0001398344-13-001902.txt : 20130411 0001398344-13-001902.hdr.sgml : 20130411 20130411153725 ACCESSION NUMBER: 0001398344-13-001902 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130411 DATE AS OF CHANGE: 20130411 EFFECTIVENESS DATE: 20130411 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: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21757 FILM NUMBER: 13756200 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 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: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-124214 FILM NUMBER: 13756201 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 S000011458 American Independence Stock Fund C000125520 Class R 0001324443 S000011459 American Independence International Alpha Strategies Fund C000125521 Class R 0001324443 S000021676 American Independence U.S. Inflation-Indexed Fund C000125522 Class R C000125523 Premier Class 485BPOS 1 fp0006962_485bpos-xbrl.htm fp0006962_485bpos-xbrl.htm
 
Registration Nos. 333-124214
                                    811-21757

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

 
Form N-1A
 
 
  
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
  
[X]
 
  
Pre-Effective Amendment No.     
  
 
 
  
Post Effective Amendment No. 87
  
[X]
 
and/or
         
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
  
[X]
   
Amendment No. 81
  
[X]
(Check appropriate box or boxes)
 

 
American Independence Funds Trust
(Exact Name of Registrant as Specified in Charter)
 
230 PARK AVENUE, SUITE 534
NEW YORK, NY 10169
(Address of Principal Executive Offices)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (646) 747-3477

ERIC RUBIN, PRESIDENT

AMERICAN INDEPENDENCE FINANCIAL SERVICES, LLC
230 PARK AVENUE, SUITE 534
NEW YORK, NY 10169
 
COPIES TO:
JON RAND
DECHERT LLP
1095 AVENUE OF THE AMERICAS
NEW YORK, NY 10036-6797
 
It is proposed that the filing will become effective (check appropriate box)
[X] immediately upon filing pursuant to paragraph (b) of Rule 485.
[  ] on (date) pursuant to paragraph (b) of Rule 485.
[  ] 60 days after filing pursuant to paragraph (a)(1) of Rule 485.
[  ] on (date) pursuant to paragraph (a)(1) of Rule 485.
[  ] 75 days after filing pursuant to paragraph (a)(2) of Rule 485.
[  ] on (date) pursuant to paragraph (a)(2) of Rule 485.
 
If appropriate, check the following box:
[  ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
 
 
 

 

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 87 to the Registration Statement on Form N-1A of the American Independence Funds Trust (the “Trust”) hereby incorporates Parts A, B and C from the Trust’s PEA No. 86 on Form N-1A filed April 2, 2013. This PEA No. 87 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 86 to the Trust’s Registration Statement.
 
 
 

 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration statement to be signed on its behalf by the undersigned thereunto duly authorized, in the City of New York and State of New York on the 11th day of April 2013.
 
 
AMERICAN INDEPENDENCE FUNDS TRUST
 
       
  By: /s/ Eric Rubin  
    Eric Rubin  
    President  
 
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
 
Signature 
 
Title 
 
Date 
/s/ Eric Rubin 
 
President 
 
April 11, 2013
Eric Rubin 
       
 
/s/ Jeffrey Haas* 
 
Trustee 
 
April 11, 2013  
Jeffrey Haas 
       
 
/s/ Joseph Hankin* 
 
Chairman of the Board and Trustee 
 
April 11, 2013 
Joseph Hankin 
       
 
/s/ Terry L. Carter* 
 
Trustee 
 
April 11, 2013 
Terry L. Carter 
       
 
/s/ Thomas F. Kice* 
 
Trustee 
 
April 11, 2013 
Thomas F. Kice 
       
 
/s/ George Mileusnic* 
 
Trustee 
 
April 11, 2013 
George Mileusnic 
       
 
/s/ John J. Pileggi* 
 
Trustee 
 
April 11, 2013 
John J. Pileggi 
       
 
/s/ Peter L. Ochs* 
 
Trustee 
 
April 11, 2013 
Peter L. Ochs 
       
         
         
*By: /s/ Eric Rubin
       
 
Eric Rubin, Attorney-in-Fact pursuant to Power of Attorney Previously filed with Post-Effective Amendment No. 82 filed on January 30, 2013.
 
 
 

 
 
