Mutual Fund Summary Prospectus (497k)
28 Febrero 2014 - 4:29PM
Edgar (US Regulatory)
Click here to view the fund's statutory
prospectus
or
statement of additional information
American Independence
International Alpha Strategies Fund
Institutional
| IMSSX | 026762880
Class A
| IIESX | 026762872
The Fund’s statutory Prospectus and Statement of Additional Information dated March 1, 2014, are incorporated into and made part of this Summary Prospectus by reference. Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus and other information about the Fund online at
www.aifunds.com
. You can also get this information at no cost by calling 866-410-2006 or by sending an e-mail request to info@americanindependence.com.
The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Not FDIC Insured
•
May Lose Value
•
No Bank Guarantee
American Independence
International Alpha Strategies Fund
FUND SUMMARY – AMERICAN INDEPENDENCE INTERNATIONAL ALPHA STRATEGIES FUND
Investment Objective.
The International Alpha Strategies Fund’s (the “Fund”) 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.
You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in “Investing With The Funds” starting on page 64 of the Fund’s Prospectus.
|
Institutional Class Shares
|
Class A Shares
|
Shareholder Fees
(fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
|
None
|
5.75%
|
Maximum Deferred Sales Charge (Load) (as a percentage of the Net Asset Value purchase)
|
None
|
None
|
|
|
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fee
|
0.81%
|
0.81%
|
Distribution and Service (12b-1) Fees
|
None
|
0.50%
|
Other Expenses
|
0.49%
|
0.49%
|
Total Annual Fund Operating Expenses
|
1.30%
|
1.80%
|
Fee Waivers and Expense Reimbursements
(1)
|
-0.35%
|
-0.35%
|
Net Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
(1)
|
0.95%
|
1.45%
|
(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, 2015 in order to keep the Total Annual Fund Operating Expenses at 0.95% and 1.45% of the Fund’s average net assets for the Institutional Class shares and the Class A 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:
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Institutional
Class Shares
|
$97
|
$378
|
$679
|
$1,537
|
Class
A Shares
|
$714
|
$1,077
|
$1,463
|
$2,542
|
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, 2013, the Fund’s portfolio turnover rate was 107% of the average value of
its portfolio.
Principal Investment Strategies, Risks and
Performance.
Principal Strategies.
The Fund seeks long-term capital
appreciation 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:
Ø
The Fund will primarily
invest in the equity securities of companies located outside the U.S.,
including emerging markets;
Ø
At least 80% of the
Fund’s net assets, plus borrowings for investment purposes, will be invested 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.;
Ø
No more than 20% of the
Fund’s net assets will be invested in securities of firms domiciled or resident
in developing or emerging market countries;
Ø
The Fund will 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;
Ø
The Fund may enter
into currency hedges that may decrease or offset any losses from such
fluctuations;
Ø
The Fund may invest
in American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”)
and European Depositary Receipts (“EDRs”) issued by sponsored or unsponsored
facilities;
Ø
The Fund 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
Ø
The Fund 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:
Ø
Common stocks of companies traded
on major stock exchanges of countries outside the U.S. (both developed and
emerging market countries)
Ø
ADRs, GDRs, and EDRs
Ø
Short term money market
securities, including cash, money market mutual funds and Treasury Bills
Ø
Obligations issued or guaranteed
by the U.S. Government, its agencies or instrumentalities
Ø
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 level of risk you are willing to take. 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 Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other government agency. You could lose money by
investing in the Fund. 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 Securities Risk
.
In
general, prices of equity securities are more volatile than those of fixed
income securities. The prices of equity securities fluctuate, and sometimes
widely fluctuate, in response to activities specific to the issuer of the
security as well as factors unrelated to the fundamental condition of the
issuer, including general market, economic and political conditions.
Emerging Market Risk
.
