund’s direct fees and expenses.

 

Tracking Error Risk. There is no assurance the ETFs the Fund may utilize will achieve their objectives. Additionally, since many ETFs are managed to reflect daily price change objectives, there will be a compounding effect if the ETFs are held for longer than one day.

 

Fund of Funds Structure. Investments in securities of other investment companies, including ETFs, are subject to statutory limitations prescribed by the 1940 Act. Absent an available exemption, the Fund may not: (i) acquire more than 3% of the voting securities of any other investment company; (ii) invest more than 5% of its total assets in securities of any one investment company; or (iii) invest more than 10% of its total assets in securities of all investment companies.

 

Many ETFs have obtained exemptive relief from the SEC to permit unaffiliated funds to invest in the ETF’s shares beyond the above statutory limitations, subject to certain conditions and pursuant to a contractual arrangement between the particular ETF and the investing fund. The Fund may rely on these exemptive orders to invest in unaffiliated ETFs. If the Fund is unable to rely on an exemptive order, the limitations discussed above may prevent the Fund from allocating its investments in the manner the Advisor considers optimal, or cause the Advisor to select an investment other than that which the Advisor considers optimal.

 

High Yield Securities. Lower rated securities are subject to greater risk of loss of income and principal than higher rated securities and may have a higher incidence of default than higher-rated securities. The prices of lower rated securities are likely to be more sensitive to adverse economic changes or individual corporate developments than higher rated securities.

 

Foreign Investing Risk. The risk that the prices of foreign securities may be more volatile than those of their domestic counterparts.

 

Emerging Markets Risk. The Fund may invest in foreign securities that may include securities of companies located in developing or emerging markets, which entail additional risks, including: less social, political and economic stability; smaller securities markets and lower trading volume, which may result in less liquidity and greater price volatility; national policies that may restrict securities investment opportunities, including restrictions on investments in issuers or industries, or expropriation or confiscation of assets or property; and less developed legal structures governing private or foreign investment.

 

Foreign currency risk. Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time.

 

Commodity Risk. Investments in commodities, such as gold, or in commodity-linked instruments, will subject the Fund’s portfolio to volatility that may also deviate from price movements in equity and fixed income securities.

 

Real Estate Investment Risk. The risk that the value of the Fund’s shares will be negatively affected by factors specific to the real estate market, including interest rate risk, leverage risk, property risk and management risk.

 

Derivatives Risk. Derivatives are subject to the risk of changes in the market price of the security, credit risk with respect to the counterparty to the derivative instrument, and the risk of loss due to changes in interest rates. The use of certain derivatives, including futures contracts, may also have a leveraging effect, which may increase the volatility of the Fund. The use of derivatives may reduce returns for the Fund.

 

Fixed Income Risk. There are risks associated with the potential investment of the Fund’s assets in fixed income investments, which include credit risk, interest rate risk, and maturity risk. These risks could affect the value of investments of the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

 

Interest Rate Risk. The Fund's share price and total return will vary in response to changes in interest rates. If rates increase, the value of the Fund's investments generally will decline, as will the value of your investment in the Fund.

 

Credit Risk. The issuer of a fixed income security may not be able to make interest and principal payments when due. Generally, the lower the credit rating of a security, the greater the risk that the issuer will default on its obligation, which could result in a loss to the Fund.

 

Prepayment Risk. Prepayment occurs when the issuer of a security can repay principal prior to the security’s maturity. Securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a debt security can be difficult to predict and result in greater volatility. This risk could affect the total return of the Fund.

 

Duration Risk. Duration is a measure of the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. Similarly, a fund with longer average fund duration will be more sensitive to changes in interest rates than a fund with a shorter average fund duration.

 

U.S. Government Obligations Risk.  The U.S. government’s guarantee of ultimate payment of principal and timely payment of interest on certain U.S. government securities owned by the Fund does not imply that the Fund’s shares are guaranteed or that the price of the Fund’s shares will not fluctuate. Debt securities are subject to the risk that fixed income prices in general may lose value because of declines in the bond market. The prices of fixed income securities respond to a variety of economic factors, particularly interest rate changes, as well as to perceptions about the credit worthiness of both corporate and government issuers. Generally fixed income securities will decrease in value if interest rates rise and will increase in value if interest rates decline.

 

Management Style Risk. The ability of the Fund to meet its investment objective is directly related to the Adviser’s investment strategies for the Fund. The value of your investment in the Fund may vary with the effectiveness of the Adviser’s research, analysis and asset allocation among portfolio securities. If the Adviser’s investment strategies do not produce the expected results, your investment could be diminished or even lost.