EXHIBIT INDEX

Exhibit No.
Exhibit
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.CALC
XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase
EX-101.INS 2 aifunds-20130401.xml XBRL INSTANCE DOCUMENT 0001324443 2013-04-01 2013-04-01 0001324443 aifunds:S000011458Member 2013-04-01 2013-04-01 0001324443 aifunds:S000011458Member aifunds:C000125520Member 2013-04-01 2013-04-01 0001324443 aifunds:S000011458Member aifunds:C000031686Member rr:AfterTaxesOnDistributionsMember 2013-04-01 2013-04-01 0001324443 aifunds:S000011458Member aifunds:C000031686Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-04-01 2013-04-01 0001324443 aifunds:S000011458Member aifunds:C000031722Member 2013-04-01 2013-04-01 0001324443 aifunds:S000011458Member aifunds:C000031723Member 2013-04-01 2013-04-01 0001324443 aifunds:S000011458Member aifunds:C000031686Member 2013-04-01 2013-04-01 0001324443 aifunds:S000011458Member aifunds:index1Member 2013-04-01 2013-04-01 iso4217:USD pure shares iso4217:USD shares 0001324443 American Independence Funds Trust 485BPOS false <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>FUND SUMMARY &ndash; STOCK FUND</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Investment Objectives/Goals.</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund&rsquo;s investment objective is to provide investors with long-term capital appreciation.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Fees and Expenses of the Fund.</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fee</b><b>s</b> (fees paid directly from your investment)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><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/ShareholderFeesData column dei_LegalEntityAxis compact aifunds_S000011458Member ~ </div> 0 0 0.00 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact aifunds_S000011458Member ~ </div> 0.01 0.0065 0.0048 0.0213 -0.0032 0.0181 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Example</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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 aifunds_S000011458Member ~ </div> 216 667 1144 2462 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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 ended, October 31, 2012, the Fund&rsquo;s portfolio turnover rate was 252% of the average value of its portfolio.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Principal Investment Strategies, Risks and Performance.</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Strategies. </b>The Fund&rsquo;s Adviser uses a value oriented approach to selecting stocks by identifying stocks that it considers undervalued (i.e., priced less than their real worth). Under normal market conditions, the Fund intends to invest in the following manner:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; At least 80% of its net assets, plus borrowings for investment purposes, in common and/or preferred stocks of U.S. companies;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; At least 65% of its net assets, plus borrowings for investment purposes, in such stocks issued by companies with large market capitalizations (over $5 billion) at the time of purchase and up to 35% of its total assets in companies with small- to mid-sized market capitalizations;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Up to 20% of its net assets, plus borrowings for investment purposes, in common and/or preferred stock of foreign companies, including ADRs, GDRs and EDRs;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; May engage in hedging through the use of put and call options and written covered put and call options on securities in which the Fund may invest directly and that are traded on registered domestic securities exchanges or that result from separate, privately negotiated transactions (i.e., over-the-counter (OTC) options); and</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; May also invest in securities that are convertible into common stock and preferred stock.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Main types of securities in which the Fund may invest:</b></i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Common stocks of companies traded on major stock exchanges</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Preferred stocks</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Convertible bonds rated investment grade or higher with a maturity between 1-30 years</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Short-term money market securities, including cash, money market mutual funds and Treasury Bills</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Derivative Instruments (consisting of exchange-traded options)</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Exchange-traded funds (&ldquo;ETFs&rdquo;) and other investment companies; to the extent the Fund invests in ETFs and other investment companies the Fund will pay the proportionate share of the underlying expenses of the ETF</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><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:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Equity Market Risk.</i></u> The price of equity securities may rise or fall because of changes in the broad market or changes in a company&rsquo;s financial condition, sometimes rapidly or unpredictably. When the value of the Fund&rsquo;s securities goes down, your investment in the Fund decreases in value. Preferred stock generally has a preference as to dividends and liquidation over an issuer&rsquo;s common stock but ranks junior to debt securities in an issuer&rsquo;s capital structure. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer&rsquo;s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Interest Rate and Duration Risk. </i></u>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. 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">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Style Risk</i></u>. Growth stocks and value stocks tend to perform differently in different markets. Because the Fund invests primarily in value stocks, its performance may lag when growth stocks outperform value stocks. An undervalued stock may decrease in price or may not increase in price as anticipated if other investors fail to recognize the company&rsquo;s value or the factors that the Adviser believes will cause the stock price to increase do not occur.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Mid- and Small-Cap Risk. </i></u>Because mid-sized and small companies tend to have limited business lines, financial resources, and competitive advantages compared to larger companies, their stock prices tend to fluctuate more than those of larger companies, and may move in a different direction than the broader market. Shares of small companies in particular may be thinly traded, making them potentially more difficult to buy or sell at a desired time or price. Rising interest rates and changes in key personnel may also hurt small businesses more than large ones.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Foreign Securities Risk.</i></u> To the extent the Fund invests in foreign securities, including depositary receipts, such investments are subject to additional risks including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Political Risk. </i></u> A greater potential for revolts, and the taking of assets by governments exists when investing in securities of foreign countries.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Foreign Currency Risk. </i></u> 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">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Derivatives Risk</i></u>. Derivatives may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&rsquo;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, derivatives expose the Fund to risks of mispricing or improper valuation.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Options Risk</i></u>. The Adviser may use a number of option strategies. Put options and call options typically have similar structural characteristics and operational mechanics regardless of the underlying instrument on which they are purchased or sold. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the writer the obligation to buy, the underlying security, commodity, index, currency or other instrument at the exercise price. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the obligation to sell, the underlying instrument at the exercise price.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">With certain exceptions, exchange listed options on individual securities are generally settled by physical delivery of the underlying security or currency, although in the future cash settlement may become available. Index options are cash settled for the net amount, if any, by which the option is "in-the-money" (i.e., where the value of the underlying instrument exceeds, in the case of a call option, or is less than, in the case of a put option, the exercise price of the option) at the time the option is exercised. Frequently, rather than taking or making delivery of the underlying instrument through the process of exercising the option, listed options are closed by entering into offsetting purchase or sale transactions that do not result in ownership of the new option. A Fund's ability to close out its position as a purchaser or seller of a listed put or call option is dependent, in part, upon the liquidity of the option market.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>ETF and Investment Company Risk</i></u>. The Fund may invest in ETFs, closed-end funds and other investment companies (&ldquo;Underlying Funds&rdquo;). As a result, your cost of investing in the Fund may be higher than the cost of investing directly in Underlying Fund shares and may be higher than other mutual funds that invest directly in equities. You will indirectly bear proportionate fees and expenses charged by the Underlying Funds in addition to the Fund&rsquo;s direct fees and expenses. ETFs may trade at a price below their net asset value.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Convertible Securities Risk</i></u>. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>High Portfolio Turnover Rate Risk</i></u>. 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 39.6%) and could increase brokerage commission costs.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"> You could lose money by investing in the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Past Performance. </b>The bar chart and the table listed below give some indication of the risks of an investment in the Fund (and its predecessor) 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, 5 and 10 years periods compare with those of the Fund&rsquo;s benchmark, the Russell 1000 Value Index. From January 21, 1997 through March 1, 2007 the Fund was managed by Barrow, Hanley, Mewhinney &amp; Strauss, Inc.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Past performance (before and after taxes) does not indicate how the Fund will perform in the future.</b></i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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 and Class C shares will differ because of differences in the expenses of each class.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Returns for Class A Shares and Class C Shares reflect the deduction of sales loads. After-tax returns for Class A, Class C Shares and Class R Shares, which are not shown, will vary from those shown for Institutional Class Shares.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact aifunds_S000011458Member ~ </div> 0.3149 0.1831 0.0641 0.1579 0.1043 -0.2711 0.3119 0.1555 -0.0397 0.1581 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 50%"><font style="font: 11pt Times New Roman, Times, Serif"><b>Best quarter:</b></font></td> <td style="width: 25%"><font style="font: 11pt Times New Roman, Times, Serif"><b>20.41%</b></font></td> <td style="width: 25%"><font style="font: 11pt Times New Roman, Times, Serif"><b>Q2 2003</b></font><font style="font-size: 11pt">&nbsp;</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 11pt Times New Roman, Times, Serif"><b>Worst quarter:</b></font><font style="font-size: 11pt">&nbsp;</font></td> <td><font style="font: 11pt Times New Roman, Times, Serif"><b>(22.26)%</b></font></td> <td><font style="font: 11pt Times New Roman, Times, Serif"><b>Q4 2008</b></font><font style="font-size: 11pt">&nbsp;&nbsp;</font></td></tr> </table> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact aifunds_S000011458Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.1581 0.0421 0.1003 0.1172 0.0296 0.0885 0.1194 0.0312 0.0857 0.0881 0.026 0.0892 0.1368 0.0378 0.094 0.1506 0.0353 0.0932 0.1751 0.0059 0.0738 ISISX IFCSX ISFSX ISFRX 2014-03-01 2.52 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 (and its predecessor) 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, 5 and 10 years periods compare with those of the Fund&rsquo;s benchmark, the Russell 1000 Value Index. 1-888-266-8787 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. www.aifunds.com Past performance (before and after taxes) does not indicate how the Fund will perform in the future. Best quarter: 2003-06-30 0.2041 Worst quarter: 2008-12-31 -0.2226 Returns for Class A Shares and Class C Shares reflect the deduction of sales loads. 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, Class C Shares and Class R Shares, which are not shown, will vary from those shown for Institutional Class Shares. 2013-04-01 2013-04-02 2013-04-02 2012-10-31 American Independence Financial Services, LLC ("American Independence" 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 to 1.81% of the Fund's average net assets for Class R Shares. 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. 0001324443 aifunds:S000011459Member 2013-04-01 2013-04-01 0001324443 aifunds:S000011459Member aifunds:C000125521Member 2013-04-01 2013-04-01 0001324443 aifunds:S000011459Member aifunds:C000031724Member 2013-04-01 2013-04-01 0001324443 aifunds:S000011459Member aifunds:C000031687Member 2013-04-01 2013-04-01 0001324443 aifunds:S000011459Member aifunds:C000031687Member rr:AfterTaxesOnDistributionsMember 2013-04-01 2013-04-01 0001324443 aifunds:S000011459Member aifunds:C000031687Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-04-01 2013-04-01 0001324443 aifunds:S000011459Member aifunds:index2Member 2013-04-01 2013-04-01 <p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>International Alpha Strategies Fund</b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>FUND SUMMARY &ndash; INTERNATIONAL ALPHA STRATEGIES FUND</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Investment Objectives/Goals.</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund&rsquo;s investment objective is to provide investors with long-term capital appreciation.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Fees and Expenses of the Fund.</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fee</b><b>s</b> (fees paid directly from your investment)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><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/ShareholderFeesData column dei_LegalEntityAxis compact aifunds_S000011459Member ~ </div> 0 0 0.00 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact aifunds_S000011459Member ~ </div> 0.0081 0.0065 0.0044 0.019 -0.003 0.016 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Example</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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 aifunds_S000011459Member ~ </div> 193 597 1026 2222 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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 ended, October 31, 2012, the Fund&rsquo;s portfolio turnover rate was 88% of the average value of its portfolio.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Principal Investment Strategies, Risks and Performance.</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Strategies. </b>The Fund seeks its objective by investing in equity securities of issuers based outside of the United States. The Fund will invest in both value and growth securities, such strategy is otherwise known as &ldquo;core&rdquo;. Under normal market conditions, the Fund intends to invest in the following manner:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Primarily in the equity securities of companies located outside the U.S., including emerging markets;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; At least 80% of its net assets, plus borrowings for investment purposes, in &lsquo;&lsquo;foreign securities&rsquo;&rsquo;, which means those securities issued by companies(1) whose principal securities trading markets are outside the U.S.; (2) that are linked to non-U.S. dollar currencies; or (3) that are organized under the laws of, or with a principal office in, a country other than the U.S.;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; No more than 20% of net assets in securities of firms domiciled or resident in developing or emerging market nations;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Invest in securities denominated in the currencies of a variety of countries, as well as in securities denominated in multinational currencies such as the Euro;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; May enter into currency hedges that may decrease or offset any losses from such fluctuations;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Invest in American Depository Receipts (&ldquo;ADRs&rdquo;), Global Depository Receipts (&ldquo;GDRs&rdquo;) and European Depository Receipts (&ldquo;EDRs&rdquo;) issued by sponsored or unsponsored facilities;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; May invest in securities that are sold in private placement transactions between their issuers and their purchasers and that are neither listed on an exchange nor traded over-the counter; and</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; May invest in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Main types of securities in which the Fund may invest:</b></i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Common stocks of companies traded on major stock exchanges of countries outside the U.S. (both developed and emerging market countries)</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; ADRs, GDRs, and EDRs</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Short term money market securities, including cash, money market mutual funds and Treasury Bills</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Currency hedges</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><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:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Equity Market Risk.</i></u> The price of equity securities may rise or fall because of changes in the broad market or changes in a company&rsquo;s financial condition, sometimes rapidly or unpredictably. When the value of the Fund&rsquo;s securities goes down, your investment in the Fund decreases in value.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Foreign Securities Risk.</i></u> To the extent the Fund invests in foreign securities, including depositary receipts, such investments are subject to additional risks including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Emerging Market Risk. </i></u>Investments in a country that is still relatively underdeveloped involves exposure to economic structures that are generally less diverse and mature than in the U.S., and to political and legal systems which may be less stable which may result in less liquidity and greater price volatility. In the past, markets of developing countries have had more frequent and larger price changes than those of developed countries. The Fund&rsquo;s investment in emerging market securities may also be subject to foreign withholding taxes.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Political Risk. </i></u>A greater potential for revolts, and the expropriation of assets by governments exists when investing in securities of foreign countries.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Foreign Currency Risk. </i></u>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. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. 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">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Foreign Exchange Contracts.</i></u> The Fund may enter into foreign currency forward contracts or currency futures to hedge against the possibility that the currency of a foreign country in which the Fund has investments may suffer a decline against the U.S. dollar. A forward currency contract is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time for the contract. This method of attempting to hedge the value of the Fund&rsquo;s portfolio securities against a decline in the value of a currency does not eliminate fluctuations in the underlying prices of the securities. Although the strategy of engaging in foreign currency transactions could reduce the risk of loss due to a decline in the value of the hedged currency, it could also limit the potential gain from an increase in the value of the currency. The Fund does not intend to maintain a net exposure to such contracts where the fulfillment of the Fund&rsquo;s obligations under such contracts would obligate the Fund to deliver an amount of foreign currency in excess of the value of the Fund&rsquo;s portfolio securities or other assets denominated in the currency. The Fund will not enter into these contracts for speculative purposes and will not enter into non-hedging currency contracts. These contracts involve a risk of loss if the Fund&rsquo;s Investment Sub-Adviser fails to predict currency values correctly.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>U.S. Government Obligations Risk</i></u><b>. </b>U.S. government securities are subject to market and interest rate risk, as well as varying degrees of credit risk. Some U.S. government securities are issued or guaranteed by the U.S. Treasury and are supported by the full faith and credit of the United States. Other types of U.S. government securities are supported by the full faith and credit of the United States (but not issued by the U.S. Treasury). These securities may have less credit risk than U.S. government securities not supported by the full faith and credit of the United States. With respect to U.S. government securities that are not backed by the full faith and credit of the U.S. Government, there is the risk that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Fixed-Income Securities Risk</i></u>. Fixed-income securities are subject to the risk of the issuer&rsquo;s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). Generally fixed-income securities will decrease in value if interest rates rise and will increase in value if interest rates decline. Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Interest Rate and Duration Risk. </i></u>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. Longer-term securities are subject to greater interest rate 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 and will experience more price volatility than a fund with a shorter average fund duration.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Privately Placed and Restricted Securities</i></u>. The Fund's investments may also include privately placed securities, which are subject to resale restrictions. These securities will have the effect of increasing the level of Fund illiquidity to the extent the Fund may be unable to sell or transfer these securities due to restrictions on transfers or on the ability to find buyers interested in purchasing the securities. The illiquidity of the market, as well as the lack of publicly available information regarding these securities, may also adversely affect the ability to arrive at a fair value for certain securities at certain times.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>High Portfolio Turnover Rate Risk</i></u>. 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 39.6%) and could increase brokerage commission costs.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">You could lose money by investing in the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Past Performance. </b>The bar chart and the table listed below give some indication of the risks of an investment in the Fund (and its predecessor) 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, 5 and 10 years periods compare with those of the Fund&rsquo;s benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (&lsquo;&lsquo;MSCI EAFE&rsquo;&rsquo;) Index. The Fund has been in existence since November 1, 1995 but until March 2, 2006, the Fund was organized as the International Multi Manager Stock Fund of the former American Independence Funds Trust. From March 2, 2006 through May 31, 2011, the Fund was known as the American Independence International Equity Fund.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Past performance (before and after taxes) does not indicate how a Fund will perform in the future.</b></i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Updated performance figures are available on the Fund&rsquo;s website at <u><i>www.aifunds.com </i></u>or by calling the Fund at 1-888-266-8787.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Returns for Class A Shares reflect the deduction of the sales load. After-tax returns for Class A Shares and Class R Shares, which are not shown, will vary from those shown for Institutional Class Shares.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact aifunds_S000011459Member ~ </div> 0.4122 0.2328 0.1048 0.2523 0.1271 -0.3794 0.2357 0.0562 -0.1097 0.1567 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact aifunds_S000011459Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.1567 -0.0356 0.0852 0.152 -0.038 0.0767 0.1082 -0.0302 0.0748 0.0844 -0.0518 0.0734 0.1493 -0.0418 0.0782 0.1732 -0.0369 0.0821 IMSSX IIESX IAFRX <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 355px; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%"><font style="font: 11pt Times New Roman, Times, Serif"><b>Best quarter:</b></font><font style="font-size: 11pt">&nbsp;</font></td> <td style="vertical-align: top; width: 25%"><font style="font: 11pt Times New Roman, Times, Serif"><b>22.28%</b></font><font style="font-size: 11pt">&nbsp;<b> </b></font></td> <td style="vertical-align: top; width: 25%"><font style="font: 11pt Times New Roman, Times, Serif"><b>Q2 2009</b></font><font style="font-size: 11pt">&nbsp;</font></td></tr> <tr> <td style="vertical-align: bottom"><font style="font: 11pt Times New Roman, Times, Serif"><b>Worst quarter:</b></font><font style="font-size: 11pt">&nbsp;</font></td> <td style="vertical-align: top"><font style="font: 11pt Times New Roman, Times, Serif"><b>-20.21%</b></font></td> <td style="vertical-align: top"><font style="font: 11pt Times New Roman, Times, Serif"><b>Q3 2008</b></font><font style="font-size: 11pt">&nbsp;&nbsp;</font></td></tr> </table> 2014-03-01 0.88 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 (and its predecessor) 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, 5 and 10 years periods compare with those of the Fund&rsquo;s benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (&lsquo;&lsquo;MSCI EAFE&rsquo;&rsquo;) Index. 1-888-266-8787 www.aifunds.com 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: 2009-06-30 0.2228 Worst quarter: 2008-09-30 -0.2021 Returns for Class A Shares reflect the deduction of the sales load. 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 Shares and Class R Shares, which are not shown, will vary from those shown for Institutional Class Shares. American Independence Financial Services, LLC ("American Independence" 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 1.60% of the Fund's average net assets for the Class R Shares. 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. 0001324443 aifunds:S000021676Member 2013-04-01 2013-04-01 0001324443 aifunds:S000021676Member aifunds:C000125523Member 2013-04-01 2013-04-01 0001324443 aifunds:S000021676Member aifunds:C000062135Member rr:AfterTaxesOnDistributionsMember 2013-04-01 2013-04-01 0001324443 aifunds:S000021676Member aifunds:C000062135Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-04-01 2013-04-01 0001324443 aifunds:S000021676Member aifunds:C000125522Member 2013-04-01 2013-04-01 0001324443 aifunds:S000021676Member aifunds:C000062134Member 2013-04-01 2013-04-01 0001324443 aifunds:S000021676Member aifunds:C000062133Member 2013-04-01 2013-04-01 0001324443 aifunds:S000021676Member aifunds:C000062135Member 2013-04-01 2013-04-01 0001324443 aifunds:S000021676Member aifunds:index3Member 2013-04-01 2013-04-01 <p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>U.S. Inflation-Indexed Fund</b></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>FUND SUMMARY &ndash; U.S. INFLATION-INDEXED FUND</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Investment Objectives/Goals.</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund&rsquo;s investment objective is to provide investors with a high level of total return in excess of inflation as may be consistent with the preservation of capital.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Fees and Expenses of the Fund.</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fee</b><b>s</b> (fees paid directly from your investment)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><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/ShareholderFeesData column dei_LegalEntityAxis compact aifunds_S000021676Member ~ </div> 0 0 0.00 0 0 0.00 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact aifunds_S000021676Member ~ </div> 0.004 0 0.0015 0.0025 0.008 -0.0033 0.0047 0.004 0.0065 0 0.0025 0.013 -0.0033 0.0097 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Example</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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 aifunds_S000021676Member ~ </div> 82 255 444 990 132 412 713 1568 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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 ended, October 31, 2012, the Fund&rsquo;s portfolio turnover rate was 154% of the average value of its portfolio.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Principal Investment Strategies, Risks and Performance.</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Strategies. </b>The Fund&rsquo;s goal is to outperform the Barclays Capital 1&ndash;30 Year U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L). Under normal market conditions, the Fund intends to invest in the following manner:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; At least 80% of the Fund's net assets, plus borrowings for investment purposes, in inflation-indexed securities that are denominated in U.S. dollars and derivative instruments denominated in U.S. dollars whose returns are linked to the inflation rate;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Derivatives as a substitute for direct investment in inflation-indexed securities; and</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Up to 20% of the Fund&rsquo;s net assets, plus borrowings for investment purposes, in foreign inflation-indexed securities (sovereign issues only) whose returns may be hedged into U.S. dollars, U.S. government and agency securities that are not indexed to inflation, and corporate bonds denominated in U.S. dollars or foreign currencies.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Main types of securities in which the Fund may invest:</b></i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; U.S. Inflation-Linked Securities</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Derivative Securities (consisting of exchange-traded U.S. Government bond futures and options on interest rates or U.S. Government bonds)</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Foreign sovereign inflation-indexed securities</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; U.S. government and agency securities that are not indexed to inflation</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><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 sub-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.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Fixed-Income Securities Risk.</i></u> Fixed-income securities are subject to the risk of the issuer&rsquo;s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). Generally fixed-income securities will decrease in value if interest rates rise and will increase in value if interest rates decline. Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Interest Rate and Duration Risk.</i></u> 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. Longer-term securities are subject to greater interest rate 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 and will experience more price volatility than a fund with shorter average fund duration.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Deflation Risk. </i></u>Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed for U.S. Treasury Inflation Protected Securities (&ldquo;U.S. TIPS&rdquo;), even during a period of deflation. However, because the principal amount of U.S. TIPS would be adjusted downward during a period of deflation, the Fund will be subject to deflation risk. The principal of TIPS is adjusted upwards and downwards with the change in the seasonally unadjusted CPI index (of urban consumers). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. At maturity, TIPS pay out the uplifted principal value or original par value, whichever is the greater. However, principal values can be adjusted downwards and even below par value prior to maturity during periods of deflation. Therefore, the fund is subject to deflation risk. Correspondingly, the fund may benefit during periods of inflation.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Credit Risk.</i></u> 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">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>U.S. Government Obligations Risk.</i></u><b> </b>U.S. government securities are subject to market and interest rate risk, as well as varying degrees of credit risk. Some U.S. government securities are issued or guaranteed by the U.S. Treasury and are supported by the full faith and credit of the United States. Other types of U.S. government securities are supported by the full faith and credit of the United States (but not issued by the U.S. Treasury). These securities may have less credit risk than U.S. government securities not supported by the full faith and credit of the United States. With respect to U.S. government securities that are not backed by the full faith and credit of the U.S. Government, there is the risk that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Foreign Securities Risk.</i></u> To the extent the Fund invests in foreign securities, such investments are subject to additional risks including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Foreign Sovereign Debt Securities Risk.</i></u> The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Foreign Currency Risk. </i></u>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. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. 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">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>Derivatives Risk.</i></u> Derivatives may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&rsquo;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, derivatives expose the Fund to risks of mispricing or improper valuation.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i>High Portfolio Turnover Rate Risk.</i></u> 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 39.6%) and could increase brokerage commission costs.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">You could lose money by investing in the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Past Performance. </b>The bar chart and the table listed below give some indication of the risks of an investment in the Fund (and its predecessor) 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, 5 year and since inception periods compare with those of the Fund&rsquo;s benchmark, the Barclays Capital U.S. TIPS Index. The Fund has been in existence since January 2, 2001, but until May 8, 2008, the Fund was organized as the U.S. Inflation-Indexed Portfolio of the former FFTW Funds.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Past performance (before and after taxes) does not indicate how a Fund will perform in the future.</b></i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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 and Class C Shares will differ because of differences in the expenses of each class.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact aifunds_S000021676Member ~ </div> 0.0765 0.0971 0.0344 0.01 0.1125 -0.0068 0.1107 0.0637 0.1424 0.0646 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 355px; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%"><font style="font: 11pt Times New Roman, Times, Serif"><b>Best quarter:</b></font><font style="font-size: 11pt">&nbsp;</font></td> <td style="vertical-align: top; width: 25%"><font style="font: 11pt Times New Roman, Times, Serif"><b>5.54%</b></font><font style="font-size: 11pt">&nbsp;<b> </b></font></td> <td style="vertical-align: top; width: 25%"><font style="font: 11pt Times New Roman, Times, Serif"><b>Q1 2008</b></font><font style="font-size: 11pt">&nbsp;</font></td></tr> <tr> <td style="vertical-align: bottom"><font style="font: 11pt Times New Roman, Times, Serif"><b>Worst quarter:</b></font><font style="font-size: 11pt">&nbsp;</font></td> <td style="vertical-align: top"><font style="font: 11pt Times New Roman, Times, Serif"><b>(4.28)%</b></font></td> <td style="vertical-align: top"><font style="font: 11pt Times New Roman, Times, Serif"><b>Q3 2008</b></font><font style="font-size: 11pt">&nbsp;&nbsp;</font></td></tr> </table> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact aifunds_S000021676Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">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: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Returns for Class A Shares reflect the deduction of the sales load. The after tax returns for Class A Shares, Class C Shares, Class R Shares and Premier Class Shares, which are not shown, will vary from those shown for Institutional Class Shares.</p> Returns for Class A Shares reflect the deduction of the sales load. The after tax returns for Class A Shares, Class C Shares, Class R Shares and Premier Class Shares, which are not shown, will vary from those shown for Institutional Class Shares. 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. 0.0646 0.0737 0.0696 0.0465 0.0537 0.048 0.0441 0.052 0.0474 0.0157 0.0617 0.0622 0.0444 0.0704 0.0679 0.0577 0.0668 0.0627 0.063 0.0721 0.068 0.0698 0.0704 0.0665 FFIHX FNIHX FCIHX AIIPX FRIHX 2014-03-01 1.54 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 (and its predecessor) 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, 5 year and since inception periods compare with those of the Fund&rsquo;s benchmark, the Barclays Capital U.S. TIPS Index. 1-888-266-8787 www.aifunds.com 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: 2008-03-31 0.0554 Worst quarter: 2008-09-30 -0.0428 1-888-266-8787 Pursuant to an operating expense limitation agreement between American Independence Financial Services, LLC ("American Independence" or the "Adviser") and the Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Fund until March 1, 2014 to ensure that Total Annual Operating Expenses do not exceed 0.47% and 0.97% of the Fund's average net assets for the Premier Class Shares and Class R Shares, respectively. 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. EX-101.SCH 3 aifunds-20130401.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT EX-101.CAL 4 aifunds-20130401_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 5 aifunds-20130401_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 aifunds-20130401_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE Share Class [Axis] Performance Measure [Axis] Prospectus [Table] All Classes Average Annual Return, Column Name Series [Axis] All Series All Prospectus Prospectus [Axis] Creation Date Effective Date Period End Date Trading Symbol Expense Example, 1 YEAR Expense Example, No Redemption, 1 YEAR Expense Example, 3 YEARS Expense Example, No Redemption, 3 YEARS Expense Example, 5 YEARS Expense Example, No Redemption, 5 YEARS Expense Example, 10 YEARS Expense Example, No Redemption, 10 YEARS 1 Year 1 Year 3 Years 3 Years 5 Years 5 Years 10 Years 10 Years CIK Registrant Name Document Type Amendment Am.Description Prospectus Date Shareholder Servicing Fees S000011458Member American Independence Stock Fund S000011459Member American Independence International Alpha Strategies Fund S000021676Member American Independence U.S. Inflation-Indexed Fund C000031686Member Institutional Class C000031722Member Class A C000031723Member Class C C000125520Member Class R C000031687Member Institutional Class C000031724Member Class A C000125521Member Class R C000062135Member Institutional Class C000062133Member Class A C000062134Member Class C C000125523Member Premier Class C000125522Member Class R Risk/Return: Risk/Return Investment objective: Investment objective Secondary objectives Fees and expenses of the fund: Fees and expenses of the fund, narrative Shareholder fees, caption Shareholder fees, table Maximum sales charge (load) imposed on purchases (as a percentage of offering price) Maximum Cumulative Sales Charge / Other Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase) Maximum deferred sales charge (as a percentage of the amount redeemed) Maximum sales charge (load) imposed on reinvested dividends Redemption Fee (on shares redeemed within 90 days of purchase) Redemption Fee {neg} Redemption Fees Redemption Fee Exchange Fee (as a percentage of net assets) Exchange Fee Maximum Account Fee (as a percentage of net assets) Maximum annual account fee Other Fees (as a percentage of net assets) Annual fund operating expenses, heading Annual fund operating expenses, table Management Fee Distribution and Service (12b-1) Fees Distribution or similar (non 12b-1) Fees (as a percentage of net assets) Other Expenses, Component 1 (as a percentage of net assets) Other Expenses, Component 2 (as a percentage of net assets) Other Expenses, Component 3 (as a percentage of net assets) Other Expenses Acquired Fund Fees and Expenses (as a percentage of net assets) Total Annual Fund Operating Expenses Fee Waivers and Expense Reimbursements Net Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements Portfolio turnover, heading Portfolio turnover, narrative Portfolio Turnover Rate Expense Footnotes Deferred Charges, Narrative Range of Exchange Fees, Narrative Expense Breakpoint Discounts Expense Breakpoint, Minimum Investment Required Expense Exchange Traded Fund Commissions Expenses Represent Both Master and Feeder Expenses Explanation of Nonrecurring Account Fee Other Expenses, New Fund, Based on Estimates Acquired Fund Fees and Expenses, Based on Estimates Expenses Other Expenses Had 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 Risk, Nondiversified Risk, 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 Distributions - Return After Taxes on Distributions and Sale of Fund Shares Market Index Performance index1Member Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes) index2Member MSCI EAFE Index (reflects no deduction for fees, expenses or taxes) index3Member Barclays Capital U.S. TIPS Index (reflects no deduction for fees, expenses or taxes) Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period Performance Table Footnotes Performance Table Closing Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred One Class of After-Tax Shown Performance Table Explains why after Tax Higher Money Market, Seven Day Yield Caption Money Market, Seven Day Yield Column Name 7-Day Yield Phone 7-Day Yield 7-Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column Name 30-Day Yield Phone 30-Day Yield 30-Day Tax Equivalent Yield Risk/Return Detail Table Text Block EX-101.PRE 7 aifunds-20130401_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 8 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report 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XML 11 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Period End Date dei_DocumentPeriodEndDate Oct. 31, 2012
Registrant Name dei_EntityRegistrantName American Independence Funds Trust
CIK dei_EntityCentralIndexKey 0001324443
Amendment dei_AmendmentFlag false
Creation Date dei_DocumentCreationDate Apr. 02, 2013
Effective Date dei_DocumentEffectiveDate Apr. 02, 2013
Prospectus Date rr_ProspectusDate Apr. 01, 2013
American Independence Stock Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