The Fund may invest
in foreign securities that may include securities of companies located in
developing or emerging markets, which entail additional risks, including: less
social, political and economic stability; smaller securities markets and lower
trading volume, which may result in less liquidity and greater price
volatility; national policies that may restrict a securities investment
opportunities, including restrictions on investments in issuers or industries,
or expropriation or confiscation of assets or property; and less developed
legal structures governing private or foreign investment.
Foreign 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 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
Risk.
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, Navellier & Associates,
Inc. (the “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 shorter
average fund duration.
Liquidity Risk
. The Fund’s
investments may include securities or instruments that trade in lower volumes
and are less liquid than other investments. These investments may become less
liquid in response to market developments or adverse investor perceptions.
Investments that are illiquid or that trade in lower volumes may be more
difficult to value. When there is no willing buyer and investments cannot be
readily sold at the desired time or price, the Fund may have to accept a lower
price or may not be able to sell the security or instrument at all. An
inability to sell one or more portfolio positions can adversely affect the Fund’s
value or prevent the Fund from being able to take advantage of other investment
opportunities. 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.
Privately Placed and Restricted Securities Risk
.
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.
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-year periods compare with those of the Fund’s benchmark, the MSCI All
Country World Index (ex U.S.) (the “MSCI ACWI ex U.S.”). Prior to February 24,
2014, the Fund’s benchmark was the Morgan Stanley Capital International Europe,
Australia and Far East (‘‘MSCI EAFE’’) Index. The benchmark changed to match
the investment
strategy of the new Sub-Adviser. 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 s
ales 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.
Best
quarter:
|
22.28%
|
Q2 2009
|
Worst
quarter:
|
(20.21)%
|
Q3 2008
|
AVERAGE ANNUAL
TOTAL RETURNS
For the Period
Ended December 31, 2013
|
|
1 Year
|
5 Years
|
10 Years
|
Institutional
Class Shares
|
|
|
|
|
Return Before Taxes
|
18.04%
|
9.67%
|
6.59%
|
|
Return After Taxes
on Distributions
|
16.64%
|
9.23%
|
5.66%
|
|
Return After Taxes
on Distributions and sale of shares
|
11.32%
|
7.72%
|
5.54%
|
|
Class A Shares
(Return Before Taxes)
|
10.78%
|
7.85%
|
5.43%
|
|
MSCI ACWI ex U.S.
Index (reflects no deduction for fees, expenses or taxes)
|
15.29%
|
12.81%
|
7.57%
|
|
MSCI EAFE Index
(reflects no deduction for fees, expenses or taxes)
|
22.78%
|
12.44%
|
6.91%
|
|
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,
which are not shown, will vary from those shown for Institutional Class shares.
Management.
Investment Advisers.
The Adviser for the Fund is American Independence Financial Services, LLC.
The Sub-Adviser for the Fund is
Navellier & Associates, Inc.
Portfolio Management.
Manager Name
|
Primary Title
|
Managed the Fund Since
|
Jim O’Leary
|
Senior Portfolio Manager
|
2013
|
Michael J. Borgen
|
Senior Portfolio Manager
|
2013
|
|
|
|
Purchase and Sale Information.
Purchase minimums
|
Institutional Class Shares
|
Class A Shares
|
Initial Purchase
|
$3,000,000
|
$5,000
|
Subsequent Purchases
|
$5,000
|
$250
|
How to purchase and redeem shares
·
Through Matrix Capital Group, Inc. (the “Distributor”)
·
Through banks, brokers and other investment representatives
·
Through retirement plan administrators and record keepers
·
Purchases
: by completing an application and sending a check to the Fund at the address below (an application can be obtained through the Fund’s website at www.aifunds.com or by calling 1-888-266-8787).
·
Redemptions
: by calling 1-888-266-8787 or by writing to the Fund at the address below:
American Independence Funds
|
P.O. Box 8045
|
Boston, MA 02266-8045
|
Tax Information.
The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan.
Financial Intermediary Compensation.
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s Web site for more information.
U Swirl (CE) (USOTC:SWRL)
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