 

High Portfolio Turnover Rate Risk. High portfolio turnover rates could generate capital gains that must be distributed to shareholders as short-term capital gains taxed at ordinary income rates (currently as high as 35%) and could increase brokerage commission costs.

 

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.

 

You could lose money by investing in the Fund.

May Lose Money rr_RiskLoseMoney You could lose money by investing in the Fund.
Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.
Performance, Narrative rr_PerformanceNarrativeTextBlock

Past Performance. The bar chart and the table listed below give some indication of the risks of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the 1 year and since inception period compare with those of the Fund’s benchmark, the Barclays Capital U.S. Treasury Index. The Fund has been in existence since July 8, 2010.

 

Of course, past performance (before and after taxes) does not indicate how a Fund will perform in the future.

 

The returns in the bar chart below are for the Institutional Class and do not include sales loads or account fees; if such amounts were reflected, returns would be less than those shown. Returns for Class A Shares will differ because of differences in the expenses of each class.

 

Updated performance figures are available on the Fund’s website at www.aifunds.com or by calling the Fund at 1-888-266-8787. The Fund’s 30-day yield may be obtained by calling 1-888-266-8787.

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and the table listed below give some indication of the risks of an investment in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the 1 year and since inception period compare with those of the Fund's benchmark, the Barclays Capital U.S. Treasury Index.
Performance, Availability by Phone rr_PerformanceAvailabilityPhone 1-888-266-8787
Performance, Availability at Web Site Address rr_PerformanceAvailabilityWebSiteAddress www.aifunds.com
Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture Of course, past performance (before and after taxes) does not indicate how a Fund will perform in the future.
Bar Chart, Heading rr_BarChartHeading

Dynamic Conservative Plus Fund

PERFORMANCE BAR CHART AND TABLE

YEAR-BY-YEAR TOTAL RETURNS AS OF DECEMBER 31,

Bar Chart, Does Not Reflect Sales Loads rr_BarChartDoesNotReflectSalesLoads The returns in the bar chart below are for the Institutional Class and do not include sales loads or account fees; if such amounts were reflected, returns would be less than those shown.
Bar Chart, Closing rr_BarChartClosingTextBlock
Best quarter: 3.24% 4Q 2010
Worst quarter: (3.30)% 3Q 2011
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.24%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.30%)
Performance Table: rr_PerformanceTableHeading

AVERAGE ANNUAL TOTAL RETURNS

For the Period Ended December 31, 2011

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
One Class of After-Tax Shown rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns for Class A, which are not shown, will vary from those shown for Institutional Class Shares.
Performance Table Closing rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

 

Class A Shares reflect deduction of sales charges. After-tax returns for Class A, which are not shown, will vary from those shown for Institutional Class Shares.