FUND SUMMARY – STOCK FUND

Investment objective: rr_ObjectiveHeading

Investment Objectives/Goals.

Investment objective rr_ObjectivePrimaryTextBlock

The Fund’s investment objective is to provide investors with 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.

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 ended, October 31, 2012, the Fund’s portfolio turnover rate was 252% of the average value of its portfolio.

Portfolio Turnover Rate rr_PortfolioTurnoverRate 252.00%
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’s Adviser uses a value oriented approach to selecting stocks by identifying stocks that it considers undervalued (i.e., priced less than their real worth). Under normal market conditions, the Fund intends to invest in the following manner:

 

• At least 80% of its net assets, plus borrowings for investment purposes, in common and/or preferred stocks of U.S. companies;

 

• At least 65% of its net assets, plus borrowings for investment purposes, in such stocks issued by companies with large market capitalizations (over $5 billion) at the time of purchase and up to 35% of its total assets in companies with small- to mid-sized market capitalizations;

 

• Up to 20% of its net assets, plus borrowings for investment purposes, in common and/or preferred stock of foreign companies, including ADRs, GDRs and EDRs;

 

• May engage in hedging through the use of put and call options and written covered put and call options on securities in which the Fund may invest directly and that are traded on registered domestic securities exchanges or that result from separate, privately negotiated transactions (i.e., over-the-counter (OTC) options); and

 

• May also invest in securities that are convertible into common stock and preferred stock.

 

Main types of securities in which the Fund may invest:

 

• Common stocks of companies traded on major stock exchanges

 

• Preferred stocks

 

• Convertible bonds rated investment grade or higher with a maturity between 1-30 years

 

• Short-term money market securities, including cash, money market mutual funds and Treasury Bills

 

• Derivative Instruments (consisting of exchange-traded options)

 

• Exchange-traded funds (“ETFs”) and other investment companies; to the extent the Fund invests in ETFs and other investment companies the Fund will pay the proportionate share of the underlying expenses of the ETF

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:

 

Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value. Preferred stock generally has a preference as to dividends and liquidation over an issuer’s common stock but ranks junior to debt securities in an issuer’s capital structure. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

 

Interest Rate and Duration 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. 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.

 

Style Risk. Growth stocks and value stocks tend to perform differently in different markets. Because the Fund invests primarily in value stocks, its performance may lag when growth stocks outperform value stocks. An undervalued stock may decrease in price or may not increase in price as anticipated if other investors fail to recognize the company’s value or the factors that the Adviser believes will cause the stock price to increase do not occur.

 

Mid- and Small-Cap Risk. Because mid-sized and small companies tend to have limited business lines, financial resources, and competitive advantages compared to larger companies, their stock prices tend to fluctuate more than those of larger companies, and may move in a different direction than the broader market. Shares of small companies in particular may be thinly traded, making them potentially more difficult to buy or sell at a desired time or price. Rising interest rates and changes in key personnel may also hurt small businesses more than large ones.

 

Foreign Securities Risk. To the extent the Fund invests in foreign securities, including depositary receipts, such investments are subject to additional risks including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets.

 

Political Risk. A greater potential for revolts, and the taking of assets by governments exists when investing in securities of foreign countries.

 

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.

 

Derivatives Risk. Derivatives may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, derivatives expose the Fund to risks of mispricing or improper valuation.

 

Options Risk. The Adviser may use a number of option strategies. Put options and call options typically have similar structural characteristics and operational mechanics regardless of the underlying instrument on which they are purchased or sold. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the writer the obligation to buy, the underlying security, commodity, index, currency or other instrument at the exercise price. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the obligation to sell, the underlying instrument at the exercise price.

 

With certain exceptions, exchange listed options on individual securities are generally settled by physical delivery of the underlying security or currency, although in the future cash settlement may become available. Index options are cash settled for the net amount, if any, by which the option is "in-the-money" (i.e., where the value of the underlying instrument exceeds, in the case of a call option, or is less than, in the case of a put option, the exercise price of the option) at the time the option is exercised. Frequently, rather than taking or making delivery of the underlying instrument through the process of exercising the option, listed options are closed by entering into offsetting purchase or sale transactions that do not result in ownership of the new option. A Fund's ability to close out its position as a purchaser or seller of a listed put or call option is dependent, in part, upon the liquidity of the option market.

 

ETF and Investment Company Risk. The Fund may invest in ETFs, closed-end funds and other investment companies (“Underlying Funds”). As a result, your cost of investing in the Fund may be higher than the cost of investing directly in Underlying Fund shares and may be higher than other mutual funds that invest directly in equities. You will indirectly bear proportionate fees and expenses charged by the Underlying Funds in addition to the Fund’s direct fees and expenses. ETFs may trade at a price below their net asset value.

 

Convertible Securities Risk. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.

 

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 39.6%) 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 (and its predecessor) 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, 5 and 10 years periods compare with those of the Fund’s benchmark, the Russell 1000 Value Index. From January 21, 1997 through March 1, 2007 the Fund was managed by Barrow, Hanley, Mewhinney & Strauss, Inc.

 

Past performance (before and after taxes) does not indicate how the 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 and Class C 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.

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 (and its predecessor) 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, 5 and 10 years periods compare with those of the Fund’s benchmark, the Russell 1000 Value 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 Past performance (before and after taxes) does not indicate how the Fund will perform in the future.
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: 20.41% Q2 2003 
Worst quarter:  (22.26)% Q4 2008  
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 20.41%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (22.26%)
Performance Table Does Reflect Sales Loads rr_PerformanceTableDoesReflectSalesLoads Returns for Class A Shares and Class C Shares reflect the deduction of sales loads.
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, Class C Shares and Class R Shares, 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.

 

Returns for Class A Shares and Class C Shares reflect the deduction of sales loads. After-tax returns for Class A, Class C Shares and Class R Shares, which are not shown, will vary from those shown for Institutional Class Shares.

American Independence Stock Fund | Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.51%
5 Years rr_AverageAnnualReturnYear05 0.59%
10 Years rr_AverageAnnualReturnYear10 7.38%
American Independence Stock Fund | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ISISX
2003 rr_AnnualReturn2003 31.49%
2004 rr_AnnualReturn2004 18.31%
2005 rr_AnnualReturn2005 6.41%
2006 rr_AnnualReturn2006 15.79%
2007 rr_AnnualReturn2007 10.43%
2008 rr_AnnualReturn2008 (27.11%)
2009 rr_AnnualReturn2009 31.19%
2010 rr_AnnualReturn2010 15.55%
2011 rr_AnnualReturn2011 (3.97%)
2012 rr_AnnualReturn2012 15.81%
1 Year rr_AverageAnnualReturnYear01 15.81%
5 Years rr_AverageAnnualReturnYear05 4.21%
10 Years rr_AverageAnnualReturnYear10 10.03%
American Independence Stock Fund | Institutional Class | - Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 11.72%
5 Years rr_AverageAnnualReturnYear05 2.96%
10 Years rr_AverageAnnualReturnYear10 8.85%
American Independence Stock Fund | Institutional Class | - Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 11.94%
5 Years rr_AverageAnnualReturnYear05 3.12%
10 Years rr_AverageAnnualReturnYear10 8.57%
American Independence Stock Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol IFCSX
1 Year rr_AverageAnnualReturnYear01 8.81%
5 Years rr_AverageAnnualReturnYear05 2.60%
10 Years rr_AverageAnnualReturnYear10 8.92%
American Independence Stock Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ISFSX
1 Year rr_AverageAnnualReturnYear01 13.68%
5 Years rr_AverageAnnualReturnYear05 3.78%
10 Years rr_AverageAnnualReturnYear10 9.40%
American Independence Stock Fund | Class R
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ISFRX
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 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.65%
Other Expenses rr_OtherExpensesOverAssets 0.48%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.13%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.32%) [1]
Net Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 1.81% [1]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 216
Expense Example, 3 YEARS rr_ExpenseExampleYear03 667
Expense Example, 5 YEARS rr_ExpenseExampleYear05 1,144
Expense Example, 10 YEARS rr_ExpenseExampleYear10 2,462
1 Year rr_AverageAnnualReturnYear01 15.06%
5 Years rr_AverageAnnualReturnYear05 3.53%
10 Years rr_AverageAnnualReturnYear10 9.32%
American Independence International Alpha Strategies Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

International Alpha Strategies Fund

 

FUND SUMMARY – INTERNATIONAL ALPHA STRATEGIES FUND

Investment objective: rr_ObjectiveHeading

Investment Objectives/Goals.

Investment objective rr_ObjectivePrimaryTextBlock

The Fund’s investment objective is to provide investors with 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.

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 ended, October 31, 2012, the Fund’s portfolio turnover rate was 88% of the average value of its portfolio.

Portfolio Turnover Rate rr_PortfolioTurnoverRate 88.00%
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 seeks its objective by investing in equity securities of issuers based outside of the United States. The Fund will invest in both value and growth securities, such strategy is otherwise known as “core”. Under normal market conditions, the Fund intends to invest in the following manner:

 

• Primarily in the equity securities of companies located outside the U.S., including emerging markets;

 

• At least 80% of its net assets, plus borrowings for investment purposes, in ‘‘foreign securities’’, which means those securities issued by companies(1) whose principal securities trading markets are outside the U.S.; (2) that are linked to non-U.S. dollar currencies; or (3) that are organized under the laws of, or with a principal office in, a country other than the U.S.;

 

• No more than 20% of net assets in securities of firms domiciled or resident in developing or emerging market nations;

 

• Invest in securities denominated in the currencies of a variety of countries, as well as in securities denominated in multinational currencies such as the Euro;

 

• May enter into currency hedges that may decrease or offset any losses from such fluctuations;

 

• Invest in American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”) and European Depository Receipts (“EDRs”) issued by sponsored or unsponsored facilities;

 

• May invest in securities that are sold in private placement transactions between their issuers and their purchasers and that are neither listed on an exchange nor traded over-the counter; and

 

• May invest in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

 

Main types of securities in which the Fund may invest:

 

• Common stocks of companies traded on major stock exchanges of countries outside the U.S. (both developed and emerging market countries)

 

• ADRs, GDRs, and EDRs

 

• Short term money market securities, including cash, money market mutual funds and Treasury Bills

 

• Obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities

 

• Currency hedges

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:

 

Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.

 

Foreign Securities Risk. To the extent the Fund invests in foreign securities, including depositary receipts, such investments are subject to additional risks including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets.

 

Emerging Market Risk. Investments in a country that is still relatively underdeveloped involves exposure to economic structures that are generally less diverse and mature than in the U.S., and to political and legal systems which may be less stable which may result in less liquidity and greater price volatility. In the past, markets of developing countries have had more frequent and larger price changes than those of developed countries. The Fund’s investment in emerging market securities may also be subject to foreign withholding taxes.

 

Political Risk. A greater potential for revolts, and the expropriation of assets by governments exists when investing in securities of foreign countries.

 

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. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. Currency rates in foreign countries may fluctuate significantly over short periods of time.

 

Foreign Exchange Contracts. The Fund may enter into foreign currency forward contracts or currency futures to hedge against the possibility that the currency of a foreign country in which the Fund has investments may suffer a decline against the U.S. dollar. A forward currency contract is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time for the contract. This method of attempting to hedge the value of the Fund’s portfolio securities against a decline in the value of a currency does not eliminate fluctuations in the underlying prices of the securities. Although the strategy of engaging in foreign currency transactions could reduce the risk of loss due to a decline in the value of the hedged currency, it could also limit the potential gain from an increase in the value of the currency. The Fund does not intend to maintain a net exposure to such contracts where the fulfillment of the Fund’s obligations under such contracts would obligate the Fund to deliver an amount of foreign currency in excess of the value of the Fund’s portfolio securities or other assets denominated in the currency. The Fund will not enter into these contracts for speculative purposes and will not enter into non-hedging currency contracts. These contracts involve a risk of loss if the Fund’s Investment Sub-Adviser fails to predict currency values correctly.

 

U.S. Government Obligations Risk. U.S. government securities are subject to market and interest rate risk, as well as varying degrees of credit risk. Some U.S. government securities are issued or guaranteed by the U.S. Treasury and are supported by the full faith and credit of the United States. Other types of U.S. government securities are supported by the full faith and credit of the United States (but not issued by the U.S. Treasury). These securities may have less credit risk than U.S. government securities not supported by the full faith and credit of the United States. With respect to U.S. government securities that are not backed by the full faith and credit of the U.S. Government, there is the risk that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.

 

Fixed-Income Securities Risk. Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). Generally fixed-income securities will decrease in value if interest rates rise and will increase in value if interest rates decline. Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled.

 

Interest Rate and Duration 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. Longer-term securities are subject to greater interest rate 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 and will experience more price volatility than a fund with a shorter average fund duration.

 

Privately Placed and Restricted Securities. The Fund's investments may also include privately placed securities, which are subject to resale restrictions. These securities will have the effect of increasing the level of Fund illiquidity to the extent the Fund may be unable to sell or transfer these securities due to restrictions on transfers or on the ability to find buyers interested in purchasing the securities. The illiquidity of the market, as well as the lack of publicly available information regarding these securities, may also adversely affect the ability to arrive at a fair value for certain securities at certain times.

 

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 39.6%) 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 (and its predecessor) 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, 5 and 10 years periods compare with those of the Fund’s benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (‘‘MSCI EAFE’’) Index. The Fund has been in existence since November 1, 1995 but until March 2, 2006, the Fund was organized as the International Multi Manager Stock Fund of the former American Independence Funds Trust. From March 2, 2006 through May 31, 2011, the Fund was known as the American Independence International Equity Fund.

 

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.

 

Updated performance figures are available on the Fund’s website at www.aifunds.com or by calling the Fund at 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 (and its predecessor) 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, 5 and 10 years periods compare with those of the Fund’s benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (‘‘MSCI EAFE’’) Index.
Performance, Availability by Phone rr_PerformanceAvailabilityPhone 1-888-266-8787
Performance, Availability at Web Site Address rr_PerformanceAvailabilityWebSiteAddress www.aifunds.com
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:  22.28%  Q2 2009 
Worst quarter:  -20.21% Q3 2008  
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 22.28%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (20.21%)
Performance Table Does Reflect Sales Loads rr_PerformanceTableDoesReflectSalesLoads Returns for Class A Shares reflect the deduction of the sales load.
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 Shares and Class R Shares, 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.