American Independence Dynamic Conservative Plus Fund | Barclays Capital U.S. Treasury Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 9.81%
Since Inception rr_AverageAnnualReturnSinceInception 6.69%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2010
American Independence Dynamic Conservative Plus Fund | Institutional Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol TBBIX
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption Fee rr_RedemptionFee none
Management Fee rr_ManagementFeesOverAssets 0.50%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.56% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.08%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.11%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.97% [2]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 99
Expense Example, 3 YEARS rr_ExpenseExampleYear03 333
Expense Example, 5 YEARS rr_ExpenseExampleYear05 585
Expense Example, 10 YEARS rr_ExpenseExampleYear10 1,307
2011 rr_AnnualReturn2011 (8.94%)
1 Year rr_AverageAnnualReturnYear01 (8.94%)
Since Inception rr_AverageAnnualReturnSinceInception (1.96%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2010
American Independence Dynamic Conservative Plus Fund | Institutional Shares | - Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (8.95%)
Since Inception rr_AverageAnnualReturnSinceInception (2.11%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2010
American Independence Dynamic Conservative Plus Fund | Institutional Shares | - Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.81%)
Since Inception rr_AverageAnnualReturnSinceInception (1.74%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2010
American Independence Dynamic Conservative Plus Fund | Class A Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AABBX
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.25%
Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption Fee rr_RedemptionFee none
Management Fee rr_ManagementFeesOverAssets 0.50%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.35% [3]
Other Expenses rr_OtherExpensesOverAssets 0.56% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.43%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.11%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 1.32% [2]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 554
Expense Example, 3 YEARS rr_ExpenseExampleYear03 848
Expense Example, 5 YEARS rr_ExpenseExampleYear05 1,163
Expense Example, 10 YEARS rr_ExpenseExampleYear10 2,056
1 Year rr_AverageAnnualReturnYear01 (13.11%)
Since Inception rr_AverageAnnualReturnSinceInception (5.06%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 08, 2010
[1] Other Fees have been updated to reflect the fees as of the most recent fiscal year end, October 31, 2012 and differ from those stated in the Prospectus dated February 29, 2012.
[2] American Independence Financial Services, LLC ("AIFS" or the "Adviser") has contractually agreed to reduce the management fee and reimburse expenses until March 1, 2014 in order to keep the Total Annual Fund Operating Expenses at 0.95% and 1.30% of the Fund's average net assets for the Institutional Class Shares and Class A Shares, respectively. The contractual expense limitation does not apply to "Acquired Fund Fees and Expenses." The Adviser is permitted to seek reimbursement from the Fund, subject to limitations, for fees it waived and Fund expenses it paid in any fiscal year of the Fund over the following three fiscal years, as long as the reimbursement does not cause the Fund's operating expenses to exceed the expense limitation. The expense limitation may be terminated only by approval of the Board of Trustees.
[3] The Board has approved a Rule 12b-1 plan with a 0.25% distribution fee for Class A Shares. In addition, the Board has approved a Shareholder Services Plan for Class A Shares which would provide for a fee paid monthly at an annual rate of up to 0.25%. At the present time, the Fund is assessing only 0.10% of the distribution fee and is assessing the full 0.25% shareholder servicing fee.
XML 11 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
American Independence Dynamic Conservative Plus Fund

FUND SUMMARY – Dynamic Conservative Plus Fund

Investment Objectives/Goals.

The Fund's goal is long term capital appreciation.

Fees and Expenses of the Fund.

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in “Investing With The Fund” starting on page 10 of the Fund’s Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees American Independence Dynamic Conservative Plus Fund (USD $)
Institutional Shares
Class A Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none 4.25%
Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase) none none
Redemption Fee none none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses American Independence Dynamic Conservative Plus Fund
Institutional Shares
Class A Shares
Management Fee 0.50% 0.50%
Distribution and Service (12b-1) Fees none 0.35% [1]
Other Expenses [2] 0.56% 0.56%
Acquired Fund Fees and Expenses 0.02% 0.02%
Total Annual Fund Operating Expenses 1.08% 1.43%
Fee Waivers and Expense Reimbursements [3] (0.11%) (0.11%)
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements [3] 0.97% 1.32%
[1] The Board has approved a Rule 12b-1 plan with a 0.25% distribution fee for Class A Shares. In addition, the Board has approved a Shareholder Services Plan for Class A Shares which would provide for a fee paid monthly at an annual rate of up to 0.25%. At the present time, the Fund is assessing only 0.10% of the distribution fee and is assessing the full 0.25% shareholder servicing fee.
[2] Other Fees have been updated to reflect the fees as of the most recent fiscal year end, October 31, 2012 and differ from those stated in the Prospectus dated February 29, 2012.
[3] American Independence Financial Services, LLC ("AIFS" or the "Adviser") has contractually agreed to reduce the management fee and reimburse expenses until March 1, 2014 in order to keep the Total Annual Fund Operating Expenses at 0.95% and 1.30% of the Fund's average net assets for the Institutional Class Shares and Class A Shares, respectively. The contractual expense limitation does not apply to "Acquired Fund Fees and Expenses." The Adviser is permitted to seek reimbursement from the Fund, subject to limitations, for fees it waived and Fund expenses it paid in any fiscal year of the Fund over the following three fiscal years, as long as the reimbursement does not cause the Fund's operating expenses to exceed the expense limitation. The expense limitation may be terminated only by approval of the Board of Trustees.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

 

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example American Independence Dynamic Conservative Plus Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Institutional Shares
99 333 585 1,307
Class A Shares
554 848 1,163 2,056

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 839% of the average value of its portfolio.

Principal Investment Strategies, Risks and Performance.