 

Returns for Class A Shares reflect the deduction of the sales load. After-tax returns for Class A Shares and Class R Shares, which are not shown, will vary from those shown for Institutional Class Shares.

American Independence International Alpha Strategies Fund | MSCI EAFE Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.32%
5 Years rr_AverageAnnualReturnYear05 (3.69%)
10 Years rr_AverageAnnualReturnYear10 8.21%
American Independence International Alpha Strategies Fund | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol IMSSX
2003 rr_AnnualReturn2003 41.22%
2004 rr_AnnualReturn2004 23.28%
2005 rr_AnnualReturn2005 10.48%
2006 rr_AnnualReturn2006 25.23%
2007 rr_AnnualReturn2007 12.71%
2008 rr_AnnualReturn2008 (37.94%)
2009 rr_AnnualReturn2009 23.57%
2010 rr_AnnualReturn2010 5.62%
2011 rr_AnnualReturn2011 (10.97%)
2012 rr_AnnualReturn2012 15.67%
1 Year rr_AverageAnnualReturnYear01 15.67%
5 Years rr_AverageAnnualReturnYear05 (3.56%)
10 Years rr_AverageAnnualReturnYear10 8.52%
American Independence International Alpha Strategies Fund | Institutional Class | - Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 15.20%
5 Years rr_AverageAnnualReturnYear05 (3.80%)
10 Years rr_AverageAnnualReturnYear10 7.67%
American Independence International Alpha Strategies Fund | Institutional Class | - Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.82%
5 Years rr_AverageAnnualReturnYear05 (3.02%)
10 Years rr_AverageAnnualReturnYear10 7.48%
American Independence International Alpha Strategies Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol IIESX
1 Year rr_AverageAnnualReturnYear01 8.44%
5 Years rr_AverageAnnualReturnYear05 (5.18%)
10 Years rr_AverageAnnualReturnYear10 7.34%
American Independence International Alpha Strategies Fund | Class R
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol IAFRX
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 0.81%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.65%
Other Expenses rr_OtherExpensesOverAssets 0.44%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.90%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.30%) [2]
Net Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 1.60% [2]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 193
Expense Example, 3 YEARS rr_ExpenseExampleYear03 597
Expense Example, 5 YEARS rr_ExpenseExampleYear05 1,026
Expense Example, 10 YEARS rr_ExpenseExampleYear10 2,222
1 Year rr_AverageAnnualReturnYear01 14.93%
5 Years rr_AverageAnnualReturnYear05 (4.18%)
10 Years rr_AverageAnnualReturnYear10 7.82%
American Independence U.S. Inflation-Indexed Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

U.S. Inflation-Indexed Fund

 

FUND SUMMARY – U.S. INFLATION-INDEXED FUND

Investment objective: rr_ObjectiveHeading

Investment Objectives/Goals.

Investment objective rr_ObjectivePrimaryTextBlock

The Fund’s investment objective is to provide investors with a high level of total return in excess of inflation as may be consistent with the preservation of capital.

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.

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 ended, October 31, 2012, the Fund’s portfolio turnover rate was 154% of the average value of its portfolio.

Portfolio Turnover Rate rr_PortfolioTurnoverRate 154.00%
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’s goal is to outperform the Barclays Capital 1–30 Year U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L). Under normal market conditions, the Fund intends to invest in the following manner:

 

• At least 80% of the Fund's net assets, plus borrowings for investment purposes, in inflation-indexed securities that are denominated in U.S. dollars and derivative instruments denominated in U.S. dollars whose returns are linked to the inflation rate;

 

• Derivatives as a substitute for direct investment in inflation-indexed securities; and

 

• Up to 20% of the Fund’s net assets, plus borrowings for investment purposes, in foreign inflation-indexed securities (sovereign issues only) whose returns may be hedged into U.S. dollars, U.S. government and agency securities that are not indexed to inflation, and corporate bonds denominated in U.S. dollars or foreign currencies.

 

Main types of securities in which the Fund may invest:

 

• U.S. Inflation-Linked Securities

 

• Derivative Securities (consisting of exchange-traded U.S. Government bond futures and options on interest rates or U.S. Government bonds)

 

• Foreign sovereign inflation-indexed securities

 

• U.S. government and agency securities that are not indexed to inflation

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 sub-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.

 

Fixed-Income Securities Risk. Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). Generally fixed-income securities will decrease in value if interest rates rise and will increase in value if interest rates decline. Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled.

 

Interest Rate and Duration 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. Longer-term securities are subject to greater interest rate 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 and will experience more price volatility than a fund with shorter average fund duration.

 

Deflation Risk. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed for U.S. Treasury Inflation Protected Securities (“U.S. TIPS”), even during a period of deflation. However, because the principal amount of U.S. TIPS would be adjusted downward during a period of deflation, the Fund will be subject to deflation risk. The principal of TIPS is adjusted upwards and downwards with the change in the seasonally unadjusted CPI index (of urban consumers). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. At maturity, TIPS pay out the uplifted principal value or original par value, whichever is the greater. However, principal values can be adjusted downwards and even below par value prior to maturity during periods of deflation. Therefore, the fund is subject to deflation risk. Correspondingly, the fund may benefit during periods of inflation.

 

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.

 

U.S. Government Obligations Risk. U.S. government securities are subject to market and interest rate risk, as well as varying degrees of credit risk. Some U.S. government securities are issued or guaranteed by the U.S. Treasury and are supported by the full faith and credit of the United States. Other types of U.S. government securities are supported by the full faith and credit of the United States (but not issued by the U.S. Treasury). These securities may have less credit risk than U.S. government securities not supported by the full faith and credit of the United States. With respect to U.S. government securities that are not backed by the full faith and credit of the U.S. Government, there is the risk that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.

 

Foreign Securities Risk. To the extent the Fund invests in foreign securities, such investments are subject to additional risks including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets.

 

Foreign Sovereign Debt Securities Risk. The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

 

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. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. Currency rates in foreign countries may fluctuate significantly over short periods of time.

 

Derivatives Risk. Derivatives may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, derivatives expose the Fund to risks of mispricing or improper valuation.

 

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 39.6%) 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 (and its predecessor) 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, 5 year and since inception periods compare with those of the Fund’s benchmark, the Barclays Capital U.S. TIPS Index. The Fund has been in existence since January 2, 2001, but until May 8, 2008, the Fund was organized as the U.S. Inflation-Indexed Portfolio of the former FFTW Funds.

 

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 and Class C 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 (and its predecessor) 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, 5 year and since inception periods compare with those of the Fund’s benchmark, the Barclays Capital U.S. TIPS 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 Past performance (before and after taxes) does not indicate how a Fund will perform in the future.
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:  5.54%  Q1 2008 
Worst quarter:  (4.28)% Q3 2008  
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter:
Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.54%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter:
Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (4.28%)
Performance Table Does Reflect Sales Loads rr_PerformanceTableDoesReflectSalesLoads Returns for Class A Shares reflect the deduction of the sales load.
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 The after tax returns for Class A Shares, Class C Shares, Class R Shares and Premier Class Shares, 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.

 

Returns for Class A Shares reflect the deduction of the sales load. The after tax returns for Class A Shares, Class C Shares, Class R Shares and Premier Class Shares, which are not shown, will vary from those shown for Institutional Class Shares.

30-Day Yield Phone rr_ThirtyDayYieldPhone 1-888-266-8787
American Independence U.S. Inflation-Indexed Fund | Barclays Capital U.S. TIPS Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.98%
5 Years rr_AverageAnnualReturnYear05 7.04%
10 Years rr_AverageAnnualReturnYear10 6.65%
American Independence U.S. Inflation-Indexed Fund | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol FFIHX
2003 rr_AnnualReturn2003 7.65%
2004 rr_AnnualReturn2004 9.71%
2005 rr_AnnualReturn2005 3.44%
2006 rr_AnnualReturn2006 1.00%
2007 rr_AnnualReturn2007 11.25%
2008 rr_AnnualReturn2008 (0.68%)
2009 rr_AnnualReturn2009 11.07%
2010 rr_AnnualReturn2010 6.37%
2011 rr_AnnualReturn2011 14.24%
2012 rr_AnnualReturn2012 6.46%
1 Year rr_AverageAnnualReturnYear01 6.46%
5 Years rr_AverageAnnualReturnYear05 7.37%
10 Years rr_AverageAnnualReturnYear10 6.96%
American Independence U.S. Inflation-Indexed Fund | Institutional Class | - Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.65%
5 Years rr_AverageAnnualReturnYear05 5.37%
10 Years rr_AverageAnnualReturnYear10 4.80%
American Independence U.S. Inflation-Indexed Fund | Institutional Class | - Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.41%
5 Years rr_AverageAnnualReturnYear05 5.20%
10 Years rr_AverageAnnualReturnYear10 4.74%
American Independence U.S. Inflation-Indexed Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol FNIHX
1 Year rr_AverageAnnualReturnYear01 1.57%
5 Years rr_AverageAnnualReturnYear05 6.17%
10 Years rr_AverageAnnualReturnYear10 6.22%
American Independence U.S. Inflation-Indexed Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol FCIHX
1 Year rr_AverageAnnualReturnYear01 4.44%
5 Years rr_AverageAnnualReturnYear05 7.04%
10 Years rr_AverageAnnualReturnYear10 6.79%
American Independence U.S. Inflation-Indexed Fund | Premier Class
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol AIIPX
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 0.40%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees aifunds_ShareholderServicingFees 0.15%
Other Expenses rr_OtherExpensesOverAssets 0.25%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.80%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.33%) [3]
Net Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.47% [3]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 82
Expense Example, 3 YEARS rr_ExpenseExampleYear03 255
Expense Example, 5 YEARS rr_ExpenseExampleYear05 444
Expense Example, 10 YEARS rr_ExpenseExampleYear10 990
1 Year rr_AverageAnnualReturnYear01 6.30%
5 Years rr_AverageAnnualReturnYear05 7.21%
10 Years rr_AverageAnnualReturnYear10 6.80%
American Independence U.S. Inflation-Indexed Fund | Class R
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol FRIHX
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 0.40%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.65%
Shareholder Servicing Fees aifunds_ShareholderServicingFees 0.00%
Other Expenses rr_OtherExpensesOverAssets 0.25%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.30%
Fee Waivers and Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.33%) [3]
Net Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements rr_NetExpensesOverAssets 0.97% [3]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 132
Expense Example, 3 YEARS rr_ExpenseExampleYear03 412
Expense Example, 5 YEARS rr_ExpenseExampleYear05 713
Expense Example, 10 YEARS rr_ExpenseExampleYear10 1,568
1 Year rr_AverageAnnualReturnYear01 5.77%
5 Years rr_AverageAnnualReturnYear05 6.68%
10 Years rr_AverageAnnualReturnYear10 6.27%
[1] American Independence Financial Services, LLC ("American Independence" 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 to 1.81% of the Fund's average net assets for Class R Shares. 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.
[2] American Independence Financial Services, LLC ("American Independence" 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 1.60% of the Fund's average net assets for the Class R Shares. 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] Pursuant to an operating expense limitation agreement between American Independence Financial Services, LLC ("American Independence" or the "Adviser") and the Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Fund until March 1, 2014 to ensure that Total Annual Operating Expenses do not exceed 0.47% and 0.97% of the Fund's average net assets for the Premier Class Shares and Class R Shares, respectively. 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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American Independence Stock Fund

FUND SUMMARY – STOCK FUND

Investment Objectives/Goals.

The Fund’s investment objective is to provide investors with 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.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees (USD $)
American Independence Stock Fund
Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none
Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase) none
Redemption Fee 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 Stock Fund
Class R
Management Fee 1.00%
Distribution and Service (12b-1) Fees 0.65%
Other Expenses 0.48%
Total Annual Fund Operating Expenses 2.13%
Fee Waivers and Expense Reimbursements [1] (0.32%)
Net Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements [1] 1.81%
[1] American Independence Financial Services, LLC ("American Independence" 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 to 1.81% of the Fund's average net assets for Class R Shares. 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 (USD $)
1 Year
3 Years
5 Years
10 Years
American Independence Stock Fund Class R
216 667 1,144 2,462

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 ended, October 31, 2012, the Fund’s portfolio turnover rate was 252% of the average value of its portfolio.

Principal Investment Strategies, Risks and Performance.

Principal Strategies. The Fund’s Adviser uses a value oriented approach to selecting stocks by identifying stocks that it considers undervalued (i.e., priced less than their real worth). Under normal market conditions, the Fund intends to invest in the following manner:

 

• At least 80% of its net assets, plus borrowings for investment purposes, in common and/or preferred stocks of U.S. companies;

 

• At least 65% of its net assets, plus borrowings for investment purposes, in such stocks issued by companies with large market capitalizations (over $5 billion) at the time of purchase and up to 35% of its total assets in companies with small- to mid-sized market capitalizations;

 

• Up to 20% of its net assets, plus borrowings for investment purposes, in common and/or preferred stock of foreign companies, including ADRs, GDRs and EDRs;

 

• May engage in hedging through the use of put and call options and written covered put and call options on securities in which the Fund may invest directly and that are traded on registered domestic securities exchanges or that result from separate, privately negotiated transactions (i.e., over-the-counter (OTC) options); and

 

• May also invest in securities that are convertible into common stock and preferred stock.

 

Main types of securities in which the Fund may invest:

 

• Common stocks of companies traded on major stock exchanges

 

• Preferred stocks

 

• Convertible bonds rated investment grade or higher with a maturity between 1-30 years

 

• Short-term money market securities, including cash, money market mutual funds and Treasury Bills

 

• Derivative Instruments (consisting of exchange-traded options)

 

• Exchange-traded funds (“ETFs”) and other investment companies; to the extent the Fund invests in ETFs and other investment companies the Fund will pay the proportionate share of the underlying expenses of the ETF

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:

 

Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value. Preferred stock generally has a preference as to dividends and liquidation over an issuer’s common stock but ranks junior to debt securities in an issuer’s capital structure. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

 

Interest Rate and Duration 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. 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.

 

Style Risk. Growth stocks and value stocks tend to perform differently in different markets. Because the Fund invests primarily in value stocks, its performance may lag when growth stocks outperform value stocks. An undervalued stock may decrease in price or may not increase in price as anticipated if other investors fail to recognize the company’s value or the factors that the Adviser believes will cause the stock price to increase do not occur.

 

Mid- and Small-Cap Risk. Because mid-sized and small companies tend to have limited business lines, financial resources, and competitive advantages compared to larger companies, their stock prices tend to fluctuate more than those of larger companies, and may move in a different direction than the broader market. Shares of small companies in particular may be thinly traded, making them potentially more difficult to buy or sell at a desired time or price. Rising interest rates and changes in key personnel may also hurt small businesses more than large ones.

 

Foreign Securities Risk. To the extent the Fund invests in foreign securities, including depositary receipts, such investments are subject to additional risks including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets.

 

Political Risk. A greater potential for revolts, and the taking of assets by governments exists when investing in securities of foreign countries.

 

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.

 

Derivatives Risk. Derivatives may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, derivatives expose the Fund to risks of mispricing or improper valuation.

 

Options Risk. The Adviser may use a number of option strategies. Put options and call options typically have similar structural characteristics and operational mechanics regardless of the underlying instrument on which they are purchased or sold. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the writer the obligation to buy, the underlying security, commodity, index, currency or other instrument at the exercise price. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the obligation to sell, the underlying instrument at the exercise price.

 

With certain exceptions, exchange listed options on individual securities are generally settled by physical delivery of the underlying security or currency, although in the future cash settlement may become available. Index options are cash settled for the net amount, if any, by which the option is "in-the-money" (i.e., where the value of the underlying instrument exceeds, in the case of a call option, or is less than, in the case of a put option, the exercise price of the option) at the time the option is exercised. Frequently, rather than taking or making delivery of the underlying instrument through the process of exercising the option, listed options are closed by entering into offsetting purchase or sale transactions that do not result in ownership of the new option. A Fund's ability to close out its position as a purchaser or seller of a listed put or call option is dependent, in part, upon the liquidity of the option market.

 

ETF and Investment Company Risk. The Fund may invest in ETFs, closed-end funds and other investment companies (“Underlying Funds”). As a result, your cost of investing in the Fund may be higher than the cost of investing directly in Underlying Fund shares and may be higher than other mutual funds that invest directly in equities. You will indirectly bear proportionate fees and expenses charged by the Underlying Funds in addition to the Fund’s direct fees and expenses. ETFs may trade at a price below their net asset value.

 

Convertible Securities Risk. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.

 

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 39.6%) 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 (and its predecessor) 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, 5 and 10 years periods compare with those of the Fund’s benchmark, the Russell 1000 Value Index. From January 21, 1997 through March 1, 2007 the Fund was managed by Barrow, Hanley, Mewhinney & Strauss, Inc.

 

Past performance (before and after taxes) does not indicate how the 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 and Class C 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.

Bar Chart
Best quarter: 20.41% Q2 2003 
Worst quarter:  (22.26)% Q4 2008  
Average Annual Total Returns American Independence Stock Fund
1 Year
5 Years
10 Years
Institutional Class
15.81% 4.21% 10.03%
Institutional Class - Return After Taxes on Distributions
11.72% 2.96% 8.85%
Institutional Class - Return After Taxes on Distributions and Sale of Fund Shares
11.94% 3.12% 8.57%
Class A
8.81% 2.60% 8.92%
Class C
13.68% 3.78% 9.40%
Class R
15.06% 3.53% 9.32%
Russell 1000 Value Index (reflects no deduction for fees, expenses or taxes)
17.51% 0.59% 7.38%

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.

 

Returns for Class A Shares and Class C Shares reflect the deduction of sales loads. After-tax returns for Class A, Class C Shares and Class R Shares, which are not shown, will vary from those shown for Institutional Class Shares.

American Independence International Alpha Strategies Fund

International Alpha Strategies Fund

 

FUND SUMMARY – INTERNATIONAL ALPHA STRATEGIES FUND

Investment Objectives/Goals.

The Fund’s investment objective is to provide investors with 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.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees (USD $)
American Independence International Alpha Strategies Fund
Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none
Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase) none
Redemption Fee 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 International Alpha Strategies Fund
Class R
Management Fee 0.81%
Distribution and Service (12b-1) Fees 0.65%
Other Expenses 0.44%
Total Annual Fund Operating Expenses 1.90%
Fee Waivers and Expense Reimbursements [1] (0.30%)
Net Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements [1] 1.60%
[1] American Independence Financial Services, LLC ("American Independence" 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 1.60% of the Fund's average net assets for the Class R Shares. 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 (USD $)
1 Year
3 Years
5 Years
10 Years
American Independence International Alpha Strategies Fund Class R
193 597 1,026 2,222

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 ended, October 31, 2012, the Fund’s portfolio turnover rate was 88% of the average value of its portfolio.

Principal Investment Strategies, Risks and Performance.

Principal Strategies. The Fund seeks its objective by investing in equity securities of issuers based outside of the United States. The Fund will invest in both value and growth securities, such strategy is otherwise known as “core”. Under normal market conditions, the Fund intends to invest in the following manner:

 

• Primarily in the equity securities of companies located outside the U.S., including emerging markets;

 

• At least 80% of its net assets, plus borrowings for investment purposes, in ‘‘foreign securities’’, which means those securities issued by companies(1) whose principal securities trading markets are outside the U.S.; (2) that are linked to non-U.S. dollar currencies; or (3) that are organized under the laws of, or with a principal office in, a country other than the U.S.;

 

• No more than 20% of net assets in securities of firms domiciled or resident in developing or emerging market nations;

 

• Invest in securities denominated in the currencies of a variety of countries, as well as in securities denominated in multinational currencies such as the Euro;

 

• May enter into currency hedges that may decrease or offset any losses from such fluctuations;

 

• Invest in American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”) and European Depository Receipts (“EDRs”) issued by sponsored or unsponsored facilities;

 

• May invest in securities that are sold in private placement transactions between their issuers and their purchasers and that are neither listed on an exchange nor traded over-the counter; and

 

• May invest in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

 

Main types of securities in which the Fund may invest:

 

• Common stocks of companies traded on major stock exchanges of countries outside the U.S. (both developed and emerging market countries)

 

• ADRs, GDRs, and EDRs

 

• Short term money market securities, including cash, money market mutual funds and Treasury Bills

 

• Obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities

 

• Currency hedges

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:

 

Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.