Principal Strategies. The Fund intends to invest at least 80% of its net assets in a universe of approximately eighteen (18) exchange-traded funds (“ETFs”) in four major asset classes: Equity, Fixed Income, Alternatives and Commodities. Each asset class will have the following characteristics:

 

·Equity: will include stock securities in the following regions: U.S., Europe, Emerging Markets, and Japan, and Convertible Bonds
·Fixed Income: will include U.S. Treasury debt with maturities ranging from 1 to 20+ years and Global Corporate Investment Grade debt, High Yield debt and Mortgage-Backed Securities, in both developed and emerging markets, with maturities ranging from 5 to 20+ years
·Alternatives: will include emerging markets’ local currency money markets and U.S. real estate
·Commodities: will include gold, energy related companies and agricultural related companies

 

The Dynamic Conservative Plus Fund is a “fund of funds.” The term “fund of funds” is typically used to describe mutual funds, such as the Dynamic Conservative Plus Fund, whose primary investment strategy involves investing in other investment companies, such as ETFs and other mutual funds. The Fund is best suited for long-term investors.

 

In addition to investing primarily in ETFs, the Fund may also invest in short-term money market securities, cash, money market mutual funds and Treasury Bills for temporary purposes. The portfolio manager may, when consistent with the Fund’s investment objective, buy or sell options or futures (commonly known as derivatives). The Fund typically uses derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk.

 

Main types of securities the Fund may hold:

 

·ETFs
·Short term money market securities, including cash, money market mutual funds and Treasury Bills
·Derivative Instruments, including futures and options for bona fide hedging purposes

Principal Risks. Before investing in the Fund, you should carefully consider your own investment goals, the amount of time you are willing to leave your money invested and the amount of risk you are willing to take. The Fund is subject to management risk and may not achieve its objective if the Adviser’s expectations regarding particular securities or markets are not met. A summary of the principal risks of investing in the Fund can be found below and include risks that the Fund is exposed to by investing in the ETFs within the four asset classes:

 

ETF Risks. The following are various types of risks to which the Fund is subject based on the certain types of ETFs in which the Fund will be investing:

 

General ETF Risk. The cost to a shareholder of investing in the Fund may be higher than the cost of investing directly in ETF shares and may be higher than other mutual funds that invest directly in equities. You will indirectly bear fees and expenses charged by the ETFs in addition to the Fund’s direct fees and expenses.

 

Tracking Error Risk. There is no assurance the ETFs the Fund may utilize will achieve their objectives. Additionally, since many ETFs are managed to reflect daily price change objectives, there will be a compounding effect if the ETFs are held for longer than one day.

 

Fund of Funds Structure. Investments in securities of other investment companies, including ETFs, are subject to statutory limitations prescribed by the 1940 Act. Absent an available exemption, the Fund may not: (i) acquire more than 3% of the voting securities of any other investment company; (ii) invest more than 5% of its total assets in securities of any one investment company; or (iii) invest more than 10% of its total assets in securities of all investment companies.

 

Many ETFs have obtained exemptive relief from the SEC to permit unaffiliated funds to invest in the ETF’s shares beyond the above statutory limitations, subject to certain conditions and pursuant to a contractual arrangement between the particular ETF and the investing fund. The Fund may rely on these exemptive orders to invest in unaffiliated ETFs. If the Fund is unable to rely on an exemptive order, the limitations discussed above may prevent the Fund from allocating its investments in the manner the Advisor considers optimal, or cause the Advisor to select an investment other than that which the Advisor considers optimal.

 

High Yield Securities. Lower rated securities are subject to greater risk of loss of income and principal than higher rated securities and may have a higher incidence of default than higher-rated securities. The prices of lower rated securities are likely to be more sensitive to adverse economic changes or individual corporate developments than higher rated securities.

 

Foreign Investing Risk. The risk that the prices of foreign securities may be more volatile than those of their domestic counterparts.

 

Emerging Markets Risk. The Fund may invest in foreign securities that may include securities of companies located in developing or emerging markets, which entail additional risks, including: less social, political and economic stability; smaller securities markets and lower trading volume, which may result in less liquidity and greater price volatility; national policies that may restrict securities investment opportunities, including restrictions on investments in issuers or industries, or expropriation or confiscation of assets or property; and less developed legal structures governing private or foreign investment.

 

Foreign currency risk. Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time.

 

Commodity Risk. Investments in commodities, such as gold, or in commodity-linked instruments, will subject the Fund’s portfolio to volatility that may also deviate from price movements in equity and fixed income securities.

 

Real Estate Investment Risk. The risk that the value of the Fund’s shares will be negatively affected by factors specific to the real estate market, including interest rate risk, leverage risk, property risk and management risk.

 

Derivatives Risk. Derivatives are subject to the risk of changes in the market price of the security, credit risk with respect to the counterparty to the derivative instrument, and the risk of loss due to changes in interest rates. The use of certain derivatives, including futures contracts, may also have a leveraging effect, which may increase the volatility of the Fund. The use of derivatives may reduce returns for the Fund.

 

Fixed Income Risk. There are risks associated with the potential investment of the Fund’s assets in fixed income investments, which include credit risk, interest rate risk, and maturity risk. These risks could affect the value of investments of the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

 

Interest Rate Risk. The Fund's share price and total return will vary in response to changes in interest rates. If rates increase, the value of the Fund's investments generally will decline, as will the value of your investment in the Fund.

 

Credit Risk. The issuer of a fixed income security may not be able to make interest and principal payments when due. Generally, the lower the credit rating of a security, the greater the risk that the issuer will default on its obligation, which could result in a loss to the Fund.

 

Prepayment Risk. Prepayment occurs when the issuer of a security can repay principal prior to the security’s maturity. Securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a debt security can be difficult to predict and result in greater volatility. This risk could affect the total return of the Fund.

 

Duration Risk. Duration is a measure of the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. Similarly, a fund with longer average fund duration will be more sensitive to changes in interest rates than a fund with a shorter average fund duration.

 

U.S. Government Obligations Risk.  The U.S. government’s guarantee of ultimate payment of principal and timely payment of interest on certain U.S. government securities owned by the Fund does not imply that the Fund’s shares are guaranteed or that the price of the Fund’s shares will not fluctuate. Debt securities are subject to the risk that fixed income prices in general may lose value because of declines in the bond market. The prices of fixed income securities respond to a variety of economic factors, particularly interest rate changes, as well as to perceptions about the credit worthiness of both corporate and government issuers. Generally fixed income securities will decrease in value if interest rates rise and will increase in value if interest rates decline.

 

Management Style Risk. The ability of the Fund to meet its investment objective is directly related to the Adviser’s investment strategies for the Fund. The value of your investment in the Fund may vary with the effectiveness of the Adviser’s research, analysis and asset allocation among portfolio securities. If the Adviser’s investment strategies do not produce the expected results, your investment could be diminished or even lost.

 

High Portfolio Turnover Rate Risk. High portfolio turnover rates could generate capital gains that must be distributed to shareholders as short-term capital gains taxed at ordinary income rates (currently as high as 35%) and could increase brokerage commission costs.

 

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.

 

You could lose money by investing in the Fund.

Past Performance. The bar chart and the table listed below give some indication of the risks of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the 1 year and since inception period compare with those of the Fund’s benchmark, the Barclays Capital U.S. Treasury Index. The Fund has been in existence since July 8, 2010.

 

Of course, past performance (before and after taxes) does not indicate how a Fund will perform in the future.

 

The returns in the bar chart below are for the Institutional Class and do not include sales loads or account fees; if such amounts were reflected, returns would be less than those shown. Returns for Class A Shares will differ because of differences in the expenses of each class.

 

Updated performance figures are available on the Fund’s website at www.aifunds.com or by calling the Fund at 1-888-266-8787. The Fund’s 30-day yield may be obtained by calling 1-888-266-8787.

Dynamic Conservative Plus Fund

PERFORMANCE BAR CHART AND TABLE

YEAR-BY-YEAR TOTAL RETURNS AS OF DECEMBER 31,

Bar Chart
Best quarter: 3.24% 4Q 2010
Worst quarter: (3.30)% 3Q 2011

AVERAGE ANNUAL TOTAL RETURNS

For the Period Ended December 31, 2011

Average Annual Total Returns American Independence Dynamic Conservative Plus Fund
1 Year
Since Inception
Inception Date
Institutional Shares
(8.94%) (1.96%) Jul. 08, 2010
Institutional Shares - Return After Taxes on Distributions
(8.95%) (2.11%) Jul. 08, 2010
Institutional Shares - Return After Taxes on Distributions and Sale of Fund Shares
(5.81%) (1.74%) Jul. 08, 2010
Class A Shares
(13.11%) (5.06%) Jul. 08, 2010
Barclays Capital U.S. Treasury Index (reflects no deduction for fees, expenses or taxes)
9.81% 6.69% Jul. 08, 2010

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

 

Class A Shares reflect deduction of sales charges. After-tax returns for Class A, which are not shown, will vary from those shown for Institutional Class Shares.

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