 

Foreign Securities Risk. To the extent the Fund invests in foreign securities, including depositary receipts, such investments are subject to additional risks including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets.

 

Emerging Market Risk. Investments in a country that is still relatively underdeveloped involves exposure to economic structures that are generally less diverse and mature than in the U.S., and to political and legal systems which may be less stable which may result in less liquidity and greater price volatility. In the past, markets of developing countries have had more frequent and larger price changes than those of developed countries. The Fund’s investment in emerging market securities may also be subject to foreign withholding taxes.

 

Political Risk. A greater potential for revolts, and the expropriation of assets by governments exists when investing in securities of foreign countries.

 

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. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. Currency rates in foreign countries may fluctuate significantly over short periods of time.

 

Foreign Exchange Contracts. The Fund may enter into foreign currency forward contracts or currency futures to hedge against the possibility that the currency of a foreign country in which the Fund has investments may suffer a decline against the U.S. dollar. A forward currency contract is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time for the contract. This method of attempting to hedge the value of the Fund’s portfolio securities against a decline in the value of a currency does not eliminate fluctuations in the underlying prices of the securities. Although the strategy of engaging in foreign currency transactions could reduce the risk of loss due to a decline in the value of the hedged currency, it could also limit the potential gain from an increase in the value of the currency. The Fund does not intend to maintain a net exposure to such contracts where the fulfillment of the Fund’s obligations under such contracts would obligate the Fund to deliver an amount of foreign currency in excess of the value of the Fund’s portfolio securities or other assets denominated in the currency. The Fund will not enter into these contracts for speculative purposes and will not enter into non-hedging currency contracts. These contracts involve a risk of loss if the Fund’s Investment Sub-Adviser fails to predict currency values correctly.

 

U.S. Government Obligations Risk. U.S. government securities are subject to market and interest rate risk, as well as varying degrees of credit risk. Some U.S. government securities are issued or guaranteed by the U.S. Treasury and are supported by the full faith and credit of the United States. Other types of U.S. government securities are supported by the full faith and credit of the United States (but not issued by the U.S. Treasury). These securities may have less credit risk than U.S. government securities not supported by the full faith and credit of the United States. With respect to U.S. government securities that are not backed by the full faith and credit of the U.S. Government, there is the risk that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.

 

Fixed-Income Securities Risk. Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). Generally fixed-income securities will decrease in value if interest rates rise and will increase in value if interest rates decline. Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled.

 

Interest Rate and Duration 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. Longer-term securities are subject to greater interest rate 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 and will experience more price volatility than a fund with a shorter average fund duration.

 

Privately Placed and Restricted Securities. The Fund's investments may also include privately placed securities, which are subject to resale restrictions. These securities will have the effect of increasing the level of Fund illiquidity to the extent the Fund may be unable to sell or transfer these securities due to restrictions on transfers or on the ability to find buyers interested in purchasing the securities. The illiquidity of the market, as well as the lack of publicly available information regarding these securities, may also adversely affect the ability to arrive at a fair value for certain securities at certain times.

 

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 39.6%) 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 (and its predecessor) 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, 5 and 10 years periods compare with those of the Fund’s benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (‘‘MSCI EAFE’’) Index. The Fund has been in existence since November 1, 1995 but until March 2, 2006, the Fund was organized as the International Multi Manager Stock Fund of the former American Independence Funds Trust. From March 2, 2006 through May 31, 2011, the Fund was known as the American Independence International Equity Fund.

 

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.

 

Updated performance figures are available on the Fund’s website at www.aifunds.com or by calling the Fund at 1-888-266-8787.

Bar Chart
Best quarter:  22.28%  Q2 2009 
Worst quarter:  -20.21% Q3 2008  
Average Annual Total Returns American Independence International Alpha Strategies Fund
1 Year
5 Years
10 Years
Institutional Class
15.67% (3.56%) 8.52%
Institutional Class - Return After Taxes on Distributions
15.20% (3.80%) 7.67%
Institutional Class - Return After Taxes on Distributions and Sale of Fund Shares
10.82% (3.02%) 7.48%
Class A
8.44% (5.18%) 7.34%
Class R
14.93% (4.18%) 7.82%
MSCI EAFE Index (reflects no deduction for fees, expenses or taxes)
17.32% (3.69%) 8.21%

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.

 

Returns for Class A Shares reflect the deduction of the sales load. After-tax returns for Class A Shares and Class R Shares, which are not shown, will vary from those shown for Institutional Class Shares.

American Independence U.S. Inflation-Indexed Fund

U.S. Inflation-Indexed Fund

 

FUND SUMMARY – U.S. INFLATION-INDEXED FUND

Investment Objectives/Goals.

The Fund’s investment objective is to provide investors with a high level of total return in excess of inflation as may be consistent with the preservation of capital.

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.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees American Independence U.S. Inflation-Indexed Fund (USD $)
Premier Class
Class R
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none
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 U.S. Inflation-Indexed Fund
Premier Class
Class R
Management Fee 0.40% 0.40%
Distribution and Service (12b-1) Fees none 0.65%
Shareholder Servicing Fees 0.15% 0.00%
Other Expenses 0.25% 0.25%
Total Annual Fund Operating Expenses 0.80% 1.30%
Fee Waivers and Expense Reimbursements [1] (0.33%) (0.33%)
Net Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements [1] 0.47% 0.97%
[1] Pursuant to an operating expense limitation agreement between American Independence Financial Services, LLC ("American Independence" or the "Adviser") and the Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Fund until March 1, 2014 to ensure that Total Annual Operating Expenses do not exceed 0.47% and 0.97% of the Fund's average net assets for the Premier Class Shares and Class R Shares, respectively. 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 U.S. Inflation-Indexed Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Premier Class
82 255 444 990
Class R
132 412 713 1,568

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 ended, October 31, 2012, the Fund’s portfolio turnover rate was 154% of the average value of its portfolio.

Principal Investment Strategies, Risks and Performance.

Principal Strategies. The Fund’s goal is to outperform the Barclays Capital 1–30 Year U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L). Under normal market conditions, the Fund intends to invest in the following manner:

 

• At least 80% of the Fund's net assets, plus borrowings for investment purposes, in inflation-indexed securities that are denominated in U.S. dollars and derivative instruments denominated in U.S. dollars whose returns are linked to the inflation rate;

 

• Derivatives as a substitute for direct investment in inflation-indexed securities; and

 

• Up to 20% of the Fund’s net assets, plus borrowings for investment purposes, in foreign inflation-indexed securities (sovereign issues only) whose returns may be hedged into U.S. dollars, U.S. government and agency securities that are not indexed to inflation, and corporate bonds denominated in U.S. dollars or foreign currencies.

 

Main types of securities in which the Fund may invest:

 

• U.S. Inflation-Linked Securities

 

• Derivative Securities (consisting of exchange-traded U.S. Government bond futures and options on interest rates or U.S. Government bonds)

 

• Foreign sovereign inflation-indexed securities

 

• U.S. government and agency securities that are not indexed to inflation

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 sub-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.

 

Fixed-Income Securities Risk. Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). Generally fixed-income securities will decrease in value if interest rates rise and will increase in value if interest rates decline. Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled.

 

Interest Rate and Duration 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. Longer-term securities are subject to greater interest rate 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 and will experience more price volatility than a fund with shorter average fund duration.

 

Deflation Risk. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed for U.S. Treasury Inflation Protected Securities (“U.S. TIPS”), even during a period of deflation. However, because the principal amount of U.S. TIPS would be adjusted downward during a period of deflation, the Fund will be subject to deflation risk. The principal of TIPS is adjusted upwards and downwards with the change in the seasonally unadjusted CPI index (of urban consumers). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. At maturity, TIPS pay out the uplifted principal value or original par value, whichever is the greater. However, principal values can be adjusted downwards and even below par value prior to maturity during periods of deflation. Therefore, the fund is subject to deflation risk. Correspondingly, the fund may benefit during periods of inflation.

 

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.

 

U.S. Government Obligations Risk. U.S. government securities are subject to market and interest rate risk, as well as varying degrees of credit risk. Some U.S. government securities are issued or guaranteed by the U.S. Treasury and are supported by the full faith and credit of the United States. Other types of U.S. government securities are supported by the full faith and credit of the United States (but not issued by the U.S. Treasury). These securities may have less credit risk than U.S. government securities not supported by the full faith and credit of the United States. With respect to U.S. government securities that are not backed by the full faith and credit of the U.S. Government, there is the risk that the U.S. Government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.

 

Foreign Securities Risk. To the extent the Fund invests in foreign securities, such investments are subject to additional risks including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets.

 

Foreign Sovereign Debt Securities Risk. The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

 

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. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. Currency rates in foreign countries may fluctuate significantly over short periods of time.

 

Derivatives Risk. Derivatives may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, derivatives expose the Fund to risks of mispricing or improper valuation.

 

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 39.6%) 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 (and its predecessor) 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, 5 year and since inception periods compare with those of the Fund’s benchmark, the Barclays Capital U.S. TIPS Index. The Fund has been in existence since January 2, 2001, but until May 8, 2008, the Fund was organized as the U.S. Inflation-Indexed Portfolio of the former FFTW Funds.

 

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 and Class C 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.

Bar Chart
Best quarter:  5.54%  Q1 2008 
Worst quarter:  (4.28)% Q3 2008  
Average Annual Total Returns American Independence U.S. Inflation-Indexed Fund
1 Year
5 Years
10 Years
Institutional Class
6.46% 7.37% 6.96%
Institutional Class - Return After Taxes on Distributions
4.65% 5.37% 4.80%
Institutional Class - Return After Taxes on Distributions and Sale of Fund Shares
4.41% 5.20% 4.74%
Class A
1.57% 6.17% 6.22%
Class C
4.44% 7.04% 6.79%
Class R
5.77% 6.68% 6.27%
Premier Class
6.30% 7.21% 6.80%
Barclays Capital U.S. TIPS Index (reflects no deduction for fees, expenses or taxes)
6.98% 7.04% 6.65%

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.

 

Returns for Class A Shares reflect the deduction of the sales load. The after tax returns for Class A Shares, Class C Shares, Class R Shares and Premier Class Shares, which are not shown, will vary from those shown for Institutional Class Shares.

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